Exclusive Interview Is Like Feng Min: The Cost Of Operation Network Red Is Really Not High.

Such as Han is a special company.

Zhang Dayi, a red man, has repeatedly broken the sales record of Taobao's single store with beautiful photos of youth. Since then, Zhang Dayi has almost represented a new "net red business" economic phenomenon.

And the signing of Zhang Da Yi has much more volume than it does. Positioning the net driven business platform, such as culvert with strong Chinese characteristics, is not the same in the world today.

In April of this year, the stock price fell all the way after being listed on the Nasdaq stock market in the United States, because the continuous losses in successive years and the contribution ratio of head net red were too large. Known as the "China net red electricity supplier first share", such as Han, because the former has no future, and is constantly facing investors' doubts.

Neglected backstage helmsman

Feng Min, as the head of the Han holding company, rarely gives voice to the outside world.

At the end of 2018, IPO was contacted by "e-commerce online" before the silence period. Six months later, it was agreed.

On the day he saw Feng Min, he wore a loose T-shirt, baggy shorts and dragged flip flops, just delivering the last wave of cooperative clients.

This is an office building on the four floor of Xiasha, which is a single family. On the level floor, glass is separated from an office, a few rows of 4-5 meters long simple hangers, hung full of clothes, all the net red are used to choose the proofing version, often young and eye raising girls appear here.

If you do not deliberately introduce, you simply can not see that the glass room, sitting at the peach tree long table, facing the computer, from time to time to pick up the phone middle-aged man, and what kind of relationship with fashion. Not to mention that he is the biggest owner of net red hatching company in China.

In Han Han, Feng Min holds 29.27% of the shares, which is a major shareholder. Net red Zhang Da Yi, holding 15%, is the second shareholder. But outside, the first net red Zhang Dayi's recognition is far higher than Feng Min and Han.

On the relationship between Feng Min and Zhang Dayi, we should start from 2014.

That year, Feng Min and his wife Chen Sijia opened an appliance business company, named Taobao shop and company name with her micro-blog name "Li Beilin", which is also the predecessor of "Han Han".

At the beginning of 2012, the details of Taobao women's clothing were popular, replacing the original dull feeling of simply shooting clothes. "Li Beilin" began to look for models for shops. One day, Chen Sijia saw micro-blog's advertisement on the bank, a beautiful girl holding a credit card. The smile was sweet, young and infectious.

The girl's name is Zhang Dayi.

Later, she became the "exclusive model" of the brand. But no one knows that Zhang will become a representative of economic phenomena in a few years.

In 2014, there was an inflection point in the electricity supplier flow. Li Bei Lin, who never participated in discount promotions and group buying activities, was also influenced by it. At that time, there were two choices. One is to create new traffic pools in social media, the other is to attract fans to cash in by the owner's personal charm. The two is to participate in marketing activities such as Taobao Juhuasuan and drainage.

Feng Min chose two ways to try.

On the one hand, doing activities in Amoy can bring significant increments. On the other hand, Feng Min and Zhang Dayi worked together to open the first net red shop: my happy wardrobe. Soon after the opening of the store, sales in Taobao rankings increased. In 2014, the sales volume of my wardrobe wardrobe was broken by tens of millions.

Although the activity of Taobao was more than 80 million that year, it is still unbelievable for a C shop to sell tens of millions per day. Moreover, this road has larger traffic volume and can precipitate high quality users.

Feng Min, who saw the ability of the red man to carry goods, chose to officially rename "Li Bei Lin" in 2015, such as "Han" and the red incubator of the transformation network, such as the signing of 122 net red under the banner of Han.

But Zhang Da Yi, the first net red, is too dazzling. Her energy and ability to absorb gold make fans and business operators jealous. In an internal sharing session of Taobao, Zhang Dayi's appearance made the employees who listened to the TV station unconsciously "wow", like seeing stars.

In 2016, a documentary film "screen red" was opened, and Zhang Dayi opened with a curly golden wigs. He took a bamboo stick and skipped and laughed in a playful manner. "This is the era of Zhang Dayi!"

On the contrary, Feng Min was restrained and steady.

When asked about this, Feng Min replied, "the external things are too loud. There is no need." He spoke most of the time at the same speed. Even on the NASDAQ bell, there was no special excitement and surprise.

People around Feng Min said that he spent most of his time not seeing people outside, or running factories or offices. For example, the warehousing, logistics, service, incubation business, and the realization of supply chain are all the operators and operators of the company.

"Most of our understanding of the outside world is on the marketing side. Like the culvert itself, the core part is the supply chain. " Feng Min went on to say.

"This is the relationship between 0 and 1, and marketing is doing well, just 60 and 80 points, there is no supply chain, there is no 1."

Happiness and misfortune

He is lucky.

In April 3, 2019, only four years after its establishment, it landed on NASDAQ with the ticker symbol "RUHN".

Perfect card in micro-blog social networking business dividends and electronic business platform platform traffic inflexion, creating today's "net red electricity supplier first share."

Looking back on those years, micro-blog first accepted Ali 5.86 billion investment, and resources enjoyed each other. In the following year, micro-blog windows were launched to encourage people to distribute their products. When micro-blog stepped out of its social assets, it became an important step. That year, Ali was also introduced into the stock market.

But there is something unfortunate about it.

After the listing, share prices continued to fall below the issue price. The annual losses in the prospectus, and the contribution of Zhang's contribution to more than half, are all allowing investors to question the potential of China Unicom's first share.

A domestic fund partner told the "online business", such as the core problems that have been questioned today are mainly three: 1, the ratio between the cost of incubation and operation network red and the profitability of net red, and who has more power to speak between the net red and the like; 2, such as whether there is the ability to produce net red in batches, and not over reliance on the head net red. 3, as an e-commerce platform, the growth rate is slow.

Some people compare the net red industry with the star broker, and think that net red is just like a star. It can appear on the international fashion show and earn money, but it will eventually be difficult to relate to the two tier market.

To this question, Feng Min responded to the "electric business online": "our main contradiction now is that the speed of front-end traffic development is far faster than the self supply chain."

Feng Min believes that many people feel that such a marketing company is not a source of investment in the supply chain. If the mode is "nanny + brokers + supply chain", since November 2016, we have invested 130 million in building a flexible supply chain to integrate garment manufacturers and fabric supplier resources in a self run way to make the fabric database. And the latter is also continuing to invest.

Feng Min said that the essence of such a company is a traditional clothing company plus technology company. Later, he corrected the answer. "We are an Internet technology application company."

Feng Min divided the net red into two categories: one is the private brand, the other is the brand, such as Zhang Dayi, Daikin, Liberlin, and so on.

Such as the platform, the channel of operation is red.

But Feng Min also admits that in the previous track, the self run store business has cost a lot of energy. For the loss, Feng Min explained: "in the past, the profit from the self owned shops to the net red was more, and the proportion has been gradually reduced since the beginning of 17 years".

In a recent earnings report, we can see a series of actions such as reducing the number of self operated networks, the number of self operated stores, and reducing the number of sub contractors. Today, the number of self operated networks has dropped to 14 from 33 in the same period of the year. The number of self operated online stores has decreased from 86 to 56.

After adjustment, the capability of the force platform has improved. 2019Q4 earnings report, platform business revenue of 50 million 300 thousand yuan, an increase of three times compared to the same period.

"The input of the supply chain is not fast enough." Feng Min lit some ash on the ashtray.

　　 Feng Min's expectation

Most entrepreneurs stand cautiously today, lose the tomorrow in the entanglement of profits and scale; a few entrepreneurs choose to stand in tomorrow, but they will inevitably fall into an awkward situation that is not understood.

Zhang Dayi's "my happy Wardrobe" Taobao store, in the 2014-2016 year, was mainly based on the pre-sale mode.

"At that time, we just opened a shop, and the pre-sale was a very new model. But after two or three years, other Internet red shops also used this mode, and the consumer's patience has been declining." Zhang Dayi recalls.

It was not until 2016 that the back-end production was no longer able to meet the growth of Zhang's sales. "There is a down coat, which has been on sale since November and has not been shipped until January. But it won't work until 2017. You can't wait until customers say they can't accept it, then change it.

Since then, if we have invested heavily in the back-end supply chain, we can see in a prospectus such as Han, a company called "Han Yi", controlled by Feng Min.

When Feng Min did this, Ma had not raised the concept of "new retail" that shocked the retail industry. Many people questioned what it meant.

DeepFashion, which includes data analysis, fashion trend analysis and product selection, is the core of the three core module, which is to prepare stock in advance.

The core of stocking is the anticipation of consumer preferences. If you depend on a man, you may as well search for a needle in a haystack. If the guess is not accurate, it will be unsalable, inventory backlog, capital flow is tight. Many garment companies have disappeared.

DeepFashion dismantling fashion trends into one label, for example: broken flowers and short skirts. Before the new start, first release new models in various social media, Taobao shops and other channels, and then collect the click and message feedback to get the popularity of each item, and then have targeted stocking.

There are also 2 systems, layercake and single treasure.

Market information is transformed into order requirement through DeepFashion, and then orders are allocated in layercake according to the situation of surface accessories and the busy degree of cooperation factories. It can even see which factory the order goes to, which production line it has used and how many workers it has used.

This is just part of the logic of the supply chain system.

"If we do not have a strong supply chain management system, we will not be able to support the sale of a store for several million dollars in a short time in a short time." When Feng Min said this sentence, his tone increased slightly.

Feng Min can be seen in the past few years, the strength of the supply chain has been placed on the building, only when we talk about it, we can see a slight excitement in Feng Min's eyes.

　　 Like ambition

But Feng Min's ambition is more than that.

Morning peak, Hangzhou Metro Line 1, nine and road station, can often see the peach blossom eye makeup, long hair shawl beauty rush out of the subway station, around the elder brother has been used to carry beautiful women, to nine Ring Road, Tong Pu Road and other clothing companies intensive place.

Hangzhou has now become the largest net red manufacturing base in China.

In May 26th of 2019, Feng Min felt that he had made a circle of friends: technology improves productivity, and production relations fit in with the development of productivity, redefine's new business scenario.

A few days ago, Feng Min listened to the internal sharing of Alibaba CEO Zhang Yong. Zhang Yong told Feng Min on the net red economy business model: "the red man is the representative of the new productive forces, and the productivity of each red man is different, and it needs matching with different production relations."

Zhang Yong has not only once said the same thing: commercial competition will eventually become an organization's competition, and an organizational production relationship that adapts to the new productive forces should be built.

For example, net red is productivity, while the structure supply chain and technological capability are production relations.

In micro-blog's 2018 net red industry report, the number of fans in China's net red has reached 588 million, which is a full 45% of China's population. Under this background, the 28 differentiation between red net and small net red is becoming more and more obvious.

In addition to a small number of head big screen infrared, tens of thousands of fans and fans of the small net red and KOL, laid the foundation of the net red industry, and these people, not too strong bargaining power and liquidity.

The so-called ant soldiers, this is Feng Min's ambition.

For example, Han is gradually opening up the net red goods database, which has been precipitated from its own operation, to the outside red people, making platforms, and making profits by the Commission.

This is similar to the Taobao mode of net red circles. Taobao operates small businesses.

This is also a strong BD and strong operation mode. Now, such as the commercial library, the cooperative brands include ZARA, Saturday, NINEWEST... Feng Min intends to dock more businesses in the future, rely on strong commodity stores, and then serve small net red.

"Even after paying no commission mode, pay per click. It's like a through train outside the station. Feng Min ordered another cigarette, sandwiched between his index finger and middle finger, and narrowed his eyes slightly.

"Now most people look at them with colored glasses. Our model is a new thing."

Xiaoyao Zi often says, "we do not operate on the basis of share price. To make others understand you and understand you, the first is to do the right thing for yourself, and the second is to get the result.

It may take time to prove itself.

　　 Q&A:

E-commerce online: Is there any change in individuals after the listing?

　 Feng Min: Busier. In the past, it was especially necessary for us to do business before going public.

　 Electricity supplier online: the latest earnings report, the number of self operated shops has decreased, and the number of self operated networks has also decreased. Why?

Feng Min: In this way, our supply chain will not become the bottleneck of the development of bound traffic, and the supply chain of Taobao can be used. Then gather them together and serve them.

　　 E-commerce online: platform mode, is gradually explored?

Feng Min: There have been 3 metamorphosis.

The first step is to make your own self shop by signing the net red.

The second step, more KOL will start as a channel and buyer, and cooperate with the third party. This is our platform mode. For example, we didn't allow her to open her own shop, for example, we sell Zara today, and sell other brands tomorrow.

The third step is to open the supply chain. Use the supply chain, such as culvert, to serve more non contracted net red. Because their net red serves different brands at the same time, information precipitation has become the advantage of my supply chain.

　　 E-commerce online: behind the open supply chain, is the core of a commodity store with a large and complete product?

Feng Min: No, it is appropriate. Compared with Taobao, Da he Quan is always a subset. It is a preferred quality commodity storehouse. It will be more suitable for the red people to sell the supply chain and constantly update it. For example, why do most of the beauty makeup people push most of their brands instead of Estee Lauder? The first Estee Lauder can not give too much commission. Second, when KOL was pushed, there were not so many selling points. Now net red, the core is the need to create content.

　　 What is the barrier of e-commerce? Why do we need to use the supply chain and commodity bank like the Internet?

Feng Min: For example, you now have 10W fans on micro-blog, so you have to go to businesses to talk about cooperation, right? Even you need to do this every day. The anchors of the head are searching by themselves, no problem. But for small KOL, how can we talk to others?

It's better to push the goods here. You don't need to talk about it. You don't need to talk to Zara and other big brands. So we hope to do these basic work. When I send you my clothes, how much is a dress, I'll bring you another Amoy guest to return the Commission.

Another point is that after all, people are emotional. How can we reasonably choose the right products? We are doing something like Taobao's thousand faces.

　 Electricity supplier online: can't other companies do it?

Feng Min: The supply chain is a long time and slow effect. Moreover, we understand the interests of the red people better, and we can sort out a better supply of goods and supply chains for the red people.

　 Electricity supplier online: the outside world has been questioning the loss, how to explain the cost of hatching and operating the red man?

Feng Min: It's not really tall.

We did a lot of infrastructure work before and after the end of 17, we signed lots of new people in large quantities.

In the first four months, we don't make money. We just invest in helping them grow powder, make content and behave. 7 months later, it began to cash in, most of them recovered in 7-8 months, and then began to make profits.

All the recycling here does not mean a single month's profit. It usually gains in a single month in fifth months. In eighth months, we can get all of the investment ahead. In fact, it is very fast.

And for example, I signed ten people, each of whom voted 50W, which means I voted 500W. As an investment, a person may not earn money in the first four months. He has no income. He has an average income of fifth months. However, there may be a person who can bring me 50W income in the first month, which may bring me 500W income in the first year.

Maybe there are 7-8 (or 5-6) in ten, which can bring me 100-200W in one year, and 1-2 may only be recycled.

So the success rate is very high. But there is also a problem, that is, what we hatch in one year will remain at least ten levels. So we need to use tools to serve more KOL.