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Ali tear off the e-commerce label

2020-11-08 11:26:00 【osc_uvparld2】

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source ｜ Burning dimension

author ｜ 24-year-old

edit ｜ Rao Xiafei

What kind of company is Ali ？

Most people's first reaction is , Ali is so complicated , Business coverage is too wide , To buy things 、 Go shopping 、 Take out 、 Mobile phone map 、 Trade , All of them have ALI . But what if Ali had to be described in one word ？ The most likely answer is two words ： Online retailers .

Ali is an e-commerce company , There is no doubt about it , It started with e-commerce , Become famous by E-commerce , Even in the last five years, Ali , Business expansion , But from the perspective of a listed company , Ali's revenue and profits come almost entirely from its core e-commerce business , In particular, Amoy e-commerce , That is, tmall 、 TaoBao 、 Juhuasuan, etc. .

For a long time , E-commerce is the core engine of Ali , Retail e-commerce only （ Amoy system ） The revenue accounts for more than half of Ali's total revenue , If even cross-border E-commerce 、 Wholesale E-commerce 、 The new retail 、 logistics 、 Local life, etc , It can be as high as 80% above , And Taoxi e-commerce has contributed almost all of the profits , Let Ali have enough ammunition to pioneer or fight in other fields , Be worthy of “ Cash cow ”.

But any company , If the main business is too single , Or the proportion of main business is too large , Other business presence is too low , It's a risky thing . The risk is , The impact of fierce industry competition on core business will be magnified , And for leaders in the consumer market , Larger volume , The growth of the business itself will naturally slow down .

E-commerce is a fully competitive track . For Ali , The competition of the first major business is particularly fierce , Jingdong does e-commerce , Pinduoduo is a rising star , And Taobao 、 Tmall has gradually reached the natural boundary of user scale , According to the No 46 Time 《 Statistical report on Internet development in China 》, By the end of this year 6 End of month , What is the number of Internet users in China 9.4 Billion , And Alibaba's Chinese retail market MAU There has been a 8.81 The hundred million . At least from the outside world , There's a problem to worry about ： What drives Ali's future ？

Now there seems to be a preliminary answer .

Beijing time. 11 month 5 Friday night , Alibaba Group announced 2021 Second quarter results ： By 2020 year 9 month 30 Three months from the end of the day , Achieve revenue 1550.95 RMB 100 million （ The same is true if not indicated below ）, Year-on-year growth 30%, Revenue growth was mainly driven by China's retail business 、 Driven by cloud computing and rookie revenue growth .

In terms of income structure , Alibaba has realized multi engine drive to a certain extent , Cloud computing 、 Rookie Logistics 、 The new retail 、 Local life has become an important income engine , During the reporting period , Year on year growth of cloud computing revenue 60% to 148.99 One hundred million yuan , This speed has been very steady in the three quarters since the outbreak , For the Asia Pacific region, the cloud computing market is also rare for the leader . As the logistics infrastructure of Ali , Rookie's income increased year on year 73% to 82.26 One hundred million yuan ; It's hard work 4 Year on year growth of new retail sales 44% to 261.32 One hundred million yuan , Year on year growth of local life 29% to 88.39 One hundred million yuan . It is worth noting that , Ali's cross-border and global wholesale business performance is also commendable , Revenue growth in the quarter was 44%.

Judging from the financial report , In addition to China's retail business , The proportion of Ali's total income has reached 38%, Rising and growing in importance , Ali in recent years, the layout of several track significance began to intuitively emerge . This year, 3 month , Alipay announces upgrading to open platform for digital living , Ali in “ life ” A new flagship entrance is added to the scene , Direct benefit, hungry and other business ,5 month , Establishment of local retail business group ,7 month , Are you hungry? From catering delivery platform to life service platform ,10 month , Ali investment 36 $100 million to acquire Gaoxin retail （ Big run hair 、 auchan ） Controlling interest . Own business incubation 、 Adjustment and strategic investment together , Ali is very clear in promoting its product beyond the shelf pure e-commerce “ Digital business ” opinion .

2016 year , Proposed by Ali “ The new retail ” Concept , More than three years passed , Many analysts have pointed out this year , Xiaoyaozi is building a complete city step by step / Local e-commerce system , In the same city retail and local life “ Make another Ali ”.

As always “ steady ”

Let's take a look at Ali's financial report , In terms of revenue and profit growth , Ali has basically recovered from the adverse effects of the epidemic , Both exceeded market expectations , Continued the good situation of last quarter .

This quarter , Ali's income 1550.59 One hundred million yuan , Year-on-year growth 30%; Adjusted EBITA Net profit 412 One hundred million yuan , Year-on-year growth 28%; Adjusted EBITA Net interest rate 27%, Compared with the previous two quarters , Ali's earning power has been improved .

Users are also rising steadily , By 9 month 30 Japan , Active consumers of the year 7.57 Billion , It's up from last quarter 1500 ten thousand , Move MAU reach 8.81 Billion , It's up from last quarter 700 ten thousand , Among them, the growth rate of Taobao special edition for sinking market is very rapid ,MAU Already exceeded 7000 ten thousand , Become the key driving factor for Alibaba to acquire new users and consumers .

Ali's stability , In addition to multi engine driven revenue structure , It is also reflected in the core e-commerce business . Tmall GMV An increase of 21%, TaoBao GMV It also increased by more than 10% year on year . Cross border import business is also affected by the epidemic situation of global tourism, seizing a wave of consumption return , Tmall global GMV An increase of 37%, It was supposed to be 618 after 、 double 11 The previous off-season of e-commerce transactions , Such growth shows that Taoxi e-commerce has maintained a good momentum of development .

This quarter , Ali's core commercial trading market adjusted EBITA Year-on-year growth 12% to 509.4 One hundred million yuan , Taoxi e-commerce is still the most profitable business of Ali . Results show that , FMCG is still the main driving force for the growth of tmall , Including food and beverage 、 care 、 beauty 、 Personal care, etc , And the growth rate of tmall clothing has returned to a higher level than before the epidemic , This shows that pinduoduo 、 JD.COM 、 Tiktok 、 Well quickly 、 Competitors such as wechat applets still can't be in clothing 、 Beauty makeup 、 The core categories such as mainstream daily fast consumer goods pose a real threat to Ali .

It is worth mentioning that , Taobao live broadcast in the past 12 It was born in a month GMV exceed 3500 One hundred million yuan . As an important measure of Taobao content , The success of Taobao live broadcast once again shows that this road is feasible . One side , The endogenous flow of Taoxi e-commerce is close to the natural boundary , Alibaba is no longer a company that can rely on pure user scale dividend to obtain traffic , On the other hand , External “ Flow grassland ” Less and less , Well quickly 、 Tiktok is fully supporting their own business. , Therefore, the short video inside the system 、 live broadcast 、 Information flow has become a major way to improve the user's time .

▲ chart / TaoBao Fire finance screenshot

On improving user stickiness , There are endless means of Taoxi .

9 month , Taobao homepage revision , It shows that Taobao is promoting the evolution from content-based to immersive user experience , This again points to the conclusion given at the beginning , Online retailers , Or at least the traditional e-commerce can no longer accurately describe Ali's state . Search system recommends matching content with algorithm 、 Commodities and consumers , from “ One thousand thousand ” towards “ Thousands of people, thousands of models ” Go on , As well as the use of shop fans and other social attributes of play to small and medium-sized businesses docking traffic , Improve the flow efficiency of the whole system , So as to improve the conversion rate of orders .

Membership is also an effective path . Ali is still improving 88VIP Member coverage , Optimize preferential mechanism , At the same time for price sensitive consumers to provide Taobao saving card , By 2020 year 9 month 30 Japan ,88VIP The total number of paying members of Taobao saving card reached 3500 ten thousand . This year's tmall double 11 carnival season has set up two sales periods , It also helps to increase the browsing time and purchase frequency of consumers .

At the end of the day , Ali's core competitiveness lies in the people 、 Understanding of cargo relationship , Especially in “ Find someone for the goods ” On this matter , It will continue to lead the whole e-commerce industry , Under this series of measures , Taoxi e-commerce maintains a good growth rate , Also let Ali's basic plate is very stable , There is enough foundation to put this ability into practice “ Find someone for the goods ” From online to offline .

Ali is getting heavier and heavier

Compared with the robust e-commerce business , Ali this financial report of the most eye-catching is the new retail 、 Performance of new services such as cloud computing .

This quarter , Alibaba's new retail business revenue increased year on year 44% to 261.32 One hundred million yuan , The proportion of revenue increased to 17%. from 5 On the one hand, the new retail strategy started a year ago continues to strengthen the layout , For example, Ali holdings, including RT mart and Auchan's Gaoxin retail , And the supply chain will continue to help , Digitizing offline traffic , Open online and offline inventory , So that the online and offline purchase frequency can mutually pull up ; On the other hand , New retail is also gradually entering the harvest period , For example, HEMA's annual active consumers exceeded 2600 ten thousand , The store warehouse model is gradually running through , Maintain a healthy same store sales growth .

Cloud computing is more than just growth , the height is 60%, The proportion of revenue also increased to 10%, most important of all , Cloud computing's losses narrowed to 1.56 One hundred million yuan , From the growth rate of previous quarters , It's almost going to be profitable . Ali is also there 2020 Investors in 2009 put forward this prospect .

These are two very imaginative businesses .

The new retail business is a complete city / Part of the local e-commerce system , This system also includes Ali's local life business , Take out, for example 、 Shop 、 Home service, etc , Food covering people's daily life 、 fresh 、 Daily Necessities 、 drug 、 Express, etc , By the box horse 、 Amoy fresh up 、 Tmall supermarket 、 Are you hungry 、 Word of mouth 、 Yintai business 、 Big run hair 、 auchan 、 Rookie station provides all kinds of goods and services , If you add flying pigs 、 Panning ticket 、 Barley net 、 Gould map 、 Hello travel , This scene will cover all aspects of people's clothing, food, housing and transportation .

▲ chart / Microblogging @ The rookie is wrapped

Local life is not just a huge market with a trillion scale , It is also a digital resource depression , It's a huge collection of consumer behavior , Alibaba wants to implement offline traffic online , The only way to realize the infrastructure construction of digital economy , Even from a competitive point of view , Take a taxi 、 Buying vegetables 、 High frequency business such as takeout is also the focus of e-commerce shopping low-frequency business , Instead of worrying about competitors with high-frequency access to attack their base camp , It's better to take the initiative , Seize the market first , The traffic brought by high-frequency demand can also feed back Ali's original core e-commerce .

In the new battlefield of local life and local retail , According to earlier popular views in the industry , As a typical asset light platform company , Ali's own proprietary business is very small , It also lacks the ability of self support supply chain and logistics management , from 2017 New retail strategy was put forward in , Ali gradually carried out a series of investment and M & A supplements “ Heavy assets ” business , And gradually developed a large number of proprietary business , For example, controlling rookie network , City wide distribution , Hatching box horse , March into fresh food field , Buy Yintai 、 RT mart and other large supermarkets , Strengthen supply chain capability , Gradually build up the supply chain 、 Storage 、 logistics 、 Self operated shop , Now Alipay is upgrading to digital life platform. , Are you hungry? Upgrade to local life service platform .

Xiaoyaozi doesn't care about light and heavy . In a recent public internal sharing , He said ：“ The way we think about all our problems is , Your plan 、 Pattern 、 Is value creation useful to customers . If you can create customer value , Light or heavy , We can all find the right way to do it . Internet development has entered deep water , You have to jump into the water yourself , To find a solution .”

In terms of financial statements , The new retail 、 Local life 、 Logistics, etc “ Heavy assets business ”, Is growing into an important new engine for Ali , Year on year growth of local life 29% to 88.39 One hundred million yuan , Rookie's income increased year on year 73% to 82.26 One hundred million yuan , Due to brand upgrade and greater promotion , The number of paid members per day increased year on year this quarter 45%, The rookie network has become an important infrastructure for Alibaba to serve both online and offline formats .

Although Ali arranged ahead of time , And invested huge financial and material resources , But in the field of local life , Good and evil people mixed up , It's all dirty work , For Ali , There are still many tough battles to fight .

“ Track strategy ” and “ Problem thinking ”

Now look back at that problem ： What drives Ali's future ？

In terms of financial statements , Even if there is a preliminary answer to this question , But don't worry too much , It's too early to . Although digitization has become a buzzword , But the process is actually just beginning . Ali's stability is not only reflected in the overall revenue growth and profit situation , More in business structure , While the core e-commerce business is still very healthy and there is still a lot of room for growth , The new business has grown up in an orderly manner and has gradually assumed a more important role , Found the right rhythm .

Ali's business development follows “ Track strategy ”, In other words, the new business is to solve the existing business problems and possible problems and layout in advance , The key is to advance , At the same time, the operational efficiency of the existing business should also be continuously improved , In this way, the existing business can provide sufficient ammunition to support the early investment of new business , Leave enough room for new business development , After the healthy growth of new business , Can feed back the old business , Extend the boom cycle of old business .

Cloud computing is indisputable , It proves Ali's strategic vision .2009 Year firm “ Go to IOE”、 Develop self-developed cloud operating system , Ali is ready to take the lead in the wave of digital all-round arrival today . For companies in the Internet industry , There is a huge difference in whether there is a cloud of its own . Last year's double 11 , Ali announced core system 100% On the cloud . thus , Ali's business structure is moving towards “ Cloud native ”, Flexibility and efficiency will rise dramatically .

Amazon also released its results a week ago , From the perspective of growth rate , Alibaba cloud 60% The speed of AWS Twice as many . Microsoft Azure Growth of 48%, It is also lower than Alibaba cloud . Past year , Alibaba cloud has maintained its ranking in the Asia Pacific market for cloud services , Market share also rose sharply , Close to the sum of Amazon and Microsoft .

2015 Taoxi e-commerce is just like Zhongtian , Pinduoduo is not yet established , Jingdong is far from an opponent , But the problem has been highlighted , That is to say, e-commerce, large and small, has encountered traffic bottlenecks , Maintaining high-speed growth is bound to become an industry proposition .

▲ chart / Microblogging @ Rhinoceros manufacture

Ali, who is good at embracing change, seeks change in time , TaoBao “ Content of 、 mobile 、 Socialization ” The strategy is proposed , The following year , Taobao live online operation , At first, it was just an entrance to Taobao's content , But after five years of iterative evolution , Taobao has become a new shopping mall , Even the development of e-commerce live broadcast such a tuyere , Create a new ecology , For businesses , Live broadcasting has become an indispensable marketing method , Its core competitiveness is more than low price , It also lies in renewing the shopping experience of Rui , It has changed the logic of people and goods yard of traditional shelf e-commerce , In turn, , Content has also brought higher user growth and stickiness to Alibaba e-commerce , The efficiency of the deal also remained ahead .

And it's also from 5 New retail stores started layout years ago , Digital is forward-looking . Ali realized it earlier , The essential change brought about by the popularization of the Internet is certainly not to move things onto the Internet , It's a need for more efficient scenarios 、 industry 、 All industries need internet irrigation , More opportunities lie in the integration of the Internet and the broad offline business . therefore , The box horse began to hatch , In the field of fresh e-commerce, which is going to be a great success , Platform experience on optical cable doesn't work , stay “ Cross the river ” In the process of , New retail has also forged Ali's supply chain capabilities , The capacity of people and goods yard different from online e-commerce is reconstructed , Also for the wider scope of local life now 、 City retail laid the foundation .

“ Work for today , Invest for tomorrow , Hatch for the day after tomorrow ”, Such examples abound for Ali , Solve the problem of slow delivery 、 Difficult delivery rookie , Alibaba cloud, which improves e-commerce carrying capacity and massive data computing capacity , In the end, they became independent businesses , It not only serves Ali's original business , It has also become a new force to boost the digitization of social and commercial landscape .

At a deeper level , This kind of “ solve the problem ” Driven business development model , Or is it from Ali's mission “ Let there be no difficult business in the world ”. From the perspective of organization and management , The purpose of a mission is not a slogan , It's a strategic direction —— Solve the pain points and difficulties in business . For Ali , Understanding the nature of business is the foothold of development . In recent years, Ali has been more and more independent of its position as a middleman , It's about doing more and more “ heavy ”, It is also due to the merchants in its ecology 、 More and more consumers , There's more and more demand , The problems to be solved are becoming more and more complex , Ali needs to have more ability to face .

The new manufacturing platform launched by Alibaba some time ago “ Intelligent rhinoceros ” Come on , If Ali was just a “ Online retailers ”, It's not necessary for us to open our own factory . But back to the discussion above , If you want to do digitization , It is imperative to go to the supply side . The market is right “ Set production by sale ” The desire for a long time , Taobao millions of small buyers are timely response to demand 、 The need to avoid inventory risk caused by misjudgment of power flow . For more than a decade , Manufacturing itself is pursuing demand 、 Design 、 Research and development 、 production 、 Global optimization of supply chain and other resources , Ali has developed solid cloud computing , It's a real idea . The rhino factory has solved the problem of rapid response at both ends of supply and demand , Can give to brand business “ How many pieces of this style can be sold next month ” Sales forecast suggestions , And adjust the production capacity dynamically through the actual sales situation in the later period , New on high frequency , Rolling replenishment , This is a comparison “ Futures system ” Traditional clothing production mode , Rhinoceros are small , But progress means a lot .

Did you solve the customer pain points ？ What are the opportunities for scale ？ Is there a pain point facing the future and looking at the present ？ Let's ask these questions , Does a business need to develop 、 It's clear how it's going , Even if the initial investment is huge , Even in a short period of time can not see the possibility of profit , It's worth doing .

* The picture is from the official source .

* disclaimer ： In any case , Information or opinions expressed in this article , Does not constitute investment advice to anyone .