Cao Lei: Pay Attention To Investment Opportunities Of E-Commerce Industry Chain

Cao Lei, director of the China Electronic Commerce Research Center, delivered a speech on the theme of Internet and e-commerce development in June 29th.

Moderator: thank Mr. Xu's speech. We will invite China later. Electronic Commerce Mr. Cao Lei, director of the research center, delivered a keynote speech entitled "the development trend of Internet and e-commerce".

Cao Lei: Thank you for the invitation of new president Xu. The investment and financing of electronic commerce in recent two years is not just the Internet. It may be a hot spot in TMT. All of you here are experts in the field of investment.

The popularity of the company has increased by 90%, and we have gained more than ten million yuan of venture capital. So many of our shops have become a new investment hot spot besides the vertical B2C. In addition to the Shenzhen family's reputation as the first one in China to get the venture capital, we have all paid attention to the tickets issued by the Hubei tax bureau. We should pay a tax of 4 million 300 thousand and a tax rate of 4.3%. We reckon last year's online shopping transaction bonus 500 billion, and Taobao accounted for 400 billion RMB yuan. If the tax rate is 4.3%, the tax rate of the country is less than 17 billion yuan per annum. The data is quite surprising. Let's first look at a few simple data. One is IPO, which was praised as the Chinese version of Amazon last year. The total retail sales of electronic commerce, according to the report of our center during the 4 trillion and 500 billion sessions of the National Bureau of statistics, reached 500 billion of the scale of online retail. We believe that the introduction of e-commerce to traditional industries is not only circulation, but also in design, procurement, production, and so on. Supply chain Many fundamental changes have taken place in the market. Many traditional businesses and electric providers are still just channels. This is not desirable. Like WAL-MART and Suning, it is parallel to hundreds of chain stores worldwide. Like [13.66 -1.73%], Yintai network is called zero shop. The whole structure is parallel from procurement, personnel and organization, so that when network channels and traditional channels are in conflict, the network channels will not necessarily yield to traditional channels.

This is the whole ecological chain of e-commerce. In our investment field, more and more attention has been paid to e-commerce. It is not only a subdivision area, such as tourism, vertical search, but also an e-commerce platform in a sense. Where to get its Baidu 350 million financing, and e-commerce industry chain, like many e-commerce outsourcing service providers, has won the widespread favor of our venture capital.

There are divergent opinions about the application and innovation of e-commerce in China's traditional industries. We generalize it into four major areas, one is the manufacturing field, the other is Internet commerce, the vertical e-commerce platform is mainly based on B2B, and the circulation field is mainly B2C. This is definitely a trend. B2C領域有一點值得我們投資者關注的是什么呢?過去我們更多投的是純互聯(lián)網(wǎng)企業(yè)，太多了，第二類，現(xiàn)在投的是網(wǎng)店，大賣家，品牌網(wǎng)點或者叫淘品牌比較多，我覺得我們應該得到彼此的關注，也是我認為網(wǎng)絡零售下一波的重要一股力量，就是傳統(tǒng)企業(yè)，特別是品牌企業(yè)的覺醒，他們越來越意識到電子商務對他們的沖擊，我們也受到很多品牌的一些老總對我們的期望和給我們的建議，我們有錢，有品牌，但是缺人，缺運營，缺技術，缺人才，意識到這個的重要性但是不知道怎么著手，但是我們現(xiàn)在有很多品牌，特別我前一段去了晉江，晉江集中了全國80%的運動類鞋類品牌，那的老板對這塊關注度非常高，包括我們關注到很多國內(nèi)上市的傳統(tǒng)企業(yè)都紛紛進軍電子商務，傳統(tǒng)的上市企業(yè)，像美特斯邦威，也有像山東的有一家給凡客提供面料的魯泰股份，應該說這一部 Sub enterprises are worthy of attention.

Third, in our life service area, the hottest part of this year and a half is the Internet. Group buying In order to differentiate from traditional enterprises, such as handshake net, American group network, public comment, etc., but this industry is too fast, and there are also many problems.

　　第四塊，移動電子商務，這是我們的方向，智能手機普及的非常快，這塊是值得我們關注的一股力量，像阿里巴巴[13.18 1.70%]他們有一個投資公司，前一年就投資了一款UC瀏覽器，用戶突破了1.9億，這個應該說是提前做一個布局，掌握用戶的一個入口，今年的360也好，還是之前的百度、騰訊也好，掌握了用戶，掌握了入口，就掌握了核心價值所在，這是一個規(guī)模，我們預期在后年比今年翻一番，這是網(wǎng)絡零售業(yè)企業(yè)的數(shù)量，今年估計會有將近2萬家，特別是傳統(tǒng)企業(yè)的新力量，這里包括三部分，一個是網(wǎng)絡公司，一個是淘寶C賣家轉(zhuǎn)化成B賣家，第三個是傳統(tǒng)企業(yè)進軍的，有三部分組成，這是去年B2C占有率情況，這是用戶情況，今年我們會有將近兩個億。 Most of them are profit and loss, and only a small part of them came out, and quite a few of them came out with a lot of money, and a lot of new companies from personal sellers to fashion companies, such as Taobao mall, also built themselves into a B2C business, because they also realized that if the users and orders of the mall were more than 90% from Taobao's platform, in a sense, it might not be a good thing. Your traffic and orders were blocked by Taobao. This is a more dangerous letter number. Of course, many of our enterprises are aware of this problem, many of them are self built platforms, Taobao is the initial user and order entry, and this is very worthy of attention. It has won the favor of white-collar workers and students, and has trained many young users. The number of online shops was more than 1000 million last year.

　　另外我們看一下去年我們披露的，這里B2C占了主流，這里我們發(fā)現(xiàn)我們所在的行業(yè)服裝是一個大頭，服裝我們天天要穿，每天要換，季節(jié)也要更新，時尚變化也很大，服裝是大頭，淘寶里服裝類占據(jù)絕對的第一，同時鞋類和奢侈品類也是非常值得關注的，最近奢侈品電子商務就比較好，幾個部委談好了，關稅要不要降，也促使了很多奢侈品折扣的網(wǎng)站，前一段時間有一個網(wǎng)站拿了幾千萬美金還是上億的融資，中國普遍的心態(tài)是未富先奢，還沒有富起來先奢侈起來，就像買車一樣，現(xiàn)在車完全成為一個代步工具，很多白領既是一個月收入才三四千，也要省吃儉用，也要買一個LV包包，買不起專賣店里，有一些折扣店還是不錯的，這方面奢侈品，也有純B2C平臺，還有像門戶網(wǎng)網(wǎng)易也開了B2C商城，這塊值得關注，因為單筆承銷金額往往大于普通的凡客幾十塊一件，還 There are thousands of them, because profits are easier to protect, because the unit labor cost and information processing cost are the same, so we think it is still worth paying attention to here.

Quietly, especially for Wo Wo Group, it was the first time that the listing was launched, whether it was speculation or not. It has had enough of nearly 30 local websites throughout the country last year. After a year and a half of operation, we feel that the industry's shuffling has begun to speed up. Recently, there have been negative news in the group buying, many of which are beginning to show the disadvantages of the industry, including investors in the United States, who have also questioned the mode. They think that it is not a sustainable business format. If the merchants do discount every day, as to whether online group buying can actually work in China, how big the market will be and how long the heat can last, at present, we still think it remains to be seen. This is the financing and partial situation of group buying last year. Li Zhong, a venture capitalist in Zhejiang Province, has also arrived. Here, a large number of group buying websites have been born, forming many camps.

This is the first half of this year from 1 to May, we introduced some mergers and acquisitions, not fully included in June, here we see is clothing, footwear, luxury goods, I also said before, 2010 is still not much, this year is still a lot, we have been widely welcomed by VC. Jingdong has a lot of controversial voices in our industry. Let's take a look. There is a concern that we should pay attention to, which is Xi Lang. It is a B2C outsourcing service provider in Hangzhou. We know that there is such a story. When the US gold rush is hot, gold rush people may not earn money, but the people who sell water on the side earn one hundred percent money. 這是今年5月份團購企業(yè)融資并購的情況，這里我們看到金額也越來越大，特別拉手網(wǎng)估值達到了10億美金，我上個月去北京調(diào)研的時候，去拉手網(wǎng)公司總部參觀了一下，他們發(fā)展太快了，光北京分散在五六個樓里，有意思的是，讓我比較受感染的是，他們的工作氛圍，他們不僅年輕人不僅場地利用率很高，工作熱情很高漲，他們有三個副總裁，坐在一個連主席臺不到三分之二的房間，拉手網(wǎng)的吳波辦公室就是主席臺這么大，不到一半，他們工作氛圍和創(chuàng)作熱情都是80后，還是值得我們互聯(lián)網(wǎng)企業(yè)學習的，包括投資他們拉手網(wǎng)的VC也想了，他們看到了拉手網(wǎng)的團隊，為什么估值這么高，團隊凝聚力和告訴的執(zhí)行力，互聯(lián)網(wǎng)從來不缺乏每個商業(yè)模式，缺乏是很好的執(zhí)行，只有執(zhí)行到位了一切才能實現(xiàn)。 {page_break}

This year, we found that there are so many features in the electricity supplier. One is the frequent emergence of big investment and financing. Second, the speed of valuation is accelerating. Many of them have been promoted in a year's valuation in spite of pulling hands, customers and Jingdong. Third, online stores and e-commerce service providers have become the new favorites of VC.

The change in the past is B2B, from the three or four years since the beginning of B2C, here we find that there is a 32 interaction abroad, such as the interaction of the Internet, the input of personal slots and so on, and the basic information. There is a camera that collects your data and clothes together with you. The technology is suitable for online shopping and shopping. We often see many shopping malls, queuing up for more than a dozen people, and can not afford to buy it. This technology is relatively advanced in China. A period ago, including the birth of many domestic multimedia, was born in Russia. According to our understanding, many domestic enterprises in Hangzhou are also developing this technology in great efforts. This is very worthy of attention. In e-commerce, we should grasp several trends.

Second, the small amount of foreign trade has been a big order in the past. An order has dragged the enterprise to death, the renminbi has appreciated, the US dollar has depreciated, the raw materials have been rising, and the foreign trade has gradually become smaller. Third, the customization of net goods has been standardized products in the past. Now it is personalized, and flexible production, from design, proofing, manufacturing, circulation, speed is very fast, the whole process. And diversification and diversification of payments. Another important feature is the design of the media around e-commerce. This chart reflects the pattern of social media today. Sina micro-blog has developed so fast in a short time. It pushed the market value of sina in the United States twice in August of the past year. This is Renren's own social media platform for media advertising value mining and development, and standardization, through a number of evaluation indicators to consider, won a lot of advertisers favor. There is another trend, user experience is very important, from user access to this website, interface design, interaction functions, various applications and so on are very important.

A very important feature is the openness of the platform, such as Taobao, Tencent and 360. We believe that only the network companies that have a certain flow and a large number of user resources can have the strength of this opening. Many users can only be opened and integrated into the open platform. The most typical example in foreign countries is apple, which not only sells mobile terminals, but also gains more benefits from online stores. There is also a department store business, which may also be a requirement for retail sales, and also a requirement for the expansion of the industrial chain. Like Dangdang, like red children, the other is the distribution network, which is particularly reflected in Taobao. Many network distributors do not sell their products themselves. They help sell brand goods, which is similar to agents and channels in our real economy.

In recent years, our traditional enterprise B2C has been classified into three categories: one is the manufacturer mode, and the other is the channel business mode, which includes the intime department stores in the department stores, the 3.43% shares of Wangfujing [40.71, and the boss of Gome, Suning and Suning. It also tells us that in the next 15 years, suning.com has rebuilt an online shopping mall of the same scale as the entity Suning chain, which is catching up with the current scale of Jingdong mall. Third, the service provider mode, such as gifted purchase, UnionPay and so on, as well as the electronic shopping network and mobile payment terminals have developed such a program, but we also have a confusion here, Apple phone has dozens of hundreds of programs, shopping is a lot, can it be completed? We think there should be an integrated platform, computer collection a little more, so there is a browser to integrate thousands of shopping websites in different categories, so it is very investment value. In addition, electronic intelligence, we seem to have nothing to do with electronics, but television is also a network, such as Hangzhou Hua number. The other is the globalization of e-commerce business, especially online shopping, where the scale of overseas purchasing is also large, reaching 20 billion last year. The other thing is logistics. This is a few other characteristics. One thing we pay attention to is that in recent years, the state has been supporting and supervising e-commerce in parallel, and supervision is far greater than support. The real name system from the SAIC has begun to collect taxes, and many ministries such as the Ministry of Commerce and the Ministry of industry and Commerce have also set foot in the customs. The customs have also stepped in, and this pipe is becoming more and more strict, especially in relation to the political situation of the country in that year.

The third party organization integrates some resources in the electricity supplier, we mainly locate three big blocks, one is the professional electricity supplier media, second, the electricity supplier's research organization, third pieces, our service platform is realized through the following specific services and products respectively. This is the public service platform that we are preparing to build recently. In addition, we are also preparing to combine many VC here. We have investigated for a long time, launched the e-business financing consultant service and helped e-commerce enterprises find our VC better, and also help us VC pick the best investment value business enterprises in the shortest time. We provide third party services. We hope to discuss this service with all the major VC here. Finally, we would like to share briefly with you the situation of our center is to research and disseminate e-commerce.