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领域有一点值得我们投资者关注的是什么呢?过去我们更多投的是纯互联网企业，太多了，第二类，现在投的是网店，大卖家，品牌网点或者叫淘品牌比较多，我觉得我们应该得到彼此的关注，也是我认为网络零售下一波的重要一股力量，就是传统企业，特别是品牌企业的觉醒，他们越来越意识到电子商务对他们的冲击，我们也受到很多品牌的一些老总对我们的期望和给我们的建议，我们有钱，有品牌，但是缺人，缺运营，缺技术，缺人才，意识到这个的重要性但是不知道怎么着手，但是我们现在有很多品牌，特别我前一段去了晋江，晋江集中了全国80%的运动类鞋类品牌，那的老板对这块关注度非常高，包括我们关注到很多国内上市的传统企业都纷纷进军电子商务，传统的上市企业，像美特斯邦威，也有像山东的有一家给凡客提供面料的鲁泰股份，应该说这一部 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.

　　第四块，移动电子商务，这是我们的方向，智能手机普及的非常快，这块是值得我们关注的一股力量，像阿里巴巴[13.18 1.70%]他们有一个投资公司，前一年就投资了一款UC浏览器，用户突破了1.9亿，这个应该说是提前做一个布局，掌握用户的一个入口，今年的360也好，还是之前的百度、腾讯也好，掌握了用户，掌握了入口，就掌握了核心价值所在，这是一个规模，我们预期在后年比今年翻一番，这是网络零售业企业的数量，今年估计会有将近2万家，特别是传统企业的新力量，这里包括三部分，一个是网络公司，一个是淘宝C卖家转化成B卖家，第三个是传统企业进军的，有三部分组成，这是去年B2C占有率情况，这是用户情况，今年我们会有将近两个亿。 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.

　　另外我们看一下去年我们披露的，这里B2C占了主流，这里我们发现我们所在的行业服装是一个大头，服装我们天天要穿，每天要换，季节也要更新，时尚变化也很大，服装是大头，淘宝里服装类占据绝对的第一，同时鞋类和奢侈品类也是非常值得关注的，最近奢侈品电子商务就比较好，几个部委谈好了，关税要不要降，也促使了很多奢侈品折扣的网站，前一段时间有一个网站拿了几千万美金还是上亿的融资，中国普遍的心态是未富先奢，还没有富起来先奢侈起来，就像买车一样，现在车完全成为一个代步工具，很多白领既是一个月收入才三四千，也要省吃俭用，也要买一个LV包包，买不起专卖店里，有一些折扣店还是不错的，这方面奢侈品，也有纯B2C平台，还有像门户网网易也开了B2C商城，这块值得关注，因为单笔承销金额往往大于普通的凡客几十块一件，还 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. 这是今年5月份团购企业融资并购的情况，这里我们看到金额也越来越大，特别拉手网估值达到了10亿美金，我上个月去北京调研的时候，去拉手网公司总部参观了一下，他们发展太快了，光北京分散在五六个楼里，有意思的是，让我比较受感染的是，他们的工作氛围，他们不仅年轻人不仅场地利用率很高，工作热情很高涨，他们有三个副总裁，坐在一个连主席台不到三分之二的房间，拉手网的吴波办公室就是主席台这么大，不到一半，他们工作氛围和创作热情都是80后，还是值得我们互联网企业学习的，包括投资他们拉手网的VC也想了，他们看到了拉手网的团队，为什么估值这么高，团队凝聚力和告诉的执行力，互联网从来不缺乏每个商业模式，缺乏是很好的执行，只有执行到位了一切才能实现。 {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.