Every reporter:Shu Dongni, every editor:Wenduo
On September 1, the official website of the Shanghai Securities Regulatory Bureau disclosed the five-fifth Haitao (Shanghai) Science and Technology Co., Ltd. (hereinafter referred to as 55 Haitao) has signed a listing guidance agreement with Guojin Securities.
Following Fanli.com, 55 Haitao has also become the second mobile phone to set foot on the path of A-share IPO. Commercial shopping guide platform.
At this time, the listing guidance is started. Is 55 Haitao’s positioning as the”second share of shopping guide e-commerce” or”third share”? With Fanli’s desire to”backdoor” ST Changjiu (600228, SH) pending its listing, the title of 55 Haitao has become an interesting question.
Sprint the first share of overseas shopping guide
“I think we are sprinting the first share of overseas shopping guide.” Gu Junlin, the actual controller of 55 Haitao Said, evaded the concept of e-commerce as a shopping guide and competed with Fanli.com’s listing.
55 Haitao was established in 2011 and was listed on the NEEQ in August 2017. Its main business is Haitao e-commerce shopping guide and performance marketing. Its products include 55 Haitao shopping guide rebate platform, Linkhaitao effect marketing alliance, Shoplooks KOL integrated marketing platform, and big data platform.
As a shopping guide e-commerce company, 55 Haitao serves as e-commerce diversion, and then collects sales commissions based on product turnover. Partners include Amazon, Estee Lauder Group, Nike, British THG e-commerce group, Farfetch and more than 7,000 brands or e-commerce platforms.
“Cross-border e-commerce + e-commerce shopping guide” is the label of 55 Haitao. In terms of profit model, 55 Haitao is no different from other shopping guide e-commerce. Its uniqueness is that the diversion website is overseas. The website, through overseas direct purchase, serves the domestic Haitao family.
In 2012, 55 Haitao established cooperation with more than 2,000 e-commerce websites in North America; in 2015, the GMV was 1 billion yuan, with 5 million registered users; at the end of 2017, the number of cooperation between 55 Haitao and overseas e-commerce companies was There are 4,500 companies, with GMV exceeding 3 billion yuan in 2017, and GMV exceeding 5 billion yuan in 2019.
From the perspective of service targets, 55 Haitao’s competitors have become C-oriented cross-border e-commerce.
IT orange data shows that after 2012, the number of new cross-border e-commerce companies increased sharply. In 2015, there were 347 new cross-border e-commerce companies. Cross-border e-commerce became a temporary outlet, mainly including Tmall. International, Jingdong global shopping-oriented integrated platform, such as Princess Pea’s B2C model, with Foreign Pier represents the C2C model.
With the continuous improvement of cross-border e-commerce, the rise of the national tide, and the optimization of the layout of duty-free shops, these are all having an impact on 55 Haitao-consumers can buy high-quality products more conveniently. What’s the point?
On September 9, Gu Junlin said in an interview with the reporter of”Daily Economic News”:”The value of 55 Haitao lies in that he provides consumers with different shopping channels, directing from the source overseas. There will be advantages in purchase, quality and price, and it will be more abundant in categories and SKUs than on other platforms and offline.”
From 2017 to 2019, 55 Haitao’s revenue was 92.781 million yuan. , 207 million yuan, 317 million yuan, while the revenue of worth buying (300785, SZ) was 367 million yuan, 508 million yuan, 662 million yuan, and Fanli’s three-year revenue was 927 million yuan, 715 million yuan and 611 million yuan. Gu Junlin admits that the current scale of 55 Haitao is not as good as worth buying or rebate.
According to the official website, Gu Junlin graduated from the University of Georgia with a master’s degree. He once worked for JPMorgan Chase Bank in the United States. Research manager and vice president, mainly analyze and research retail, and serve as consultants to many famous overseas e-commerce companies. Years of experience in the United States has allowed Gu Junlin to witness the development and prosperity of the US rebate platform. At the beginning of the establishment of 55 Haitao, he targeted the global rebate business. In 2017, 55 Haitao acquired the China business of Ebates, the largest rebate platform in the United States.
Gu Junlin said that in 2019, Ebates’ revenue has reached 1.2 billion US dollars, and its scale far exceeds domestic shopping guide e-commerce.”This means that we still have a lot of room for growth.” Gu Junlin said.
September 9, taken at the front desk of 55 Haitao Company. Photo source:Photographed by reporter Shu Dongni
Is the capital market optimistic about rebate shopping guide?
Mo Daiqing, a senior analyst of the Online Retail Department of the E-commerce Research Center of Net Economics, told reporters:”The shopping guide e-commerce model is single, mainly relying on Taobao, Jingdong, Suning.com and other e-commerce platforms. In the future, if some or all of the platforms are suspended due to their diversion capacity or other reasons, or the policy of downstream e-commerce platforms changes , Or a sharp decline in the share of these platforms, etc., may have a significant adverse impact on the company’s business operations and profitability.”
In 2019, It’s worth buying as the “first e-commerce shopping guide” to log in to A-shares, but it accounts for more than half of the top five customers’ annual sales. Business giants, after all, Taobao policy tightened in 2013, and shopping guide e-commerce companies had to transform themselves to help themselves.
Fanli.com, the originator of rebate shopping guide, launched the listing counseling registration in 2018. In March this year, it planned to”backdoor” ST Changjiu to land in the A-share market, but it has not yet been completed. 55 Haitao, which is also a rebate shopping guide model, has also been directly benchmarked against rebate.
The announcement issued by ST Changjiu shows that Fanli.com’s performance commitment party promised a total profit of 600 million yuan within 3 years. From the financial data disclosed in the plan, the revenue of Fanli.com from 2017 to 2019 was 927 million yuan, 715 million yuan and 611 million yuan, respectively, showing a downward trend. The net profit during the same period was 201 million yuan, 147 million yuan and 151 million yuan respectively. yuan.
Chen Hudong, a special researcher of the E-commerce Research Center of the Net Economics, believes that the shopping guide industry itself has a clear ceiling. On the one hand, the CPS commission model has a small profit and limited profit margins. On the other hand, as the traffic dividend disappears, the shopping guide platform Its own traffic will be more difficult to sustain growth.
For price shopping guide websites, Chen Hudong believes that the essence is to concentrate the information of previous offline or brand discounts and promotions on the line, and then graft and divert it to merchants through price comparison, rebates, discounts, etc. In itself,”But can platform subsidies make up for giant e-commerce companies? Since they can’t, why don’t consumers go directly to the e-commerce platform to buy, but jump from the shopping guide platform?” Chen Hudong said, price shopping guide e-commerce has its own inability to break through Bottleneck.
The profit model, ability and sustainability of rebate shopping guides have all become the key to the smooth listing of companies.
From 2017 to 2019, the top 5 customers of 55 Haitao’s total annual sales accounted for 75.90%, 68.33%, and 80.93%. The 2018 annual report disclosed that the top five customers are LinkShare, Commission Junction, Affiliate Window, Performance Horizon Group, and Impact Radius, all of which are overseas marketing effect alliances.
Gu Junlin said that 55 Haitao.com’s GPS alliance has reached 7,000 customers, but none of the websites has a transaction volume of more than 5%. There is no foreign shopping guide platform’s dependence on e-commerce. Direct binding, there is no competitive relationship.
Under the bottleneck, shopping guides are looking for their own second curve. Worth to buy proposes to build itself into a consumer decision-making platform; Fanli.com spends 200 million yuan to create the original”Waibuxiaxia” Support plans, develop content communities, and expand business to more life scenarios such as offline travel, tourism, and food delivery; 55 Haitao expands its business to Australia, the United Kingdom, South Korea and other countries, with the goal of becoming a global rebate platform, seeking Continued growth.
From counseling to listing, 55 Haitao still has a way to go. Whether it is the”first share of overseas shopping guide” or the”second share of shopping guide e-commerce”, it is too early to position itself. Whether the customs can be cleared smoothly will also deserve continued attention.
Daily Economic News