Yintai Electric: Overthrow Yourself To Create Small Monster

Yintai and Alibaba have a "source" in cooperation with the Alibaba, and Shen Guojun, chairman of Zhejiang Yintai Investment Limited (hereinafter referred to as "China Yintai"), hit it off with Ma Yun. Since last year, many cooperation such as "double eleven" promotion and mobile payment has been launched. This strategic cooperation has finally risen to the capital level - Alibaba has invested HK $5 billion 370 million in Yintai business.

In the view of Yintai business executives, the physical retail industry must be pformed. Instead of being overthrown by others, it is better to innovate and innovate itself. In the future, the retail industry that combines e-commerce and physical development will be a "little monster" with momentum.

The cooperation with Alibaba has made Yintai business realize that the electricity supplier has accumulated 16 years of membership effect in a short month.

This has strengthened the determination of Yintai business to take the O2O road to the end.

Overthrow yourself

Shen Guojun, who abandoned the financial industry and resolutely went to sea, had long been aware of the crisis of physical retailing.

About 6~7 years ago, the department store industry was booming, but Shen Guojun always felt that he could not be too reassured.

"At that time, we held a company meeting in Wuzhen. So far, we all call that meaningful meeting" Wuzhen conference ". At that time, I put forward that the traditional department store industry will be adjusted in the future, so we must pform. In the future, we can not simply make a single department store, but we should do a shopping center or complex project. Therefore, our pformation and cooperation with the electricity supplier are long-term strategies.

Shen Guojun told reporters.

Perhaps Shen Guojun completely started to start Yintai O2O from its rookie network with Ma Yun.

Shen Guojun, who has traveled abroad for 4 months in a year, has been unable to figure out how many co founding meetings he has made since he started working with Ma Yun to create a rookie.

But in Shen Guojun's view, change is necessary.

CEO Daniel Chan, who has always followed Shen Guojun's Yintai business, pays Shen Guojun's idea to actual action.

"Any enterprise will eventually be overturned, the difference is whether it is being knocked over by others, or is it self upset, that is, self innovation, change and even self subversion.

What we call "self spillover" is innovation and self denial.

Once this atmosphere is formed, everything will flow into the canal.

If an enterprise always fails to innovate, the key is to wait for death.

Adhering to the concept of innovation, since 90s of last century, Yintai has been in a state of continuous self renovation. When we switched from traditional marketing to vigorous young people marketing, Yintai took the lead in "electric shock" to set up Yintai network.

Daniel Chan told reporters in an interview.

However, with the rise of the electricity supplier and the impact on the physical retail industry, Yintai is increasingly feeling that it is not enough to build its own website, and it must cooperate with the professional e-commerce enterprises.

"We have explored numerous enterprises and projects, and found that specialization is very difficult for online industry. We have to surpass excellent electricity suppliers. But physical retailers have their own advantages, such as commodity resources and management, supply chain, and so on.

But there are many entities talking about the electricity supplier "gnash teeth", it is difficult to cooperate.

Our Yintai department took the initiative to step out of the first step of O2O with the electricity supplier, and decided to cooperate with Alibaba. Since the real industry can not create another Alibaba, why not cooperate with Alibaba? "Daniel Chan said.

Be a little monster.

stay

It seems that the future retail industry should be combined with the comprehensive format of department stores, entertainment, life, experiential consumption, e-commerce, logistics and so on. This feeling of "four likes" is similar to "monster". There will be other "monster" in the retail industry. If Yintai can maintain innovative thinking and innovative safeguard mechanism, Yintai must be one of the closest enterprises to "monster".

Although it is already Yintai commercial CEO, Daniel Chan is on the front line in O2O business.

He still clearly remembers that the initial cooperation with Alibaba started with the "double eleven" promotion.

The store closes at 10 in the evening, while the online shopping is booming in the morning, especially when it is "double eleven". The zero hour is the most critical working moment for Alibaba staff. A large number of employees are in the middle of the night with the energy of their faces and the screen of their computers nervously.

On that day, employees of Yintai business sent a midnight snack to Alibaba employees in the early hours of the morning, which was dubbed "little monster" by Daniel Chan and sent food for the electricity supplier.

Alibaba staff in the "double eleven" state of work is also really stunned Yintai Department - massive orders processing, instant data skyrocketing, logistics cooperation, which are hard to imagine the real industry.

The sales of a "double eleven" may be a year's turnover of a traditional department store, which makes the entity industry wonder.

After that, Yintai business customized hundreds of pink "little monster" cartoon outfit. Under the leadership of Daniel Chan, Yintai business from management to employees mostly put on the "little monster" cartoon in department stores, subway, square and so on to carry out collective "sell Meng" and "flash", in order to let the public know that the traditional retailer Yintai began to "O2O" pformation with "little monster" posture.

1 months equals 16 years of membership accumulation.

Perhaps because the initial cooperation achieved good results, then Yintai commerce and Alibaba frequent cooperation, so that the two "emotional sublimation" when the number of capital cooperation.

In March this year, Alibaba invested 5 billion 370 million Hong Kong dollars in strategic investment in Yintai business.

With the bundling of capital level, Yintai business began to combine with the electricity supplier to launch the first virtual membership card of China's retail industry, which is to completely open up cards, store value and pay the whole chain - "Yintai Bao", which is also an innovative product of cross-border cooperation between Yintai business and Alibaba.

"Yin Taibao is based on Alipay's products, and with the cooperation with Alibaba, the shopping process in Yintai department store has changed significantly.

Originally, guests had to queue up to pay in cash or bank cards, which would take a long time during the holidays.

Now, when using Alipay's Yintai Bao, customers can only click on Yintai Bao to pay on the phone, shorten the time of cash collection, avoid the peak of paying bills, and improve customers' feelings.

Intime business insider disclosed.

If you stay in a department store in Yintai District of Hangzhou for 1 hours or so, you can see that some young people have already accepted the payment of Yintai Bao. These "thumb families" are very skilled in scanning the goods or after the sound wave is butted, they can pay through the "Yintai Bao". If the "Yintai Bao" payment account is insufficient, the system will automatically pfer to the Alipay account or bind the credit card to pay the balance online.

"

The surprise brought to Yintai business is more fierce than "double eleven".

Yintai business data show that this year, "Yintai Bao" has been online for one month, with more than 1 million 700 thousand registered members through Taobao mobile platforms and Alipay wallets, exceeding the total number of entities accumulated over 16 years under the Yintai line.

On May 31st ~6 2, in the consumption driven by Yintai Bao, nearly 30% of consumption was completed on Yintai network, showing the huge potential of online payment.

In June 15th, "Yintai Bao" was launched on a hundred days. The number of users was as high as 5 million. It was three times the number of VIP members under the Yintai line. In just over three months, 150 thousand online shopping guests became Yintai's new consumer groups through various channels.

"What is very surprising is that the geographical scope of the new members is obviously expanding. We can see from the background system, and even the guests from Hongkong, China and Macao, China. After studying, we found that the local customers in Zhejiang mostly went to the stores to consume, while the others in other areas used more Yintai Bao to buy online.

Under the two channels of online and offline, with a series of rebate offers by Yintai Bao, the conversion rate of these new members to Yintai loyal members is quite high.

The intime business insider told reporters.

In the future, if we can get massive customer data through cooperation with Alibaba O2O, we can get more consumer information based on big data and make new plans.

It is reported that Rio Tinto

Yintai will increase its cooperation with Alibaba. Yintai business intends to jointly set up a platform company with Alibaba, and intends to inject Yintai network resources into the platform company.

Some people suspect that in the process of O2O cooperation, perhaps more electricity providers earn, or there will be a "left handed right hand" problem on the line.

In this regard, Daniel Chan believes that it is too early to talk about who will earn more, and that the benefits will only be proven after a period of time, but the direction of integration under the online and offline must be correct.

In the view of Yintai business, O2O is not a competition among enterprises, but a closed loop, complementary and win-win.