The "New Brand Plan" participates in the factory of Guangdong Zhenyan Cosmetics Company, and workers are encapsulating and testing cosmetics. (Photo: An Shun)
Author: Intern journalist Han Liming
The annual 618 mid-year promotion has just come to an end, and the post-90s and post-00s have gradually become the main force of online consumption, and various e-commerce platforms have launched Z generation circle marketing. In February this year, China's Internet Network Information Center released the latest "Statistical Report on the Development of China's Internet Network", which shows that post-90s users have become the main users of the Internet, and the proportion of netizens aged 20-39 is as high as 38.3%.
Coincidentally, on June 20 last year, the research group of the School of Journalism and Communication of Beijing Normal University released the "New Youth New Consumption Observation Research Report", which defined mobile Internet users aged 19-35 as new youth. As internet natives, there are more than 650 million new young people and are becoming the main force of China's Internet and consumption.
Compared with the past, the online consumption behavior of the new youth group also shows obvious characteristics that are different from the past: consumption pays attention to cost performance, careful calculation and quality; shopping is social, and they are willing to share strategies with friends. About 7% of users will often use price comparison and shopping guide APP to find low prices.
The new e-commerce platform continues to build a new consumption scenario that adapts to the new era of consumers, generating more added value and psychological identity, in the three major e-commerce platforms, the proportion of young people in Pinduoduo is the highest, of which the proportion of post-95 users has reached 32%, which is 3 points higher than Ali (Taobao + Tmall).
As a comprehensive e-commerce platform with a new youth group growth rate exceeding the overall growth rate of Pinduoduo, the original group model allows users to share goods with friends and enjoy low prices, which is in line with the new consumption behavior of new youth and has been welcomed by young users.
Catching up with the tide in new ways
Zhou Xiaoxi, a "migrant worker" who has just entered the workplace, works for a new media company in Beijing. She bought MAC bullet lipstick "into the pit" from Pinduoduo's tens of billions of subsidy channels, and found that many girls like the mystery of the sea blue but are limited to big-name skin care products with high prices, and after the price subsidies of Pinduoduo, they are often lower than the market price. Subsequently, she became fascinated with domestic products. New youth such as Generation Z and Houlang, who are at the outlet of public opinion, are becoming the target groups of new domestic products with economic independence and consumption habits.
On May 26, Pinduoduo released the first quarter of this year's financial report, which is also the first quarterly report after the resignation of Pinduoduo founder Huang Zheng. According to the financial report, the official flagship store of the brand of Pinduoduo's "10 billion subsidies" increased by more than 10 times compared with last year, of which digital home appliances, beauty and clothing and other brands increased the most obviously. The number of active users of the "10 billion subsidy" channel has exceeded 100 million, and more than 10 million people buy and place orders every day.
It is worth noting that the financial report data shows that Pinduoduo's sales and marketing expenses for this quarter were 12.9974 billion yuan, an increase of 78% over the same period last year, and continued to maintain a high subsidy state.
In the relevant series of studies, the research group of Beijing Normal University also found that a female college student bought a pair of cotton pants worth 68 in Pinduoduo, felt that the cost performance was not bad, and turned around and recommended it to other roommates. Soon, this cotton pants will be fissioned from a point to the dormitory, and the follow-up may be brought to the classmates in the class, and even the circle of friends of the classmates will set off a wave of purchases.
The domestic brand Southern Life integrates the advantages of the industrial belt factories and e-commerce operating enterprises, and continues to provide consumers with cost-effective goods. (Photo: Riyu)
According to the financial report data, Pinduoduo's revenue in the first quarter was 22.17 billion yuan, up 239% year-on-year. As of the end of the first quarter, the company's annual active buyers exceeded 800 million for the first time, with a net increase of 35.4 million users in the quarter.
On the youth e-commerce platform of Pinduoduo, not only a large number of young consumers are gathered, but also a large number of young merchants are piecing together their dreams here.
Create a new myth of business
Born in 1998, Yu Bencheng of Yantai City graduated from university, and due to the sudden change in his family's fruit business, as an only son, he had to go home to help sell goods. After comprehensively inspecting multiple e-commerce platforms, Yu Bencheng chose Pinduoduo, he believes that Pinduoduo sales have no deduction points, only need to pay a third-party payment platform six thousandths of the handling fee, easy to get started. At present, he is already the sales champion of Pinduoduo's tai po pear, with daily sales of about 30,000 catties.
Xiao Teng, who was also born in 1998, grew up in a tea family in Zhejiang. He has been working on an online store since his freshman year, opening up new sales channels different from his father's generation, from a student store that packs and ships in the dormitory, and now becomes the head merchant of jasmine tea on the platform.
Different from Xiao Teng's independent entrepreneurship, guo Guo, a post-00s businessman, recommended his boss to develop online business after joining a leading tea company. At present, the output value of Guo Guo's responsible store in Pinduoduo has reached more than 40 million yuan, and the average daily shipment volume is more than 7,000.
The myth created by the new youth on the youth e-commerce platform not only extends from north to south, but Feng Changjun on the Qinghai-Tibet Plateau has inadvertently created a myth of agricultural product e-commerce in remote areas, which not only changed its own destiny, but also revitalized the upstream industrial chain of Golmud agricultural products.
Feng Changjun, who worked at a state-owned enterprise on the verge of bankruptcy, tried to grow goji berries and open a restaurant, but he was repeatedly defeated and owed more than 400,000 yuan in foreign debt. Feeling confused and disappointed in his life, with the support of his wife, he decided to sell Tibetan Plateau agricultural products online. After trying multiple e-commerce platforms, I locked pinduoduo. Last summer, the order volume of quinoa stores reached more than 2,000 orders a day, and the monthly sales exceeded one million yuan. With huge orders, local express delivery companies are also competing for this big customer.
Platform for a new agricultural dream
On May 26, at a conference call after Pinduoduo released its first quarter financial report of this year, Chen Lei, the current chairman and CEO, said, "We hope that consumers have healthier and more environmentally sustainable eating habits, and also hope to help further improve all aspects of the agricultural industry chain." At present, Pinduoduo is working towards the goal of becoming the world's largest agricultural and daily necessities platform. ”
According to the financial report data, as of the first quarter of this year, Pinduoduo's R&D expenditure reached 2.219 billion yuan, an increase of 50% year-on-year.
At the meeting, Chen Lei mentioned agriculture six times in many businesses and said that he was seeking cooperation to build "hard power" in science and technology. In May this year, the final results of the "First China Agricultural Robot Innovation Competition" co-sponsored by Pinduoduo were officially announced, and 20 teams were finally shortlisted.
In May last year, Pinduoduo and China Agricultural University jointly held the first "Duoduo Agricultural Research And Technology Competition", inviting young agricultural scientists and top planting experts from all over the world to team up to challenge strawberry cultivation in the Yunnan Plateau. The traditional farmer team and the AI planting team play a game to determine the true value of digital technology applied to the agricultural production process.
The role of Pinduoduo is no longer a young e-commerce platform, but also a booster of china's agricultural industry upgrading.