99% of investors don't understand the lead position

Finally, the SKU is long, the retail unit is small, and the re-purchase rate is increased. Fresh gross margins are too low and other SKUs are needed to increase profits. According to the daily fresh Wang Jun, if you only do a single category, you will never make a profit. The pre-warehouse must be a supermarket, neither a fruit store nor a vegetable market. At the same time, the platform also takes products that once needed to be bought by the box and sells them separately, so that users can buy more categories of goods at once. In this way, both of them achieved a re-purchase rate of about 80% in 2016.

In addition to the above basic indicators, at the end of 2016, Daily Youxian also relied on exquisite operation and cost control to reduce the average performance cost to only ten yuan, so that the customer unit price can be easily profitable at about 100 yuan. U The shopkeeper compressed the operating cost of each order to 10 yuan, and the average delivery cost was 6.1 yuan.

After the transformation, the data of the pre-position mode has been greatly improved, and in 2016, Daily Fresh was the first to announce regional profits, and the U manager also announced the break-even of operating costs at the end of the year.

04

In 2016, Daily Youxian mainly expanded its scale in North China, in addition to Beijing, it also entered Shandong, Henan and other places. The U shopkeeper is in South China, in Jiangsu, Zhejiang, Shanghai and other places.

At the end of 2016, Xu Zheng publicly said that the number of front-loading warehouses on the platform had exceeded 200, and planned to expand to 500 to 1,000 in 2017, covering 30 to 50 cities.

U The scale of the shopkeeper is not equal to the daily good fresh, and there are only dozens of pre-positions within the outer ring of Shanghai. However, I wish Pengcheng at the end of the internal staff meeting is still full of ambition, announced that in 2017 to the pre-position model quickly copied to more areas, "if 2016 is from 0 to 1 process, then in 2017 we will write a lot of 0 behind 1."

This requires sufficient financial support, the daily fresh financing is smooth, and the U shopkeeper gradually loses his advantage because of the financing is not smooth.

In 2017, the investors behind the two rounds of Daily fresh financing are mostly old friends of Xu Zheng. Huachuang Capital continued to invest, when Wu Haiyan believes that no model can conquer the world, but the daily fresh in the continuous exploration of new business models, and the scale of expansion has enough rational restraint, she believes the daily fresh team. The previous far wing investment and Tencent investment also continue to chase investment in this round.

It is worth mentioning that the new entry of Lenovo Venture Capital, Lenovo is Xu Zheng's old club, naturally understand his ability. On New Year's Day in 2017, He Zhiqiang, president of Lenovo Venture Capital, personally went to Beijing's pre-position warehouse to investigate, and the Lenovo Venture Capital team and Daily Youhua spent several months to make a detailed growth model for the pre-position to judge the feasibility, and soon invested.

Lenovo's backing has also attracted other investors to join in. Since then, Daily Youfresh has accelerated its expansion and established hundreds of pre-positions in Beijing.

Soon after, Daily Fresh completed a C+ round of financing, led by Tiger Global China and Yuansheng Capital. Wang Pengfei, director of Tiger Global China, explained, "The circuit is gradually becoming clear after several rounds of reshuffling. Relying on strong supply chain advantages and unique pre-warehouse layout, Daily Youxian can provide consumers with high-quality goods and extremely fast services, and is very hopeful to stand out on this circuit."

Yuan Sheng Capital, one of the leading investors, is actually at the helm of Xu Zheng's old friend Peng Zhijian. In 2017, Peng Zhijian established Yuansheng Capital and recognized the evolution ability of the team after seeing the market performance of Daily Youxian, so he invested $60 million. At the time of the listing, Yuansheng Capital was one of the top five shareholders, holding 7.2 per cent.

This round of financing was mainly hit by daily Youxian on the expansion of 1-3 tier cities, and gradually into the hinterland of Shanghai. Unlike the scenery of Daily Fresh in the capital market, the U shopkeeper has been unattended for a long time.

Since getting more than $30 million in Series B financing in early 2016, the company has not received new financing in the following year and a half, during which it did not disclose the progress of expansion.

Until October 2017, the U manager received 100 million yuan of C round financing led by Haier Capital, but this is ammunition belonging to unmanned retail. Zhu Pengcheng announced that it will combine Haier's unmanned retail equipment and smart home appliances to expand its unmanned retail business.

This is the last round of financing for U. Since then, the daily fresh strong expansion, Ding dong buy food to seize the market, U shopkeeper gradually lost the original market share. In October 2018, the U shopkeeper quietly ceased operation, and it did not grow into another Jingdong under Xu Xin.