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Millet went on the minute, in the name of a department store

via:博客园     time:2018/6/8 23:31:36     readed:445

On the evening of June 7, Xiaomi had officially submitted an application to the China Securities Regulatory Commission for the issuance of the CDR (Chinese depositary receipt). At about the same time, Xiaomi also passed the listing hearing on the Hong Kong Stock Exchange. At present, investors, especially cornerstone investors, are “finalists”; the competition is fierce, and the valuations given are generally between US$75 billion and US$80 billion.

Since Xiaomi submitted a prospectus to the Hong Kong Stock Exchange last month, the Xiaomi IPO has finally settled. With regard to how much money Xiaomi is worth, the capital market will also give a definitive answer.

When Xiaomi was mentioned, the first thing that came to mind like my mild rice dumpling was Xiaomi’s mobile phone. Then think of it is cost-effective, which may feel even more profound for foreign users, "Redmi 5" mobile phone international reputation is not inferior to those four or five thousand dollars.

Xiaomi Department Store and Amazon Department Store

Xiaomi was not satisfied with making cellphones. Before 2015, people often compared millet with the old rival Meizu. With the growth of Xiaomi's mobile phone sales and company's mass, the two mobile phone manufacturers are becoming less and less comparable. And millet is less and less like mobile phone manufacturers, and visiting Xiaomi's home has a very strong feeling. Xiaomi may be more like a "department store company."

I once went to Shenzhen on a business trip. The return trip encountered a very embarrassing situation. There was still an hour before boarding and I found that I forgot to bring my headset. More frustrating is that although I brought two mobile phones, but one is the iPhone 8 Plus, one is the millet MIX2S, no one has a headset hole.


On the way to the boarding gate, there was a house of Xiaomi. As an emergency, I bought a Xiaomi Type-C noise canceling headset. The price of 299 yuan is also suitable for temporary use. Since Xiaomi’s sku is already over 400, if you come across a situation similar to mys, such as forgetting to bring a towel and a toothbrush on business trips, you can also easily buy the toiletries you need from Xiaomi's home.

This is very much in line with the sore point that so-called new retail can solve. The urgently needed goods can be bought easily and quickly.

Charging treasures, electric toothbrushes, towels, pillows, trolley boxes are all available in the Xiaomi Mall. Why buy online? Because your mobile phone is dead, you need to be charged. If you don’t even have a charging cable, you can go to the millet home to get the charging line. What's more interesting is that Xiaomi's home sells Xiaomi mobile phones with a Type-C interface and also provides iPhone's lighting data cable. This is not possible in the offline stores of other mobile phone manufacturers. They usually only sell their own accessories.

This is in fact similar to Amazon in the United States. "Everything is not pervasive." Actually, e-commerce, e-books, clothing, and movies have Amazon in almost every area. And millet almost all involved in these industries.

In 2012, when I hadn’t got a kinship, I purchased a Kindle 5 through Omnipotent Taobao. Since the system didn’t support Chinese, Kindle players would like to use the Kindle 5 to look at the system. It didn't take long for me to become a rice APP. My Kindle 5 could also use the millet account to buy more fancy ebooks. Before the Amazon e-book store landed in China, Xiaomi provided me with an available localization service.

“Miami Department Store ” actually like Amazon

The first is the values ​​of the two. Lei Jun’s philosophy is to focus on users, make products that move people, be kind and pricey, and even promise that the overall profitability of Xiaomi's hardware business should not exceed 5%. Bezos is also customer-centric, allowing consumers to buy cheaper products.


Coincidentally, both of the hardware are also cheap and cost-effective, selling their own Internet services through very cheap hardware.

The original State Bank version of the Kindle was priced at around 900 yuan. Amazon later launched a 499 yuan Kindle in China. This price is even cheaper than the official protective shell of the current Kindle’s flagship Oasis 2. Of course, what Amazon sees is not selling the Kindle's hardware profits. Instead, it sells to your Kindle and can sell more e-books through this hardware.

Similarly, when you buy a $500 leather case on the Apple store, one person in the same mall's millet home may have spent the same $500 on a red rice 5A.

In the end, both have embarked on the Iot road, Amazon's smart speakers have ranked first in overseas markets, Xiaomi's love speakers in the Chinese smart home market ranked in the top three. The smart speaker is only one control center of the intelligent hardware. One of the biggest advantages of the millet Iot is the number and variety of products of intelligent hardware. According to iResearch data, according to the number of connected smart devices, as of December 31, 2017, Xiaomi’s market share has actually surpassed Amazon, ranking first in the global Iot market.


And while Amazon's smart hardware, such as Echo, is smart enough at the product level, it has become disaffected in China. Compared with Amazon's Iot, Mijia Iot is more promising in the Chinese market. As I own more than 10 millet smart hardware, I have to talk about the advantages of Xiaomi's ecological chain.

What Amazon does not have is the pattern of Xiaomi's ecological chain.

Although the two "department stores" are similar in terms of cross-border games, the genes of Xiaomi and Amazon are quite different. The former started with MIUI and has strong software genes, while the latter has deep electricity. Commercial gene.

However, in Xiaomi's prospectus, Xiaomi's other difference was presented in the form of "Triathlon". Xiaomi's triathlon refers to hardware, Internet services and new retail. In addition to the new retail, hardware business level similarity with Amazon, Xiaomi's Xiaomi ecological chain is also an original business model.


Liu De, a co-founder of millet, used the millet ecological chain as a high-speed rail. Millet is like the locomotive of a high-speed train. Other ecological chain companies follow the locomotive and go along with Xiaomi at high speed.

At the capital level, most of Xiaomi's ecological chain companies are invested by Xiaomi Heshun Capital, and they play a major shareholder role in ecological chain enterprises. In my interview with one of the eco-chain enterprises, Xiaomi learned that Xiaomi has a unified control over the products of eco-chain companies. Xiaomi's design team will directly participate in the design of ecological chain products, and the specific production will be controlled by various companies.

Under such a model, Xiaomi can quickly obtain a large amount of sku without having to do it himself, and his various e-commerce platforms and new retail channels will be able to obtain a wide range of products in a short time.

Eco-chain companies also need Xiaomi's sales channels. For example, the second-second measurement that I interviewed has shown that women's basic thermometers have already had many similar products in the market, and there is no obvious advantage in the second-second measurement of channels purchased by hospitals. As a millet eco-chain company, the second-tested clinical thermometer was first crowd-funded on the Mi-jia products, followed by open-buy purchases, and so far it has achieved good sales. This is a good thing for a small, start-up company like Seconds to catch the ride of Xiaomi.

"Althusi Li has been", MIT professor Wang Hao is such a summary of the millet ecological chain, she called the business model as a collaborative ecosystem.

Xiaomi is not a company fighting. This is probably the most competitive place for Xiaomi in the future.

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