Speech | Is it a pit, cross-border e-commerce?

On March 3, the Foreign Trade Internet Capitalization Summit Forum was held in Shenzhen, and Sun Hongda, a nut-cated capital partner, attended and delivered a speech. The speech contains the following:

1. Cross-border definition

2, exporting e-commerce development opportunities and challenges

3, the distinction between big, medium, small sellers, the problems and suggestions they face

4, e-commerce essence

5, investment cross-border e-commerce consideration factor

The following is a speech:

Thanks to the invitation of the organizer, first introduce yourself, I am

Sun Hongda

The partner of nuts, usually everyone calls me Ada.

In 2013, the nut was established in the age of rarely worked at cross-border, and we have started the layout of cross-border areas. He has already invested in 10 cross-border industry chain companies. These companies have grown into their own segmentation. Faucet companies in the field. For example, Yeahmobi, Saiwei, Jollychic, Soufeel, Yipile, and the Chinese Social Intelligence, etc.


We have always claimed to be a firm advocity and investors in cross-border e-commerce industry.

Advertising is finished. Let’s start the topic.

Cross-borders are very broad, essentially includes all tangible and intangible products cross-border sales, or service providing, business model output and service sections on the entire chain.

Our theme is the foreign trade summit, so I only talk about the e-commerce, which is mainly concentrated in the export cross-border, so today I talk about the development opportunities and challenges of export e-commerce.

First of all, all players common opportunities, big industry data actually everyone knows, I simply pull two individuals think about compare data:

The first is: TOP10 seller’s market share is around 1%.

The second is: year-annual composite growth rate is 30%, in fact, in the case of last year, the main force to make Amazon’s brothers have not reached more than 50%, but they are not so embarrassed to come out, they are doing Amazon.

These two data directly explain that this market is very space, and the seller has the opportunity, and the scattered market also brings great integrated space to the industry faucet. For example, several M & A case after crossing the market. The logic behind this data is the dividend of export cross-border will continue for several years.

Say the end, I personally think

Essential essence is to deliver the most suitable product to the terminal with the lowest cost. It is the Chinese industrial chain advantage plus China’s cross-border sellers top-level e-commerce operation techniques, and the overseas traffic pattern and cost advantages have become this practice. Best group of essentials.

These are the basic conditions that short-term will not change, while the information of the informationized e-commerce in emerging markets, the development of digital technology, the competition of the platform, the support of the platform, multi-platform, multi-flow source, these are Chinese sellers Adapt to.

Challenge, as a hard-working e-commerce industry, definitely no loss, I only refine a few common challenges:

1. Path selection at different stages

2. Platform policy changes

3, traffic costs climb

4, sunlight

Specifically, I don’t discrete it, otherwise it is to talk about how to face challenges.

If the sentence is slightly plentiful:

Some people’s challenge is some opportunities, and vice versa.

For example, in the field of silver jewelry, Pandora brand is high, and in all platform infringement is a huge challenge for all silver jewels, Soufeel relies on independent design and C2B model to become the leader of silver jewelry cross-border e-commerce.

For example, we invest in the somewhere, everyone believes that the logistics and culture of the Middle East are challenges. The result is that they have done the E-commerce faucet in the Middle East with mobile and localized operations.

So now everyone encounters challenges and pits, which is likely to be true opportunities.


The key is to achieve the awareness of these challenges and awareness of their own capabilities to find the way they are suitable for you.

Based on the volume and stage, we are still simple and rude to divide cross-border players into large and medium-sized sellers.

The small seller is basically the volume of 100 million, the medium-sized seller is around 1-1 billion, and the seller is more than 1 billion. Our only A-border e-commerce cross-border classmates have achieved a volume of 8.5 billion last year, it is a great super seller.

Of course, I think two years, with the development of the whole industry, maybe the big seller’s threshold will increase to more than 3 billion.

Then there is a selling, such as digital marketing platforms, logistics warehousing services, SaaS systems, industry media, and so on.

The challenges and opportunities of each stage are different, such as small sellers, the choice is the choice of choice.


The choice of choice also determines the choice of platform and operation. If it is not differentiated, the competitive category may be a better choice in emerging markets, and the platform may be based on the market.

For example, Russia is selling aerial sales, Southeast Asia makes Lazada, Shopee, India can ask our Yeahmobi to have a good channel and platform, they are getting deep.

If there is a differentiated product and brand, you can do the main force in the mature market, assist the self-built station, Shopify, and make a big re-stream.


At the same time, you can also consider the thighs of the industry leader, such as the Middle East to find the Royal, Europe and the United States to find Saiwei, cross-border, and they have mature IT, logistics solutions can help you reduce the comprehensive cost, put limited power Focus on the product and supply chain.

When you do a medium seller, I think it will face a fast choice, lateral or longitudinal choice.

In fact, which direction can be done, there is no absolute good and bad, but this time is more important to look at it, inventory is sufficient to take yourself in the core competitiveness of e-commerce.

In general, I suggest that the supply chain, IT system and talent doing foot and reserves will not find a bottleneck in the first half of the year to the big seller.

In the stage of big sellers, it is also facing more challenges, there is no maximum.

In a large amount of volume, it is actually more painful than evolving from 0 to 1, but the choice of development path should be more wide, such as doing some horizontal and vertical mergers and acquisitions, open their own system. Play with small sellers, and acquire some medium sellers to expand horizontal and longitudinal expansion.

Finally, in the entire rapidly developed industry, the opportunity to sell the water is the most, and these service providers on cross-border e-commerce service chains will have more new services in the next few years, and there will be more new services. Give this industry.

Next, from the point of view of the capital, talk about some basic considerations of my personal investment cross-border e-commerce.

This is a picture of the simple painting of understanding of the export cross-border e-commerce. It has also been said before, and personal understanding of e-commerce is that the most suitable product is delivered to the terminal, product / service, delivery and terminal is the three ends on the chain. The core characteristics of each end are different.

The key to the product / server is that the delivery is efficient, while the terminal is traffic / conversion and viscosity.

It is implemented in the intermediate links of these three ends and is connected by data. Now there are many new modes, new games, such as customization, such as social e-commerce, such as Net red and live, but in nature has not changed, from investment perspectives, these fancy games can pass behind A cold core indicator comes to the basic basis for investment.


For example, Net red e-commerce, theoretical Internet red e-commerce ROI should be much higher than the ordinary digital marketing drainage, and the re-purchase rate is also greatly higher than the same classic e-commerce company, but if there is no supply chain support, there is no more than 50% Maori, or selling the stylus, then the replay rate will definitely, the return rate rises, and it is unprotected.

Of course, it is finally necessary to combine the team, market market, to make investment decisions.


As the depth of cross-border e-commerce, product end selection and supply chain, corresponding gross profit margin, delivery end efficiency, corresponding inventory turnover rate and cash turnover rate and terminal flow / conversion and repurchase corresponding ROI, replay rate and return rate It should be the focus of CEOs, and it is also an indicator of the core concern of investors.


Finally, I also pay attention to the recent cross-border e-commerce in the A-share and the three boards, and the cross-border e-commerce of the capital market generally achieved higher growth rates, and the effect of capital promotion is quite obvious, and many capital is also Integrated attention to this industry, and generally have improved valuation expectations in the near future.

Although the individual believes that the current valuation has a certain bubble, it is a good thing from the industry. If you have no financing in the industry, I suggest that you can start thinking now, of course, in financing Before you still need to go deep into your own business, you can more efficiently and more efficiently and use capital.


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