Left Behind Mogujie.Com'S Net Loss In The 2018 Fiscal Year Was 420 Million 200 Thousand

With the coming of the annual 618, the war of electronic commerce platform can not avoid a bloody storm.

With the first annual earnings report that mogujie.com has just released, the 618 can still talk much.

In May 30th, mogujie.com announced its financial performance in the fourth quarter of fiscal 2019 and fiscal year 2019.

As of March 31, 2019, mogujie.com platform GMV was 17 billion 408 million yuan, an increase of 18.7% over the same period last year.

Compared to Taobao and Jingdong, the growth rate of GMV on the trillion scale remains relatively high, and mogujie.com's growth is worrying.

In the 2019 fiscal year, mogujie.com remained at a loss.

According to the financial report, mogujie.com's adjusted net loss was 239 million 700 thousand yuan, while the net loss in the 2018 fiscal year was 420 million 200 thousand yuan, narrowing 42.96% compared with the same period last year.

After the disclosure of the earnings report, mogujie.com's stock price was more than a drop.

On the day of its disclosure in May 30th, mogujie.com's stock price closed at $5.15 / share.

As of press release, the company received $4.4 / share, with a total market value of $470 million, compared with the 3 billion dollar valuation of the original merger, which is only 1/6 of the previous valuation.

The time of high light is over, and every choice of mogujie.com is passive.

In December 6, 2018, mogujie.com listed on the NYSE.

The issue price was $14. On the first day of listing, mogujie.com continued to open at a low price of $12 per share, and fell to a minimum of 11.58 dollars in the intraday market. After a hard harvest, the market value of the company was $1 billion 497 million, less than half that of 3 years ago.

The valuation is shrunk, growth is weak, vertical electricity supplier in the comprehensive electricity supplier's strong extrusion, mogujie.com is gradually lagging behind.

Electricity supplier red sea surging, can the 8 year old mogujie.com catch up?

Merge into setbacks and fall into a confused mogujie.com

According to the AI consulting, people born between 1985 and 2009 spend an average of 4.8 hours per day on mobile Internet in 2017, and the time is still increasing.

Young women are enthusiastic about fashion and beauty trends and are accustomed to online shopping.

The total volume of China's fashion e-commerce market will increase from 254 billion 600 million yuan in 2017 to 696 billion 800 million yuan in 2020, with a compound annual growth rate of 22.3%.

It can be seen that the market environment of mogujie.com located in the fashion technology platform is not bad.

In 2011, mogujie.com was formally launched.

The company mainly provides fashion information sharing and shopping guide services for young beauty loving women.

At the beginning of its initial stage, Ali and Jingdong had already occupied a large market share, so the development of the company was limited by operation at the very beginning.

In 2012, Taobao entered the bonus period. Mogujie.com was in the process of pforming into a community content business, guiding users to share Taobao's new shopping experience in mogujie.com, which is a diversion for Taobao.

For Taobao to do the flow of "Porter" for a year, Taobao closed the Commission entrance, mogujie.com was thus blocked by Ali, the flow of traffic has plummeted.

7 days later, mogujie.com quickly pformed and built its online trading system in a short time.

Even if it has done its own e-commerce platform, whether it is user volume or activity, it is still far behind.

Mogujie.com is struggling.

In early 2016, mogujie.com merged with the beautiful world and Amoy world to set up the beautiful united group.

In November 2018, it was renamed mogujie.com group, which includes products such as beauty, mogujie.com, net red economic platform UNI and so on.

They define the company in mogujie.com's official website: Fashion destinations, through a variety of fashion content, rich in fashion goods, allowing users to enjoy the quality shopping experience while sharing and discovering trends.

After a series of restructuring and pformation, it did not bring the effect of one plus one greater than two.

After the merger of mogujie.com and Mei, the discount rate of the platform has dropped significantly, and the users who like to be greedy and cheap have lost significantly.

Mogujie.com has also focused its efforts on the pages and platforms frequently visited by women, and the intensity of user growth has also slowed down.

It is worth mentioning that in October 2018, mogujie.com sent news of layoffs.

This is the latest round of layoffs after the merger of the two companies, and is by far the largest round of layoffs.

The company has already laid off more than 2500 employees from 1500 to less than more than 100 employees in Beijing office.

It is understood that the two companies have concluded mergers and acquisitions under the matching of capital, and have never thought that the performance of beauty is far more than expected, and the turnover of core employees is the result of a disorderly situation.

According to media reports, some members of the company do not agree with this statement.

But from the later story, the merger did not achieve the desired effect.

In the year of merger, mogujie.com tried to live in the network, live in businesses, turn back businesses, and even open stores. Although these businesses can bring good cash flow, they are unable to turn the tide because they are too small.

Mogujie.com, once ambitious for Ali, Jingdong and vip.com, is now somewhat confused.

Before and after the attack, how to seek mutation?

When merged with beauty, mogujie.com has already announced that the company plans to hit IPO in 2016 and is in contact with underwriters such as Goldman Sachs. It may be that the business model, especially its profitability, has suffered from the cold shoulder of the capital market.

The IPO process is being delayed, and the capital market is constantly questioning mogujie.com's business model and profitability.

Public information shows that Tencent has promoted the acquisition negotiations between mogujie.com and Jingdong, and ultimately the price problem has ended.

When mogujie.com management contacted a number of underwriters, it was found that the capital market was not interested in this business mode.

Vertical e-commerce focuses on vertical categories, mostly Jingdong and Taobao.

At that time, this mode seemed to complement each other with the integrated electricity supplier.

Until then, the two major integrated e-commerce giants, Jingdong and Alibaba, jointly worked on the market segments of beauty, mother and baby. The living space of vertical electric providers was constantly squeezed, and this dimension reduction attack resulted in a lack of resistance to the vertical platform that the original size should not be underestimated.

Vertical electric business is mainly a group of people who operate vertical business. Mogujie.com, which focuses on women, is a very representative company in this industry.

And this company's ups and down, once led the vertical electricity supplier era, and suddenly fell behind, and even after landing in the capital market, the vertical electricity supplier may still lose.

The development of mogujie.com was restricted everywhere. In 2018, the listing was like a helpless choice.

In 2018, the venture capital circle was in the prime of winter, and the major investment institutions kept their pockets closed and stored grain for the winter.

Mogujie.com, who had worked hard for 8 years, was finally listed on the NYSE at the end of the year. Its opening price was $12.25. The intraday drop was more than 17%. The first day it closed at $14, which was the same as the issuing price of IPO, with a total market value of 1 billion 497 million US dollars.

The market value of the drama is in sharp contrast to the valuation of $3 billion when mogujie.com and beauty merge, which is exactly 1/2 of the previous valuation.

The merger did not solve the essential problem, and mogujie.com was left behind.

Straggling mogujie.com

In May 30th, mogujie.com released its unaudited financial results in the fourth quarter of fiscal 2019 and fiscal year 2019.

From the earnings report, mogujie.com's revenue in the fourth quarter of 2019 increased by 15.9% compared to the same period last year, and the total revenue in fiscal 2019 increased 10.4% over the same period last year. In the 2019 fiscal year, mogujie.com's adjusted net loss was 239 million 700 thousand yuan.

As of the deadline, mogujie.com's share price is $4.4 / share, with a total market value of $470 million.

Since the release of its earnings report, mogujie.com's stock price has been dropping more than ever, and from mogujie.com's share price in the past few months, it has been on the decline. It has evaporated about 67% of the market value of the 14 US dollar share.

Mogujie.com's position is becoming more and more blurred.

As a low-end e-commerce platform, mogujie.com's product category, commodity price advantage and brand awareness are not as good as spelling, but as a community platform, whether it is user activity or audience group, the ability to carry goods is not as good as Xiao Hong Shu.

Since 2016, mogujie.com has launched a direct broadcast business, and plans to address all aspects of the issue through the pformation of the electricity supplier's supply chain.

June, founder of mogujie.com, once said publicly: "in the past quarter, we have enriched the content to enhance the participation of users in the live broadcast business, promoted the upgrading of the repeat purchase rate, and continued to expand, optimize and enhance the supply chain of the fashion ecosystem."

The live broadcast has brought a certain degree of growth to GMV and mobile monthly users, but the actual situation is that in the fourth quarter of 2018, the number of active buyers of mogujie.com was 34 million 500 thousand, an increase of only 1.8% compared with 33 million 900 thousand in the same period last year.

In other words, although broadcasting has brought benefits, there has not been any breakthrough in drainage.

The live broadcast of electronic commerce can attract great traffic, but it can still be difficult to turn entertainment traffic into purchase traffic.

The live broadcast of electronic commerce is more like an auxiliary sales tool, with the purpose of bringing extra traffic to the platform, improving sales volume and click through rate.

Users who go to live rooms to watch videos are generally looking for entertainment rather than shopping, so it is still more difficult for them to place orders.

Besides, the flow of people is very unstable during the live broadcast.

Users will be interested in the content will stay for a period of time, not interested in the contents of a few minutes to quit, especially in the main part of the live broadcast user fragmentation time, which determines the diversification of viewing.

The flow generated by mogujie.com's live broadcasting tools is not strong sticky, and the business center of an e-commerce platform should still be dominated by business users.

According to public information, a total of 864 commodity samples were tested in Beijing Consumer Association in 2018. Among them, 432 samples were collected online, 160 were not up to standard, and 37.04% were not up to standard.

Among them, mogujie.com has 5 samples are not up to standard, the rate of non compliance is 100%.

In the past two years, the regulation of electric business law has been tightened, and the problems and platforms have been met. How to implement and execute the power has become a hot topic in the society.

And net red anchors and micro dealers sell products online, all require business licenses, and the sale of fake and fake commodities will also limit their development.

With the accumulation of users only with live broadcasting, the market share of the live broadcast business is not standardized. The market share has been spelled out, and Jingdong, Alibaba and other electronic commerce giants are segmented, and the more competitive anchor platforms are rising rapidly. This will directly lead to mogujie.com's difficulty in attracting anchors and retaining existing anchors.

Mogujie.com, which is still at a loss, is facing an invisible ceiling. Is there any chance for the 8 year old?