In July 2015, Xiaomi Youpin launched a latex mattress.
For it, this is a huge change. In the past, this platform mainly sold smart hardware products, and the launch of latex mattresses meant that it tried to make the product line more diverse. Judging from the performance of the data, this is a good attempt. A total of 10,000 copies of this product have been sold in a week.
If you stretch the time dimension longer, you can find that this is just a microcosm of the six-year development of Xiaomi Youpin's crowdfunding. Good traffic scale, loyal fans, and high-quality partners are not only the reasons that support its rapid development, but not all. In six years, you can see it jumping out of the comfort zone and dancing quickly with the changes in the external environment.
To a certain extent, actively "breaking the circle" runs through its entire development process, and has become the most critical driving force for its rapid outward expansion.
User breaks the circle: from the niche to the masses
From 2017 to 2019, the growth rate of Xiaomi Youpin has maintained at a high level of 100% in the past three years. The reason for this achievement is largely due to the rapid growth of the user scale. In June 2019, more than 65% of Xiaomi Youpin’s GMV came from non-Xiaomi mobile phone users, and this value has increased to 75% in the second quarter of 2020, which intuitively reflects its achievements in breaking the circle of users.
Initially, "Mifen" was the core purchase group for Xiaomi Youpin's crowdfunding. Is it possible to give oneself the ability to "self-generate"? This has become a question that Xiaomi Youpin needs to think about in crowdfunding. Therefore, you will find that Xiaomi Youpin crowdfunding has begun to strip away its original features and seek breakthroughs at the user level, such as attracting more female users and non-Xiaomi mobile phone users.
"Youpin's user group is very accurate, it is a group of young people between 25 and 35 who have a certain consumption ability and are able to accept new things."
Xiaomi Youpin is positioning its target users in this way this year. From this statement, it is not difficult to find that the target consumers of Xiaomi Youpin's crowdfunding are defined in a larger group, which will also become the development direction of the platform in the next few years.
It is understood that as of December 31, 2020, Xiaomi Youpin Crowdfunding has initiated a total of 655 crowdfunding projects, and the total number of participants reached 2.74 million. Among them, the highest number of participants for a single product reached 176,000. If it weren't for actively breaking the circle at the user level in the past six years, it would be hard to imagine such a crowdfunding achievement.
Breaking the circle of products: from technology products to consumer goods
In July 2015, Xiaomi Youpin launched its first product-Xiaomi Universal Remote. As a result, Xiaomi Youpin also kicked off its crowdfunding business.
At that time, there was a wave of crowdfunding in China, in which a large number of independent crowdfunding platforms emerged, and almost all integrated e-commerce platforms also launched crowdfunding sub-channels. In the early days of crowdfunding, the commodities that launched crowdfunding were mainly technology products, and most of the consumers who paid were geeks.
After Xiaomi Youpin’s crowdfunding of smart products such as inductive mobile phone washing, smart trash cans, video doorbells, and visual ear picks has been successful, expanding the product line and supplying consumer goods to users has become a new development direction.
Therefore, we see that in April this year, Xiaomi Youpin announced a new round of brand upgrades. It clearly proposed a dual-engine drive model of "technical intelligence + consumer goods". During the 618 period that followed, Xiaomi Youpin officially launched the "Youpin Life+" channel, fully exerting its efforts in the field of consumer goods. Now, if you open the "Youpin Life+" channel of Xiaomi Youpin, you can see a large number of consumer goods, such as socks, pillows, T-shirts, etc., covering all aspects of life.
From this series of intensive actions, it is not difficult to find that Xiaomi Youpin has escaped from the single attribute of technology products and extended its tentacles to the broader potential market of consumer goods.
"Almost every consumer product and mode of consumption in China can be redone."
This year, this sentence has been widely circulated in China. Everyone believes that new consumption is the most certain opportunity in the next 5 to 10 years. In this context, a foreseeable result is that under the new business landscape, the newly launched "Youpin Life+" will assume the responsibility of crowdfunding for lifestyle products, and will compete with the existing "Xiaomi Youpin Crowdfunding" Each perform its own duties and cooperate closely to promote the platform to increase its influence in more commodity categories and form a circle-breaking effect.
Ability Breaking the Circle: From Product Proving Grounds to Brand Incubators
Users and products are like two wheels of a bicycle, and the high-speed operation of both sides can easily form a virtuous circle of platform development. But in addition to these two levels, Xiaomi Youpin crowdfunding is also constantly breaking through the comfort zone in terms of capabilities, thus forming a healthy symbiosis with merchants.
In the early days, the positioning of crowdfunding platforms was often a testing ground for companies to test market responses and obtain start-up capital. When they found that the product has the potential to explode, it would increase investment.
But even in the early days, Xiaomi Youpin crowdfunding showed characteristics that were not consistent with other crowdfunding platforms: users here tend to have stronger product thinking and knowledge reserves, and they not only choose crowdfunding projects that are of interest here. At the same time, it also provides manufacturers with a large number of product improvement suggestions. This strong sense of participation has formed a closer bond between the product and the user.
In Xiaomi Youpin crowdfunding, a strong binding relationship has also been formed between the platform and the product. For example, 8H mentioned that when the new latex mattress product was launched, the Xiaomi Youpin crowdfunding team gave a lot of effective guidance in terms of demand insights and market positioning, helping this company with only a dozen people at the time. Start-up companies are growing rapidly.
Not only "teach people how to fish" at the resource level, but also "teach people how to fish" at the corporate operation level, Xiaomi Youpin crowdfunding has gradually shifted from being a pure product testing ground to a brand incubator that helps companies grow in a long-term.
To some extent, if you look at Xiaomi Youpin’s crowdfunding project, you will find that it has become a propeller for the rapid growth of the company. Many companies have quickly obtained different resources such as financing and exposure after the crowdfunding project went online.
For example, Tuoniu's smart trash can quickly obtained tens of millions of financing within half a month after it went online.
Haylou smart watches have also achieved sales of up to RMB 100 million in overseas markets after crowdfunding.
Among them, there are brands that have already gone public and are preparing to go public, and they all have a bright future.
Thanks to China's strong supply chain capabilities, a large number of local start-up brands have begun to emerge in recent years. But for these entrepreneurial teams, it is imperative to quickly get through the cold start period and face more consumers directly. Obviously, it seems that Xiaomi Youpin Crowdfunding intends to play an important role in it-it is no longer just a simple resource supply and support party, but an in-depth partner for the growth of the company. "New lifestyle e-commerce" and "use product brand attributes as platform e-commerce" are Xiaomi Youpin's brand new positioning and strategic direction for itself this year.
From this brand-new change, you can clearly see the process of Youpin's continuous breaking through the circle. Initially, it was just a platform for communicating with a limited number of Xiaomi fans, selling a small number of geek products; now, it is trying to become more connected A large-scale user interaction market, selling more products from smart hardware to consumer goods. In other words, as long as people have expectations of life and are always curious about new things, they will become its service objects.
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