There are many mysteries behind Taobao’s contentization. This article comes from the WeChat public account: Wall knowledge (ID: wallstreetcn) , author: see Moses, from FIG title: visual China
In 2017, Ali dominated the Chinese retail industry, and by 2020, it seemed to be under the enemy: in the retail hinterland of Ali, the three forces of Meituan, JD.com, and Pinduoduo have formed a siege.
And now an unpopular opponent in the capital market that is not easily noticed has surfaced-vibrato. In the general perception of the market, the headlines attacked Baidu first, and then invaded Tencent’s pan-entertainment hinterland. It has always been a cooperative relationship with Ali:
(1) What kind of cheese did Ali shake with the vibrato?
(2) How to judge the impact on investment Ali?
The following are details:
First, what kind of cheese did Alibaba move Ali?
1. Ali mother: the helmsman of the realization of the e-commerce traffic field
In the end, which part of Alibaba’s interest is affected by vibrato, you need to return to the commercial monetization model of Taobao and Tmall: Tmall store merchandise has GMV-based commissions and traffic-based advertising double-layer cashing, while Taobao store merchandise is only The commissions based on GMV are monetized, and these two contribute nearly 60% of the income of Ali’s entire economy.
Among these two monetization models, the monetization ability of the commission has basically stagnated. Advertising business(CustomerHousehold management income) is the core means of Ali’s domestic retail realization. In 2019, advertising revenue is close to 180 billion yuan, accounting for 40% of total revenue.
Taobao and Tmall ads realize the main operation of Ali’s mother, which sells to Taomen’s merchants:
(1) Taobao and Tmall’s inventory resources, which mainly include diamond booths that search keywords, direct trains, focus map locations, etc., and new push guessers Like the super recommendation in the feed stream, etc.;
The off-site resources in the alliance are a pool of potential online shopping users consisting of traffic streams. Merchants can also use the Taobao alliance to implement off-site advertising, filter out the intentional online shopping traffic and import them into Taobao, and complete the purchase conversion within Taobao.
(2) Merchants often need to put it on TaobaoOutside advertising positions, such as iQiyi, Weibo, Toutiao, Xiaohongshu, Focus, etc., and shopping guide (individual, KOL, etc.), Ali’s mother will also purchase external advertising resources to form a “Taobao alliance” including Taobao customers.
2. Amoy content: contention from Ali users over time
This model is fundamentally different from JD’s self-operated model. Since JD.com has already obtained the right to the goods before the product is sold, JD.com will bear the risk of inventory backlog if it cannot be sold. important.
From the perspective of Ali’s mother, as long as it can attract merchants to continue to put ads, whether it is a sales promotion advertisement, or an exposure advertisement that promotes new products and brand images, this type of advertising needs to be realized. Preempt users and user duration.
Because Taobao’s revenue basically comes from advertising monetization, the content-based e-commerce of Taobao from “search” goods to “shopping” goods is logical, including the launch of Taobao live broadcast, which is behind the situation where the user bonus gradually reaches the top , To increase the duration of users.
In terms of results, Although video consumption represented by Douyin and fast-hand traffic upstarts continues to erode traditional graphic consumption, Ali still basically maintains the user’s duration.
(Data source: QuestMobile, see Zhi Zhi finishing)
From the perspective of Tmall’s major operations, Tmall’s commission is directly linked to GMV, and Tmall’s operators are more concerned about the final GMV, which is the conversion of new users and users’ purchases. For merchants, Ali Mama ads are used. The conversion of tool delivery, or directly outside the stationThe conversion brought by the launch is not so focused.
Jianzhi Research learned that compared to using Ali’s tools, Tmall encourages merchants to put vibrato because it can bring in new customers and the conversion efficiency is relatively high.
3. Douyin, fast hands: new traffic field in the era of video consumption
The attitude of Taobao alliance system traffic has been adhering to the “flow grassland” rather than the “flow forest”: the flow imported from external platforms to Taobao should be a stream of Juanjuan, not one or two big rivers.
This is mainly to prevent a single traffic source from being too concentrated. A large number of off-site purchase intentions are formed on a single platform. The upstream traffic platform turns to a self-built commodity pool and completes the closed-loop transaction internally, which not only cuts Ali’s cake, GMV’s commission money is gone.
In the era of online shopping with high conversion rates such as “active search”, Ali successfully blocked the traffic giants Baidu, Tencent, etc., to avoid helping these two cultivate the habit of users shopping in their system.
At the end of 4G, with the decline in traffic tariffs and faster upload and download speeds, mobile Internet has entered the era of video consumption from graphic consumption, and has formed two major traffic giants, vibrato and fast.
In terms of product information bearing, short videos have a larger carrying capacity than graphic information, live broadcast is more interactive than graphic selling, and the propagation path of short video planting + live selling is smooth, and the live content itself Can be edited into short videos for secondary transmission.
Live broadcasts are moving from the show to bringing goods. The strong limelight seems to have formed a new forest of e-commerce traffic, but from the perspective of the top three live broadcasts:
Taobao Live announced its GMV of 200 billion in 2019. The Douyin Store and Douyin’s sales on e-commerce platforms are about 45 billion, while the fast-handed interception of transactions in the store is 35 billion, and the e-commerce top five Vipshop, the smallest Vipshop in 2019, has a high gold content GMV of 150 billion.
According to iResearch data, the scale of the e-commerce industry in 2019 is 400 billion. If the 200 billion yuan of Taobao live broadcast is excluded, the real GMV in the live industry will be the lowest Vipshop among the top five e-commerce companies. There is a clear gap, not to mention that the GMV of each of the top three e-commerce companies is more than one trillion, and the live broadcast e-commerce is far from the level of “online shopping.”