recently around the vertical electric life and death topic aftersound did not fall, vip.com has released the 2012 three quarter earnings, third quarter earnings according to U.S. GAAP (GAAP) calculation, profit $640 thousand. The review commented the event, many industry insiders shouted vertical electricity began to counterattack, seems to be profitable vertical electric spring has arrived.
yesterday to have a look at the recent earnings and website, look for a long time, I did not see what the pattern is too big difference, senior version of filling stage is the sale of the group purchase, the product is relatively high a little bit. Recently, Global Entrepreneur in his interview with CEO, Shen Ya made it clear that: vip.com is still in a state of uncertainty. For this position, I think it is more neutral, but also a relatively objective description of the status quo.
careful analysis of vip.com’s three quarter earnings, individuals and insiders have a different point of view:
first, analysis of the third quarter earnings, according to U.S. GAAP, is indeed a profit of $640 thousand, but the overall financial data, is still a loss of $1 million 450 thousand. Said vip.com has achieved profitability is only different interpretations of statistical methods.
second, vip.com from the first quarter of 2011 to the three quarter of 2012 for the seven consecutive quarter of earnings, quarter of 2011 the average growth rate of up to about 50%, but the first three quarters of 2012, the growth rate was obviously slowed sharply trend. The three quarter of 2012, compared with the growth rate in the two quarter fell to 15%. At present, vip.com clothing, jewelry and other Home Furnishing platform accounted for more than half of its sales, the category is Tmall, Jingdong and other traditional platform advantage category, Tmall, Jingdong once completely get rid of the price war, to recover is quite easy;
third, vip.com in the first quarter of 2012, the amount of advertising to maintain an upward trend, an increase of about 10%, but the growth rate of its users showed a downward trend year on year, indicating that its new user growth is not obvious in. The three quarter of 5 million 400 thousand orders from 1 million 700 thousand users, user quarter re purchase rate of 3.18, equivalent to every user every month back 100% shopping time, the rate of re purchase, you can be understood as "terrorist, perfect", also can be seen as "high risk" potential, after all, to flash options for there are many competitors two or three tier platform mode, a load up such electricity supplier price war, the result is really hard to say.
fourth, vip.com’s current profit model for the collection of the Commission’s sales commission, according to the analysis of its executives earnings conference call revealed that the proportion of the Commission received a commission of about 20%-26%. Personally think that both brands for handling inventory or other considerations, the commission ratio relative to other types of group purchase platform, Taobao, Tmall, Juhuasuan and other Jingdong percentage is too high, there are very high risk. And vip.com’s model is more comprehensive