2 Who's still buying “ The three little squirrels ” People

source ： Burning dimension （ID：chaintruth） author ： Zhang Lin edit ： Cao Yang

Leisure snack giants with a trillion market size , Life seems to be getting less and less leisure .

AI media consulting data display ,2010 Year to 2021 year , China's snack food market has grown from 4100 Billion yuan continued to grow to 11562 One hundred million yuan .2022 year , The market is expected to grow at 7.2%, The market size will reach 12391 One hundred million yuan .

Contrary to the continuous growth of the track , It's the snack giants “ Difficult to increase profits ” The dilemma of .

Ryohin keikaku shop （603719.SH）2022 The first quarter report of , The company achieves revenue 29.42 One hundred million yuan , Year-on-year increase 14.3%; Net profit 9306 Ten thousand yuan , Year-on-year decline in 8.86%. However ,“ Increasing income does not increase profit ” Good store , Yanjin shop, with both revenue and net profit declining （002847.SZ） And three squirrels （300783.SZ) comparison , But still “ lucky ” More .

YanJin shop 2022 Revenue in the first quarter of 2013 5.75 One hundred million yuan , Year-on-year decline in 2.91%; The net profit attributable to the shareholders of the listed company 6139.95 Ten thousand yuan , Year-on-year decline in 25.15%. Three squirrels glided more severely . data display ,2022 First quarter of 2009 , Its revenue is down year on year 15.85% to 30.89 One hundred million yuan , Net profit attributable to the parent decreased year on year 48.75% to 1.61 One hundred million yuan .

React to the secondary market , The share prices of the snack giants have fallen . As of press time , The shares of the three squirrels fell to 25.05 element / stocks , The market value is only 100.4 One hundred million yuan , It has evaporated more than 260 One hundred million yuan ; The share price of liangpin shop fell to 28.63 element / stocks , The market value is only 114.8 One hundred million yuan , It has evaporated more than 230 One hundred million yuan ; The share price of Yanjin shop fell to 87.94 element / stocks , The market value is only 113.7 One hundred million yuan , It has evaporated more than 80 One hundred million yuan .

“ The reason for the decline in profits , With the snack giants ‘ All channels ’ Difficulties encountered in operation , That is, offline expansion 、 Improper online and offline integration has a lot to do with .” A person who has done a lot of research on the leisure snack industry said , besides , High marketing costs are also a common problem faced by snack giants . among , The expansion speed of the offline stores of the three squirrels was slower than expected 、 The WanDian plan was suspended ; Liangpin store and Yanjin store have increased their online operations , Need to pay high online traffic fees, etc .

As the above person said ,“ All channels ” It has become an important strategy for the development of leisure snack enterprises in recent years . The three squirrels that started e-commerce are 2019 in “ Offline store plan ”. Liangpin shop, which started offline , Is exploring more possibilities for online channels .

But really realize “ All channels ” But very challenging . Zhu danpeng, a food industry analyst, told Caijing , Truly realize Omni channel operation , First, brand effect , Second, scale effect , Then more , It depends on the support of the whole food safety . meanwhile , The quality of 、 Service system 、 Customer stickiness 、 Scene innovation also needs to be adhered to .

However, at this stage , China's leisure snack brands generally adopt the OEM mode ,“ Marketing is more important than research and development ”、“ Food safety issues and product homogenization ” And so on have been the pain points of the industry .

AI media CEO Zhang Yi expressed to finance and Economics , At present, the homogenization of products in the leisure snack market is very serious , Among the major snack brands except logo Apart from the differences , The product categories are almost the same . In this case , Brands can only spend a lot of money on marketing , This is typical “ Growth through marketing pull ” play .

Zhang Yi further added , In recent years, the cost of marketing promotion has become higher and higher , For any consumer brand , It is unhealthy to rely too much on marketing to drive growth . Especially when there has been an increase in income but no simultaneous increase in profits , Basically, it can be determined that this operation mode is unsustainable .

01

“ The three little squirrels ” The smell is gone

This year, 618, Xiaoxi's shopping cart is full of snacks ,“ Xuan Ma's egg yolk crisp ”、“ Wangxiaolu's tiger skin and chicken feet ”、“ Fudan's shredded squid ” and “ Liuhejia's cassava ”…… But I don't see what I used to see “ My heart is good ” The figure of three squirrels .

Xiaoxi is 2013 year , When I was in junior high school “ Want to buy ” My three squirrels . Xiaoxi said , Three squirrels are concerned because of their packaging , little does one think , The product experience after receiving the goods is far beyond my imagination .“ In addition to the bag opener and sheller , And the brand is printed LOGO Tape measure and card, etc . More to the point , At that time, the taste and quality of nuts were very good . after , I would buy three squirrel nuts to share with my friends .”

later , Xiaoxi found , Three squirrels are getting more and more expensive , The product quality is getting worse .“ I bought Macadamia fruit before , Every one of them is full 、 simply , And basically there will be no bad results . But later , Although not all of them are defective , But withered 、 Bad fruit begins to be mixed with it .” besides ,160 Ke Shou peels Badanmu GAODA 50 The diversified selling price also makes Xiaoxi difficult to accept .“ However, their family often has a large amount of over reduction , Ruman 300 reduce 200、 full 200 reduce 120 etc. , The reduced price is barely acceptable .”

chart / The three squirrels have the brand printed in the gift bag LOGO A tape measure , source / Xiaoxi offers pictures

But Xiaoxi is still getting along with three squirrels “ Said the ” bye .

“ When there are no promotions , I will never buy . Even if there are full reduction activities , I'm too lazy to collect the bill , Very trouble .“ Xiaoxi said frankly , Large coupons can only be used in the designated full reduction zone , However, the price of snacks in the special zone has increased a lot on the basis of the original price . Daily price 20 Yuan a bag of preserved pork , In this special area, it becomes 40 multivariate .“ See this ‘ First raise the price and then lower the price ’ The strategy of , Psychologically, the price of three squirrels is unreasonably high , After a long time, the good impression of the brand has also been worn away .”

Now? , Xiaoxi will go to the OEM of famous snack brands to buy large package products .“ There are a lot of posts on the social platform about the source of the enterprise OEM . Most of these foundries have their own brands and products , But the fame is relatively small , But both the quality and the price are very ‘ beautiful ’.”

Yueyao, who was also surrounded by three squirrels , But she bought more nut gift bags .

Yueyao was admitted to university from a small county . But because the city I studied in has no special products , therefore , Go home every Spring Festival , Yueyao always has a headache about what gifts to bring to relatives and friends .

2014 year , Yueyao accidentally saw three squirrels on the Internet , Cute squirrel head and a gift box full of pandemic influenza , It makes her feel very proud to send relatives and friends .“ During the Spring Festival, every family should prepare new year goods , But compared with the nuts sold in woven bags in county towns , Three squirrels are very fashionable . And at that time, three squirrels could only be bought online , Relatives in their hometown basically don't shop online , You can taste fresh .”

Yue Yao said to burning Finance , Three years in College , Every holiday is basically ten boxes of eight boxes to buy at home , Relatives and friends are also very happy after receiving it .“ I remember one year , In order to round up and subtract , The more I buy, the more , Finally, it took 2000 multivariate .”

But after college , Yueyao hasn't bought any more .“ There are more and more similar snack brands , Online shopping has also spread to my hometown , These snack brands seem to have lost their former advantages .”, But Yue Yao also said frankly , Finally, she gave up the purchase completely , Or is it because nut gift bags are becoming more and more expensive , Becoming less and less affordable .“ Melon seeds and fish skin beans are counted as nuts .”

“ Medium to low quality , But sold the price of imported products .” Molly also gave up “ The three little squirrels ” One of our young people . It said , Over processing of products is another important reason to discourage yourself .“ The choice to buy Nuts is largely due to health considerations , But many of the nuts of these snack brands are over processed , Add a lot of sugar to make charcoal flavor , Even fried , I might as well buy potato chips .”

meanwhile , Molly said , After the rise of live broadcasting with goods , Let her unlock more new snacks that she picked up in situ .“ During the live broadcast of agricultural products in Guizhou , I bought a snack made of folded ear roots ; Hubei agricultural products special , I bought a snack of stewed lotus root . Not to mention the original walnuts and Padan wood shipped from Xinjiang ……”

“ Although the packaging is plain , But the product quality is very good , The price is also more cost-effective .”

02

Due to flow , Trapped in channels

Abandoned by consumers “ The three little squirrels ” People , It is an indisputable fact that life is getting harder and harder .

“ Revenue continues to decline ” and “ Increasing income does not increase profit ” It is the dilemma that the snack giants are facing .

As “ The first Internet snack ”, The three squirrels that started in e-commerce were once very popular .2012 Three squirrels were officially launched in ,65 Days later , It has successfully ranked first in the sales of nuts . Same year “ double 11”, Online only 4 The turnover of the flagship store of three squirrels for more than months on that day was as high as 766 ten thousand .2019 year , The annual sales of the three squirrels exceeded 10 billion , And in the same year 7 month 12 Successfully landed on the growth enterprise market of Shenzhen Stock Exchange .

However , However, the three squirrels after listing suffered a continuous decline in performance , Then the revenue fell by more than 10 billion .2020 year 、2021 year , The revenue of the three squirrels is 97.94 Million dollars 97.70 One hundred million yuan , fell 3.27% and 0.24%.

Another snack giant, liangpin shop, also had a hard time . Ryohin keikaku shop 2022 The first quarter report shows , Main income of the company 29.42 One hundred million yuan , rose 14.3%; Net profit attributable to the parent 9306.11 Ten thousand yuan , Year-on-year decline in 8.86%.

Also in “ Pain period ” And Yanjin shop . stay 2021 year “ Increasing income does not increase profit ” after ,2022 First quarter , Performance is more direct “ Both revenue and net profit fell ” Trend . The reason for the decline in profits , Yanjin shop said in the performance express , In the second quarter, the short-term performance was affected by the superposition of many factors such as transformation cost investment and raw material price rise .

Zhang Yi analyzed that , In the past, snack food players mainly used “ Pay attention to marketing ” The pattern of , Attract consumers' attention through innovative playing methods , To get traffic , So as to expand sales . But with the increasing cost of traffic , Marketing and promotion expenses have seriously affected the net profit of snack enterprises .

Zhu danpeng also said , As the growth rate of online channels slows down , The cost of getting customers is increasing , The flow bonus continues to fade . future , Further integration of online and offline channels 、 With the help of social e-commerce 、 Live broadcast e-commerce and other new e-commerce models reach consumers in multiple dimensions , Is the inevitable trend of the development of snack food enterprises .

As the above experts say , The transformation of , It has become the common choice of snack giants .

4 month 23 Japan , Three squirrels are releasing 《 On comprehensively promoting strategic transformation and upgrading 、 An important announcement towards high-quality development 》（ hereinafter referred to as 《 Important announcement 》） I mentioned , Three squirrels will transform from e-commerce to Omni channel .“ To this end, the company has completely suspended store expansion , And the vigorous shutdown is not in line with the long-term positioning 、 Underperforming stores , The next step will focus on improving the profitability of single stores .”5 month , topic of conversation “ The three little squirrels 2 New year's closing 300 home ” Hot search on Weibo , And caused a heated discussion among netizens .

meanwhile , Liangpin store and Yanjin store, which started offline, have also started multi-channel layout . Among them, liangpin shop is on the power line , Continuously optimize online channels . Yanjin stores are no longer limited to traditional supermarkets , Instead, focus on the layout of new retail channels and take “ The benchmark of direct business super tree , Dealers are expanding in an all-round way 、 Channel sink , Online retailers 、 New channels such as snack channels have made positive breakthroughs ” The strategy of .

However , The transformation will inevitably bring about an increase in marketing costs . data display ,2021 year , The selling expenses of liangpin store and Yanjin store are respectively 16.72 Million dollars 5.05 One hundred million yuan , Year on year growth was 29.83% and 7.23%.

Zhu danpeng said , Channel homogenization 、 Marketing homogeneity is a common problem in the whole snack food industry . Want to further seize market share , We must innovate from the source of the industry , The ingredients 、 The quality control 、 There is still much room for improvement in food safety and other aspects .

As Zhu danpeng said , At this stage , The leisure snack brands in China generally present a light asset model , Most of them focus on brand building and channel sales . besides , Most of them adopt OEM mode , It also makes it difficult for brands to manage and supervise food safety .

One of the disadvantages of the OEM model is that it is easy to produce food safety problems , Second, product homogenization . In product category , Ryohin keikaku shop SKU More than the 1000 Kind of , Lai Yifen exceeds 800 individual , Three squirrels have passed 500 paragraph . OEM mode plus diversification of product categories , Product homogenization has become an inevitable result .

The three little squirrels CEO Zhang Liaoyuan was outspoken , He concluded that there are two ways to build the products of the three squirrels , First, independent in-depth research and development , At the same time, it does not exclude the market “ si ”, When you see new category opportunities or emerging product models, you can study and improve them , After the second innovation was quickly put on the shelves .

Zhang Yi expressed to finance and Economics ,“ This rule ” It is a universally recognized law in the market , That is, most of the products will not generate profits , Too many SKU It will only increase the management and cost burden of the enterprise .

“SKU Excess just exposes the shortcomings of enterprises' lack of big data capacity .”

03

The next stop for the giants

Three squirrels are in 《 Important announcement 》 I mentioned , The strategic plan for the next ten years is ,“ Focus on the nut industry , Create a multi brand model , Gradually become healthy 、 Digitization 、 Globalization is moving forward .”

There are also liangpin stores for strategic upgrading .2019 year 1 month , Liangpin store announced that it would “ High end snacks ” As an enterprise strategy and brand strategy , And increase the unit price of products .

Yanghongchun, chairman of liangpin store, said when talking about the de homogenization layout of liangpin store ,“ From the high-end snack strategy , To enter the market segment . Product competitiveness is the core issue , Product innovation is the biggest pain point . Differentiated competition ‘ The moat ’ It must be R & D innovation .”

As yanghongchun said , Product innovation is the key for snack brands to break the bottleneck of homogenization .

The three little squirrels 、 Snack giants such as liangpin store and Yanjin store are indeed 2021 Increased R & D investment in . data display ,2021 year , The three little squirrels 、 Ryohin keikaku shop 、 The R & D expenses of Yanjin shop are 0.58 One hundred million yuan 、0.4 One hundred million yuan 、0.6 One hundred million yuan , Year on year growth was 9.56%、17.64% and 7.16%.

Yanjin shop pointed out , Although the entry threshold of the snack food industry is relatively low , There are many subjects , Product homogeneity is serious , However, there are certain technical barriers in the snack food industry , Some high-quality enterprises make use of their own R & D advantages , Enhance industry competitiveness and market position , To a large extent, the construction of enterprise brand power can be widely recognized by consumers , Once a sense of trust in the brand arises , Subsequently, there will be consumption dependence .

Even if the R & D cost is increased , But at this stage “ Marketing is more important than research and development ” It is still a common problem for leisure snack brands .

Financial data shows ,2021 year , The research and development cost of the three squirrels is only 0.58 One hundred million yuan , The selling expenses are as high as 20.72 One hundred million yuan , It's the cost of R & D 36 times . Ryohin keikaku shop 2021 Annual R & D cost 0.4 One hundred million yuan , selling expenses 16.72 One hundred million yuan , The sales expenses are more than the R & D expenses 42 times .

Zhang Yi thinks , In the long run , For leisure snack brands , Marketing and channels are not the most important . Most critical , It still depends on whether the core needs of consumers can be accurately grasped , Produce and develop “ fist ” product .

Zhang Yi further emphasized , Under the general trend of consumption upgrading , Insight and meet the needs of consumer segmentation 、 Create a big piece , Is the only way to differentiate snack brands . For different people 、 Different functions 、 There is no need to use scenarios to segment requirements and formulate product structure 、 Product standard 、 Sales channels and interactive experience , It is the transformation and upgrading direction of the snack food industry .

As Zhang Yi said , The healthy trend of snack food is becoming more and more obvious . Low sugar and low calorie 、 High quality raw materials 、 Health function has become a new consumption demand , Consumers also pay more attention to the ingredients of products when buying leisure snacks 、 efficacy 、 Ingredients, etc .

On the other hand , In search of growth , Leisure snack brands have launched sub brands one after another , To consolidate market share . For example, three squirrels launched deer blue, which focuses on infant food brands 、 Instant food brand tiegongji 、 Jubilee products brand xixiaoque . besides , It even launched a brand focusing on pet products, raised a little hairy child, and the liangpin store launched a children's snack brand, snack fairy 、 The brand of fitness substitute snacks is flying .

Zhu danpeng thinks , China's leisure snacks have entered a mature period , Scale and homogeneity have become mainstream labels . In this context , How to create differentiated advantages , How to make new breakthroughs in quality brand service system and customer stickiness , It will become the fundamental way for leisure snack enterprises to grow in the future .

Reference material ：

《 One year closing 300 home , Market value evaporated 270 Billion , Are three squirrels really dead ？》, source ： New consumption of Shenzhen krypton ;

《 The snack market is involuting , Qiacha's work keeps the Tao 》, source ： Mowgli of finance and economics .

* Xiao Xi in the article 、 Yue Yao 、 Jasmine is a pseudonym