Bankrupt! Another giant crashed down! 130 million people ma
2020-09-17 09:47
"I haven't made any announcement in my own name. I didn't expect this first announcement to be the last."
——Zhang Zhengping, founder of Taojiji
On December 9, at the end of 2019, Taojiji's official Weibo released the last message:
"Unfortunately, because the funds did not arrive as scheduled, I have to announce that Taojiji has failed this round of mergers and acquisitions! Next, the company will seek
bankruptcy liquidation and bankruptcy reorganization. "
Taoji Ji announced posted early in the morning▲
In other words, it only took a year for Tao Jiji to go from the infinite glory to the bankruptcy!
Who is Taojiji? !
In China's sinking market, Taojiji is almost a household name.
As a shopping app that focuses on social e-commerce, Taojiji has exceeded 10 million users in just two weeks ; it was established 10 months at a
valuation of US$800 million; in just one year, the number of e-commerce users exceeded 130 million. .
It took 10 years for Taobao to achieve this scale, and 22 months for Pinduoduo, while Taojiji only took 1 year! !
More importantly, Taojiji has also received favor from the capital market. In the second month after the APP was launched, Taojiji received
US$ 42 million in Series A financing, with a post-investment valuation of US$242 million; in the tenth month after its establishment, its valuation reached US$800 million. .
To be honest, whether it is the growth rate of users or the valuation given by the market, not only the former Taobao is willing to be
inferior , but even the early years of Pinduoduo are also ashamed.
However, no one thought that it suddenly declared bankruptcy. . .
According to online reports, the Taojiji building is now empty, and it is said that the Alipay account has also been blocked, and countless businesses want to cry without tears.
The payment cannot be paid, nor can the employees' salaries be paid. According to statistics, Taojiji’s debt may be as high as 1.6 billion!
Taojiji Shanghai Headquarters "People Go to the Buildings"▲
However, Tao Jiji has forgotten his identity. Behind Pinduoduo stood Tencent’s Ma Huateng, OPPO’s Duan Yongping,
Netease’s Ding Lei and Taobao’s founder Sun Tongyu, as well as being so large that countless Chinese companies were bewildered. Back to the "funds"! !
Everyone knows: Are the things on Taobao cheap enough? Has infinitely lowered the prices of various fast-moving consumer goods, at
least 30% cheaper than physical stores ;
Pinduoduo is 30% cheaper than Taobao. Some Taobao offers 19.9 free shipping, and Pinduoduo even only needs 9.9
free shipping. But in front of Taojiji!
Not worth mentioning. . .
In order to develop users quickly, Taojiji is more aggressive than Pinduoduo. Not only has it broken the bottom line of 9.9 free shipping, but there are also
many product promotions such as "One Yuan Group", "10 Yuan Five Pieces" and so on!
This trick really helped Taojiji attract many users who are greedy for cheap; even for the sake of good data and convenient financing; Taojiji
also shouted the slogan "buy more, earn more" and directly let users invite relatives and friends to join the group. , After meeting the requirements, you can again enjoy
the right to purchase at low prices several times.
For example, if the original price does not exceed 100 yuan, you can buy 1 yuan.
However, there is no free lunch! Anyone with a discerning eye can see that selling things like this is impossible to make money. . .
2. Flicking merchants and driving themselves to a dead end
If you can't get financing, you have to subsidize users all the time; if you stop subsidies, you are afraid that users will run away! Tao Jiji
, who had driven himself to a dead end, hit the merchant with his idea.
Since its establishment in August 2018, Taojiji has burned more than 2 billion yuan in just one year, almost exhausting all of it.
According to Phoenix.com, starting from July 10 this year, all merchants' requests for withdrawals on Taojiji began to be returned:
Some businesses were forced to do nothing, and even attempted to commit suicide by jumping off the building. . .
The success of Ma Yun's Taobao has made countless people who opened Taobao stores become rich; the hot expansion of Taojiji in the early stage has also made countless people who intend to "get
rich overnight" not hesitate to gamble on all their wealth, even going to the bank desperately loan. .
Today, Taojiji’s complete declaration of bankruptcy is not only the fall of Taojiji, but also the bankruptcy of countless businesses and countless families. . .
Fetching the bamboo basket was empty, tragic!
Why did Tao Jiji end today? Dong Huajun believes that the main problem is the management of Taojiji.
1. Blindly imitate Pinduoduo
Although Taojiji fully imitates Pinduoduo, there is one thing that can never be imitated, and that is funding.
On the one hand, the founder of Pinduoduo realized the freedom of wealth before starting his business and met a large number of well-known entrepreneurs including Ding Lei and Duan Yongping.
Because of this, Pinduoduo has won the favor of a large number of well-known investors such as IDG, Tencent Industrial Fund, and Sequoia Capital in three years.
On the other hand, as Pinduoduo’s GMV has maintained rapid growth, it can also provide a steady stream of capital support.
However, neither of these two Taojiji!
The final result is to accelerate the rupture of the capital chain. .
2. Wrong market strategy and huge cost
Taojiji gets customers through crazy "burning money". Taojiji has 130 million users in just a few months, but the user conversion rate is not high.
Taojiji pulls a new user for about 180 yuan, Tmall and Jingdong, because of their high popularity, the customer acquisition cost should be about 130 yuan, and
Pinduoduo should be about 120 yuan because of the main social fission.
Taojiji has another relatively large customer acquisition expenditure-subsidies.
On the Taojiji platform, if you buy something for 10 yuan, the cash back subsidy can get more than 4 yuan, which is a customer subsidy; merchants also have subsidies. For
example, a merchant provides a product for 9.9 yuan, but it may be 6.9 yuan when sold on the platform. , The payment with the merchant is still 9.9 yuan, and
the 3 yuan is the platform subsidy. With such a large subsidy, Taojiji has been going on.
3. Broken corporate capital chain, internal and external troubles
Taojiji's own "hematopoiesis" ability is insufficient, lacks core competitiveness, and its scale development mainly depends on external investment.
In June of this year, as the A round of funds has been burned out, Taojiji launched a new round of US$200 million in financing.
However, investors require a better growth curve before they are willing to give money. Therefore, Taoji took the risk and chose to "appropriate merchants' payment to subsidize the platform, and
use better user data to create better financing conditions" and other abnormal development paths.
In the end, the capital chain broke due to the "face change" of investors, and the "internal and external troubles" had to declare bankruptcy.
But this is not a problem for the capital. As long as finance and risk control can stop it, Taojiji may not have
such a thing, so there are also big problems in internal finance.
4. The internal management of Taojiji is chaotic
Taojiji advocates a flat corporate culture, but there are always "black sheep".
Except for the insurmountable veteran level, other employees do have a flat management culture, so it is not difficult to imagine that the
so-called "black sheep" must come from the veteran level.
How to "bad group"? To put it simply, it is to sow discords, which leads to a tense company atmosphere.
According to an employee of Taojiji, Taojiji has other problems: the company is developing rapidly, the quality of personnel is uneven,
and the ability of the management team does not match the position. At the same time, there is no mature personnel management. They are all young HRs.
The old HRs before them are all heads of administration or personnel.
5. The development and growth of enterprises need professional consultants
If an enterprise wants to be invincible for long-term development, it must be strong as a whole. Look at Huawei,
which is currently blocked by the United States. It has not been affected much. Instead, its influence has become unprecedentedly large. There are 25 countries in which 5G service contracts are signed.
Why is Huawei getting stronger under the predicament? In the early days of its business, Huawei hired a world-class consulting company to
provide services such as finance, human resources, strategic management, and supply chain management. Today, Mr. Ren only holds 1.04% of
the shares . Huawei's share allocation and corporate management are better than others. Businesses are much better.
Official data show! As of August 8, 2019, a total of 6,006 new economic companies have "dead" this year.
How excellent each of these fallen companies was once!
To the end:
Business operations are not easy, and professional management consulting is needed to escort them during the development process.
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