the three basic judgments of b2c
b2c e-commerce can be divided into three types: (1) Integrated platform type, mainly Taobao Mall, Jingdong Mall, Dangdang and 1 shop. Among them, Jingdong, Dangdang and 1 shop are from a single category (Jingdong from 3c, 1 Shop of from food, books, audio and video products from Dangdang) to Comprehensive; (2) Vertical, such as where the customer Eslite, New Egg Network,vibram five fingers, wheat net, and good music to buy diamonds and other birds; (3) e-commerce operator service providers, such as the Taobao platform Po Chun electric providers. This is mainly involved in investment in the field b2c, b2c growth potential is huge because, and the above three types of companies have good investment opportunities.
investment is like horse racing, the first elections Road, after the horses. Track starting from the pick, Han Li on b2c industry has three basic judgments. First, e-commerce is still 8,9 o'clock in the morning sun, prospects and development momentum. In 2010, the number of Internet users in China exceeded 4.5 billion, while online shopping will reach 150 million subscribers. Over the past few years, the rapid development of domestic e-commerce and re-enter the boiling period last year, but the market as a whole, total retail trade accounted for China's online community as a whole the proportion of retail sales is still to 2%, compared to 6% of the current U.S., there is considerable room for development. And although the scale of China's Internet shopping users reach 1.5 billion, but online shoppers account for the proportion of all Internet users are still only about 30%, in the United States and more than 80%.
Second, most of the mainstream retail brands in the field of online retail is still in its infancy, these brands of network channels to establish departments in the last year after another, the next few years is expected to see a large number of brands entering the network channels, a phenomenon , and the network channels accounted for the total retail sales of these brands are expected to reach 3% share of -5%.
Third, although a lot of money into e-commerce market, many sites continue to emerge, b2c industry is also facing many challenges. Of brands, the current channel is more important is the network value of its brand and marketing, followed by sales. For emerging Internet channels increase the share of total sales, brands not only the continued investment in brands, but also need to learn the coordination of the network channels and the relationship between traditional offline channels. Big brands in online retail success of the field test the water is still a question mark. Of course, we also saw some courage to try the big brands, such as Li Ning and philips, initially in the field of network marketing have tasted the sweetness. In addition, the domestic logistics and distribution in recent years with the Taobao platform for large b2c website development and huge investment, has made considerable progress, but the uneven level of corporate services industry, specializing in areas such as cold chain distribution logistics are yet to be formed system and hinder the industry to enhance the overall service level and the expansion of online sales of product categories.
pe, vc how to invest in electronic business projects
for pe, vc fund currently hot field of electronic commerce investment company, the following four major issues of Chinese management for investor attention.
first is the company's strategy: It is the purpose of profit or market share for the purpose of development of the company are different ideas. If the market share for the purpose of, at the input, you need to have a large warehousing and logistics investment, distribution stocking will take a lot of money, and even sacrifice profit margins. Such as for profit, you need to consider different combinations of category and overall business strategy. Such as different industries have different gross margins of goods, clothing 20%, 3c lower at 5% gross margin, gross profit margin of 7% -8% household appliances. Different development strategies will lead to different ideas and results of operations. Thus, pe / vc investment is required before the company leaders to better communicate the company's future development ideas, to see their development ideas and strategies to exit their investment and time is consistent with the expected, or investment after . Large enough, may not be financially strong; do strong, not necessarily the largest market share.
followed by valuation: It can be seen touched upon a good e-commerce projects, the valuation is very high. The previous valuation of the retail industry generally price-earnings ratio (pe) or sales ratio (ps), which is currently e-commerce projects in the widespread adoption of the valuation of the total water (ie, turnover) ratio, that is, gmv (gross merchandise value) multiplied by a factor. From a professional financial point of view, the company can confirm that income (sales) and total water (gmv or turnover) there will be some differences, especially e-commerce operation and service providers. Use different valuation methods, will make the target company's valuation rose sharply,mac makeup, highlighting investment risk. Reported in 2010 vc, pe e-business investment projects, in addition to a net profit of very few (free p / e valuation method) outside, mostly financed by gmv method, and replaced with price-earnings ratio, it may be that Arabian Nights,
Third, commercial and financial due diligence: investors need to focus on e-commerce sites in customer service,insanity dvd, warehousing and logistics, it systems and services and other aspects of operating indicators. In addition, with particular emphasis on the need for gross margin, gross profit analysis as can be seen by the company in logistics, business model and so some of the issues and on how the company can begin to break even sales volume (break even) and the profit will be more accurate judgments.
Finally, although there is a considerable number of power providers has recently been cast (more than one), I remain optimistic that the area of electronic commerce there are more investment opportunities in the future (maybe not a round of opportunities). Even in more mature markets like the United States, there are still new vertical e-commerce sites (such as the Amazon last year was just of 5.4 billion cash acquisition started to sell baby products diapers vertical b2c website quidsi) and new business models ( such as the gilt, groupon) continue to emerge.
Han Li Han Li's future capital fund jointly a recent well-known overseas, pe, invested in a leading operator of e-commerce service providers (investment information will be published shortly.) E-commerce surging domestic consumption and upgrading the industry with the background, is looking forward to the future is entirely possible emergence of new e-commerce leader, overtaking the previous generation of the Internet giant enterprises, such as Alibaba, Baidu and Tencent.
