What are the new opportunities for new consumption in 2021?

Looking back to 2020, new consumption trends are in full swing.

Many new consumer brands have announced that they have received financing in turn, which proves the boom in the current market.

According to IT Orange statistics, in 2020, the amount of investment and financing in the new consumer sector will reach nearly 45 billion yuan, and 286 projects will be financed.
The whereabouts of funds can always show where the tide will flow.

At the end of 2020, the successful listing of Yixian e-commerce and Bubble Mart has reopened investors' imagination for new consumer industries.

In November 2020, Perfect Diary’s parent company Yixian E-commerce went public in the United States, with a market value of over 12.

2 billion U.
S.

According to the observation of "Forefront of Entrepreneurship", the core strategy of these new brands is to pay attention to the high appearance of the packaging, pay attention to the channel communication of "two micro, one shake and one B station", to differentiate their product positioning from previous categories, and to focus on harmony.

Interaction between users.
In addition, the epidemic has completely catalyzed online sales, e-commerce live broadcast has become a must for new brand sales, and traditional offline consumer companies have begun to realize the importance of building private domain traffic.

Will these new consumer trends appearing in 2020 continue? Which trends have reached an inflection point? What new consumer trends will emerge in 2021? "Forefront of Entrepreneurship" had a detailed chat with Hongzhang Capital's founding partner Weng Yinuo and several senior practitioners.

They have many commonalities in thinking about the new consumer industry.

In essence, all changes in consumption trends are ultimately changes in the demographic structure.

In essence, all changes in consumption trends are ultimately changes in the demographic structure.

According to statistics, the post-95 population has reached 250 million.

The lifestyle and consumption habits of these future major consumers determine that the new brand's practices in terms of products, channels, and markets are completely different from those in the past.

Station B, which is dominated by young users, reached 202 million in the fourth quarter of 2020.

As of August 2020, Douyin’s daily active users exceeded 600 million.
Post-90s are its main users.

Weng Yinuo, founding partner of Hongzhang Capital, believes that the weak relationship between users and the new brand is the underlying logic of the new brand change.

"The three major elements of business have reversed from the perspective of the game relationship.
The original channels and media are very concentrated, and the supply chain is relatively scattered.

The change brought about by this is that from the past, the first to do cognition, and then to do the channel, it has become a very easy thing to find OEMs to make products as long as you can operate users, and the threshold for creating a new brand has been greatly reduced.

"For many people who are doing brand entrepreneurship today, they are actually doing traffic business.

" Weng Yinuo concluded to the "frontline of entrepreneurship.
"

In addition, it can be seen that Internet people with strong operating genes in the past have begun to pour into the new consumption track.
For example, Tang Binsen, the founder of Yuanqi Forest, was a game player before, and Yu Xin, the founder of the low-alcohol brand Likoubai, was the co-founder of ofo Xiaohuangche.

On the other hand, the conversion of user brand trust is also weakening.
In Weng Yinuo's view, when counterfeit goods were rampant in the 1970s and 1980s, everyone would particularly recognize the brand, because the brand represents quality; and the new generation of young people do not have this cognitive anxiety, because today's supply chain is already quite Complete, their trust conversion costs are very low, and they have little stickiness and loyalty to the brand.

Therefore, these trends have allowed us to see the continuous emergence of new consumer brands and rapid growth.

Objectively speaking, based on the changes in the three core elements of the business model-"customers, value and profit", the new consumer industry will show five trends in the future.

01Change from being production-centric to user-centric

01Change from being production-centric to user-centric

In the past, production was the center, and it was necessary to wait until the product was put on the market to know whether the product was suitable for the market.
This also led to a long new product development cycle and a high failure rate.
Han Rui, an investor in Yuanqi Forest and a partner of Gaorong Capital, once said that in the past, it was mainly through the product side to define products, invest in the market, and work hard to educate consumers, but now this approach is changing.

Take Yuanqi Forest as an example.
From the first day, the entire company of Yuanqi Forest has been highly data-based throughout the product management and R&D process, using high efficiency to do AB testing, let the market tell itself the answer, and let consumers choose Naturally present.

When promoting new products, new brands are updated faster.
At present, the categories of Yuanqi Forest cover sugar-free tea, soda sparkling water, milk tea, functional drinks, coffee and other categories.

Compared with traditional brands, new consumer brands pay more attention to improving efficiency in a data-based way, and the continuous expansion of new categories and new products is mainly supported by the company's flexible production methods.

"In the past, category expansion was restricted by production capacity and the entire production model, but now with the popularization of flexible production, from the original large batch to the current small batch and multiple batches, it means that companies can expand more categories.
A veteran in the industry said to the "frontline of entrepreneurship.
"

It is reported that Yuanqi Forest is currently also experimenting with flexible production, expanding more new categories and different flavors of the same category.

User-centricity is also reflected in the real involvement of users in product design, communication and other links.

Wang Baofeng has made a good attempt in this regard.
This brand, which is positioned as a healthy cereal food, has previously received investment from Jingwei China, Black Ant Capital and other institutions.

The relevant person in charge of Wang Fengshou told the "frontline of entrepreneurship" that they will conduct activity solicitation during the product formula selection stage, and fully mobilize the participation of fans by giving fans a taste of it, increasing their sense of participation and loyalty, and increasing users Viscosity.

In the communication link after product development, by satisfying consumers' needs for “trend, healthy, and unburdened” and fashionable tastes, coupled with high-value attributes, it has stimulated users’ spontaneous dissemination wishes, forming a kind of Internet-based "Social currency" has formed multiple dissemination and fission, and it has also brought about the breaking of the circle of products from a certain vertical type of user to a wider range of users.

Whether a product has become a trait that users are willing to punch in and post to Moments usually determines whether this consumer product has the potential to become an Internet celebrity and break the circle.

02From the nature of the category to the scene-based category expansion

02From the nature of the category to the scene-based category expansion

User-centered means that there will be a change of thinking in category expansion.
It is no longer just a top-down production-side thinking, but in a fixed scene, providing users with an overall life-solution-centric user thinking .

Han Rui once said in an interview with 36 krypton that scenes and functions are the number one label for future-oriented consumer products companies.
The sub-categories that startups should grasp first are categories with high potential, which can be migrated after trust is established, and then generalize trust along the chain of trust, along with scenarios and functions.

Take Nayuki's tea as an example.
Users have extended their goodwill for tea products to other products, from consumption in milk tea stores to Naxue’s "Bla Bla Bar", Naxue’s gifts, etc.
These categories and stores seem to operate across borders and become increasingly borderless.
However, the inner logic is essentially the same, that is, to expand around young people’s consumption and leisure places.

Lin Sheng, the founder of Zhong Xuegao, started selling dumplings for the same reason.
Lin Sheng sold 2 million pieces of Zhong Xuegao ice cream during 618 in 2020.
Recently, he launched a new brand-"Theory Image" which focuses on high-end handmade dumplings.
country".
Selling ice cream and dumplings, seemingly unconnected, are actually making a fuss around the home refrigerator scene, positioning them in the household storage consumer market, and at the same time extending the sales cycle of ice cream seasonal products in the past.

It is worth mentioning that expanding categories by establishing private domain traffic has increasingly become a "habitual action" of consumer companies.

Whether it is Hey Tea, Cha Yan Yue Se selling peripheral cultural and creative products in the mini program, or Perfect Diary to establish a membership group and promote new products to members, they are all typical cases of new product promotion by a huge membership group.
Increase the ARPU value of each user while promoting the cost.

03New brands move from online channels to offline

03New brands move from online channels to offline

Many of the new brands that have been born in the past few years are brands native to the Internet, and recently these brands have begun to try to move towards offline channels.

For example, in 2019 Perfect Diary announced that it would open 600 stores within 3 years; in March 2020, Wang Baofeng also officially launched offline, entering KA/LKA systems, convenience stores, special channels and other channels.

There are two main reasons for this kind of new brands that are originally online to move offline.

On the one hand, the KOLs that started in 2017 brought goods to their peak during the epidemic last year.
As more and more brands began to join KOLs, the cost of KOLs was also rising.
According to statistics, the price of mid-waist KOL and head KOL increased by more than 18% from 2018 to 2020.

Perfect Diary has cooperated with more than 15,000 KOLs in the past, and the leading KOLs include Li Jiaqi, Wei Ya, etc.
The increase in the price of placement means that the cost of the same quantity of placement is higher, and the same placement may not necessarily bring the same effect as in the past.
Relatively speaking, the cost of obtaining offline traffic is lower.

On the other hand, brands that have accumulated a certain degree of popularity can reach more consumers offline.

Wang Baofeng revealed that the company covered more than 20,000 offline terminals in just 10 months, and the performance of offline channels exceeded expectations.

Matrix China's latest research report on the consumer industry shows that Zhong Xuegao also launched a force line at the beginning of last year and achieved a 500% growth, increasing the number of consumers covered from 1 million to 20 million.

For consumer brands, there may only be short-lived native Internet brands or offline brands in the future.
In the end, in order to expand the user base, they will move toward an omni-channel layout and carry out global marketing.

It is worth mentioning that the high cost of traffic and the demands of accumulating stock users have made this kind of emerging consumer products begin to pay attention to the establishment of unique brand influence.

In the past few years, the new brands that have exploded through KOL traffic to bring goods, planting grass and weeding have accumulated their first wave of users.
However, as mentioned above, there is currently a weak connection between users and products.
Therefore, the most difficult issue for brands is how to increase the repurchase rate and increase user stickiness.

In February of this year, Tmall's local beauty brand Huaxizi replaced Perfect Diary as the sales champion.
Last year's marketing efforts were also strong in Huaxi Bio's Runbaiyan and Biomeso, with sales growth exceeding 228.
6% year-on-year.
, 90.
35%.

However, if you only do the flow of goods and not the brand, it is easy to make wedding clothes for the flow in the end.

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