Qiming Venture Huang Peihua: Deciphering The Consumption Investment Under The "Four" New Trend

Oral / Qiming venture partner Huang Peihua finishing / twenty-first Century economic report Zhao Na

The core of the consumer industry chain has not changed, including track, products, marketing, channels and supply chain. The new power includes new crowd, new touch, new habits and new mode of production. These are our investment concerns in the consumer field.

At the present stage, although there are fewer opportunities for big platforms, start-ups can make good companies on the shoulders of giants, with the trend of rapid growth of domestic brands. There are investment opportunities in the subdivision of the track, including the opportunity to supply complex segments of the supply chain represented by fresh electricity suppliers.

Four "new" driver

From the above point of view, when we invest, we first look at whether there is any opportunity to divide the track. First, we consider the market size and the trend of change. After looking at the products, including whether we have found the market pain point, the entry point is not enough, and whether the spiritual positioning is in line with the market demand.

The second part looks at how to reach users. In the past, it has done consumer retail, TV advertising and marketing channels. In recent years, the big change is online transformation. At present, the integration trend of marketing and channels is more obvious. Another trend is that social networking providers enable every consumer to become a KOC Key Opinion Customer, which is also a new touch. The whale spirit we invest in is also a representative of social business.

Another is the supply chain, that is to say, how products are made, and whether users can get the latest and best products faster, such as using flexible supply chain to do C2M. If traffic is expensive and difficult to obtain, it should go back to the product itself, pay attention to whether the product meets the needs of users, upgrade, and improve the value of users through the supply chain transformation.

Technology consumption

At the present stage, the application of science and technology to consumption is reflected in more precise passenger delivery, and on the other hand, the recall of existing users. In the early days of the development of e-commerce, brand operators only need to make simple through-train delivery, but today they must understand the traffic flow of different platforms.

The latter, such as users on the platform with customer service to understand products, or collection, but no order, brand operators can understand users through data, label their behavior, and promote marketing and operation based on algorithm. Or through the user's purchase frequency and cycle to understand whether the user will be lost, brand dealers can retain customers through coupons.

New technology applications can give users new experience and enjoy new services. For example, we have been studying AR/VR, IoT, cloud games, investing in the AR/VR field to make AR social show eggs, and IoT technology to improve user experience is a case of motorcycle worship.

Investment in sea

The sea is also a major concern for us. Many entrepreneurs take China's experience and models overseas, especially in Southeast Asia and India.

Chinese entrepreneurs go to the sea for more competitive tracks. First of all, such as electricity providers, they bring China's supply chain and cheap goods to other countries. Under this theme, we have invested in ClubFactory (India) and Fingo (Southeast Asia). For example, the innovation mode has gone to sea. China has made great innovations in live broadcast, small games and social networking. Typical representatives of such enterprises are Tiktok of the headlines.

From team selection, many people believe that the most ideal founding team is a combination of two countries (or regions). We have also seen a good model. When the founding team is Chinese, some local people with long working experience in Chinese companies are recruited at the executive level. For example, we found HUAWEI executives in India. They both know the local culture and understand the working habits of Chinese companies, which can speed up the understanding of the founding team on how to manage the local staff.