Chapter 166: Arrogant at first and then respectful at the end


    Yu Xing successfully invited the boss of Today Capital, and the location was just in the hotel Bi Sheng wanted to stay in, which happened to be a marginal distance between the two sides.


    He was the first to arrive because he didn’t get traffic jams when riding a battery.


    Bi Sheng was the second one to arrive. He was already halfway from the airport when he called.


    But Yu Xing smiled as soon as he saw Bi Sheng who hadn''t seen for half a month.


    The person is haggard, his eyes are lost, his body is hunched, and he is even disregarded.


    Bi Sheng saw Yu Xing and did not smile, but just raised his hand, his brows still frowned.


    "Just wait here, Mr. Xu will arrive soon." Yu Xing signaled Bi Sheng to wait for someone on the sofa on the hotel lobby.


    Bi Sheng nodded silently, took off his backpack again, and searched for the materials with a little trembling hands.


    Yu Xing couldn''t stand it anymore and slapped him on the back from behind: "Oh! Be more energetic! Why did you even get hunched when you go out??"


    Bi Sheng subconsciously closed his belly and raised his chest, handed Yu Xing the notebook he found, and then denied, "Is there any? No? Maybe there is, maybe it''s because he''s too tired these days and has to travel to two places a day. He met a lot of people, and it''s very hot in the south."


    This time he went to the city where his competitors were located and visited many brands centered on this.


    There is communication and there is also rejection.


    The halo of former Baidu executives is not particularly effective in this process, and in addition, you can feel the pressure of Vipshop more intuitively, so Bi Sheng felt very heavy.


    Yu Xing did not read it immediately, but asked, "You are a website boss who has gone out for half a month, and your Letao.com can still be operated. What''s the use of you?"


    Bi Sheng pondered for a moment and replied: "Letao.com is actually operating in Beijing according to the model of contacting second- and third-tier brands, and the effect is also there. The daily order volume this week is stable at 30-50 orders, and the average customer price is around 170."


    Although he said he wanted to conduct research, he was very honest. Since Liu Wanying, who had met Kestrel last time and heard relevant analysis, Letao.com has substantially changed to second- and third-tier brands.


    This kind of decision is actually easy to make. First, it is difficult to talk about first-tier brands, and second, Letao.com is not very physically capable, so it can be done no matter how you experiment.


    The core directions of toys and shoes in the past can change drastically. How much more can you pay for fine-tuning now?


    Yu Xing was not too surprised by this. He nodded slightly and opened the documents submitted by Bi Sheng before, and then saw the description of his on-site investigation.


    He looked at two pages briefly and couldn''t help but say, "I really don''t have a say without investigation. Are you writing next to you who you think?"


    - The supply chain of clothing brands is very long. From fabric manufacturers to fabric wholesalers, to processing plants and brand owners, there is a large amount of information asymmetry in these links, and the needs of end users are very scattered. In fact, it brings the most painful troubles to the participants in each link, "inventory backlog".


    Bi Sheng stretched his head and nodded, "Yes, but this is just my summary of those manufacturers. It is the word they frequently mention. Look at me, I have put quotation marks. There are too many brands available now, and e-commerce has greatly provided the right to choose. According to them, the changes in recent years have been very big."


    Yu Xing didn''t say anything, looked at two more pages and asked, "Since they are very worried about this issue, you must have discussed cooperation this time, and it should be smooth."


    "One is that Vipshop''s team is in contact, and the other is that there are many problems in actual cooperation." Bi Sheng explained seriously, "For example, if I said that Letao.com is here to help solve part of the inventory, they asked me to buy out directly or pay a 50% advance payment. This condition is difficult to accept."


    Yu Xing knew the problem after a brief thought: "Letao.com has no reputation and no scale. They do not increase the prepayment ratio, for fear that you will run away after getting the goods. It is normal for people to buy out. If the price is low, they will not give it to it. If the price is high, it will easily turn their inventory into your inventory."


    Bi Sheng sighed: "You are really clear at a glance. I always feel that you will waste it if you don''t do e-commerce."


    Yu Xing did not answer, and turned back silently, finally seeing the abilities of a former Baidu executive. He classified similar problems and handwritings of different colors every few pages, which were obviously a reflection on the research situation.


    In orderly and tell the story in a leisurely manner.


    I feel that these things are indeed more like what an actual entrepreneur has done.


    "Where do you think your opportunity is?" Yu Xing put down his notebook and turned his head to ask.


    "In theory, since second- and third-tier brands can reach more customers, Letao.com is right along this path." Bi Sheng said, "The problem is that Vipshop seems to have grasped this point, and it has already obtained $30 million in financing. I always feel it is difficult to chase, but if I invest my money, it seems that there is no chance."


    Yu Xing asked again: "How much money do you have?"


    Bi Sheng hesitated for two seconds and replied, "10 million US dollars."


    Yu Xing said "yes".


    Bi Sheng added: "The house is not included."


    "You should leave the house to your sister-in-law, and you have to keep a part of the money. No matter how you start a business, you must give your family a stable environment." Yu Xing advised, "The family is the rear, and the rear is uneasy, and the morale of the army on the front line is prone to chaos."


    Bi Sheng lowered his voice: "She supports me very much."


    Yu Xing was speechless, no wonder...what if it weren''t for the family.


    He thought about it and gave an example: "I support you because of the success you have achieved in Baidu. Look at the founder and wife who had divorced on Ganji.com. Look at the family struggle of realizing the husband. Everyone supported them at the beginning, and they always wanted to create harmonious family relationships as much as possible."


    "It makes sense." Bi Sheng watched the real attack on his husband, and felt emotion in his heart, and said, "In this way, I can use even less funds. Even if I don''t have eight million US dollars, it''s weaker than Vipshop."


    Yu Xing nodded and said, "So, today is to ask Mr. Xu and also strive for her investment. She understands e-commerce. Everyone should focus on whether this path can work. If it doesn''t work, then don''t bother with Letao.com. The wave of mobile will have many opportunities. As the saying goes, a gentleman hides his weapon in his body and waits for it to move, so why bother rushing to throw stones into the water."


    Bi Sheng pursed his lips, feeling that Yu Xing was still not optimistic about his own business in LeTao.com. Tonight, he probably wanted to join Xu Xin to persuade him to give up.


    But he was really confused.


    "Mr. Xu is here, say hello, be more energetic." Yu Xing''s sight appeared in his capital boss. He quickly reminded Bi Sheng, and stood up again to welcome him quickly, "Hi, Mr. Xu, good evening, I haven''t seen you for a while. Why are you so walking like a wind today?"


    Xu Xin smiled and said, "Dr. Yu summoned me. I was afraid that the project I had in my hands would be in trouble. Wouldn''t you come here quickly?"


    "Oh, Mr. Xu, it''s all over." Yu Xing smiled hypocritically, "I talked to Mr. Liu before, and I apologized to him and hope he conveyed it to you."


    Xu Xin sneered: "Is that so? I didn''t receive it."


    Yu Xing looked a little serious: "That may be because Mr. Liu feels that the relay is not sincere enough, and he thinks it would be better for me to apologize in person. Mr. Xu, sorry, I am young and immature, so I still need more advice from investors like Mr. Xu."


    Bi Sheng next to him was shocked. Is this the sharp Yu Xing?


    Damn, when there is no one later, should I give you one?


    Xu Xin was also surprised by Yu Xing''s face-to-face apology.


    She is different from Yu Xing. She doesn''t like to beat people in front of her face, and she thinks that this guy is still a **** in nature, so she has to go with the situation and smiles: "Mr. Bi, you must have a good relationship with Mr. Yu, otherwise, can he do this?"


    "Mr. Xu, I have been keen on you for a long time." Bi Sheng shook hands and smiled, "Mr. Yu and I got the same thing at first sight. His views on e-commerce have made me very rewarding. I have always been grateful to him."


    "Mr. Xu, Mr. Bi, let''s go to the third floor to discuss. I arrived a while ago and rented a small conference room for use." Yu Xing pointed at the direction, "Today I want to ask Mr. Xu about the development of vertical e-commerce. We will not drink anymore. I will order a few glasses of juice and snacks to deliver."


    Xu Xin nodded and said, "I want coffee."


    Bi Sheng also said, "I''ll have coffee too."


    Yu Xing told them the location of the conference room on the third floor, and went to the front desk to order coffee, juice, snacks and some snacks.


    Then, he waited until the coffee was ready, and went to the conference room with two cups of coffee in his hand, and saw that Xu Xin was already looking at the materials Bi Sheng was investigating. Yu Xing silently put the coffee cup and sat next to Bi Sheng.


    Bi Sheng replied with a thankful look, feeling that Brother Yu clearly had a clear distinction between love and hate. Even if he ignored his feelings and started the price comparison website, he couldn''t blame him.


    It was originally my husband’s return, but my friend Lei Jun didn’t vote for him this time.


    After a while, the waiter brought in all the juice, snacks and snacks.


    After a long time, Xu Xin finished watching the research from Bi Sheng and then slowly spoke out: "I have watched your program, but I actually don''t quite agree with Mr. Yu''s idea that vertical e-commerce is a dead end."


    She paused and said, "Last week, I chatted with Liu Qiangdong from JD.com and also talked about the topic of vertical e-commerce. He agreed with this judgment. His idea was that there are only two e-commerce models to survive in the future, one is platform-based, and the other is personalized and branded vertical websites, and standardized vertical websites are difficult to survive."


    "The product range of vertical e-commerce is very narrow, which means providing products to specific user groups, and their advantages and disadvantages are obvious."


    "After this conversation between Liu Qiangdong, I really changed my mind."


    Xu Xin picked up the coffee cup, took two sips of coffee, and fell into thinking.


    Yu Xing waited for a while, held a small plate of snacks, and asked politely: "Mr. Xu, please say that you are the most knowledgeable investor in China who understands e-commerce the most. Whether vertical e-commerce has a way out depends on whether you are willing to give me guidance."


    Xu Xin didn''t know why, but when she saw Yu Xing, she felt that he was hypocritical and said angrily: "Are you asking me for advice? Or do you want to invest money with me? There is no need to be arrogant at first and respectful at the end, which makes people laugh."


    Bi Sheng defended his good brothers and said, "Mr. Xu, really, Yu Xing really thinks so. Before I came to Shencheng, he suggested to me on the phone and asked me to come to you after investigation. I was very surprised at the time. I said, your relationship is very tense, and his answer to me was that this does not conflict with his recommendation. He thinks you have the strongest ability."


    Xu Xin glanced at Yu Xing.


    Yu Xing smiled slightly: "Mr. Xu criticized me for being arrogant at first and being respectful at the same time, but this cannot change my recognition of Mr. Xu''s ability."


    "Oh!" Xu Xin sighed inexplicably, but the topic was followed, "What do you think is the essence of e-commerce success?"


    Yu Xing tentatively said: "User?"


    Bi Sheng replied: "Product."


    "It''s right, of course, my idea may not be right, it''s just my own experience and standards." Xu Xin said slowly, "When I choose e-commerce projects, I like to look at one performance, that is, the user''s repeated purchase rate."


    Yu Xing and Bi Sheng thought about this sentence together.


    "Just like catering projects, what they need to pay attention to is the turnover rate." Xu Xin said, "I think this is the winner of whether the e-commerce project can be successful."


    Yu Xing connected Taobao, JD.com, Vanke, Vipshop and the words of Liu Qiangdong just now, and said, "So, Liu Qiangdong said that standardized vertical e-commerce is not good. Its products are too single and cannot create a higher repeat purchase rate, which means that the cost of it seeking to acquire users is higher than that of its competitors."


    "If it wants to improve this, it needs to expand its categories, but that will be a head-on competition with Taobao and JD.com and become a comprehensive platform."


    It is hard for Xu Xin not to praise Yu Xing''s reaction: "It is worthy of being a commercial shepherd dog praised by Ma Yi, and his sense of smell is keen!"


    She continued to add: "Vertical and vertical, segmented, which will result in a single product and low user stickiness. You cannot purchase what you need at one time, so you have to go to other websites, which will cause high operating costs. At the same time, marketing difficulties will become greater. As you said, the cost of user acquisition is very high."


    Xu Xin said this and smiled, "So, I don''t care about Vancl."


    Bi Sheng suddenly realized: "So that''s what it is..."


    He immediately thought of his family and his previous communication with Yu Xing: "We are making vertical models, not products, and our direction can stand firm!"


    Xu Xin nodded: "Yes, the sales model is what Liu Qiangdong calls a ''personalized and branded vertical website'', which is a small consensus among the founders, investors, bystanders and practitioners of comprehensive e-commerce."


    Liu, Xu, Yu, Bi, four identities, and views from four angles of thinking and practice merge.


    Bi Sheng became excited: "Mr. Xu, I have been looking for a suitable direction for Letao.com. The sales model has hope and shines brightly. We need investment now, because the competition window with Vipshop is likely to be the remaining half year of this year."


    Yu Xing felt a sudden blow in his heart and sighed that Bi Sheng couldn''t hold back.


    Xu Xin shook her head: "Consensus is consensus. If you want to invest, why don''t I invest in Vipshop? Letao.com has not performed well in the past, just like your own research. A stronger, bigger and more capable of reflecting consensus is ahead of you. Why should I invest in you?"


    Bi Sheng pursed his lips tightly.


    Xu Xin said again: "The special sale model is not without problems that need to be solved. It is like you surveyed by yourself. The stable supply of your goods is a problem. You also say that it is difficult for brand owners to reach cooperation. Why should I invest in you?"


    Why did Bi Sheng''s heart sink continuously for two consecutive reasons?


    Yu Xing waited and saw the situation and felt that this would not work.


    He slapped his cell phone on the desk and said sternly, "Why, why, what''s the big problem?"


    Bi Sheng said "uh", his heart jumped, turned his head to look at his brother, why did the sharp feeling suddenly come back?


    Yu Xing expressed his thoughts and criticized decisively: "Mr. Xu, you should not stretch out your hands today when you should stretch out your hands, and don''t stretch out your hands when you should stretch out your hands!"


    Xu Xin glared at Yu Xing and sneered: "The surname Yu! Can''t hold it in? The fox''s tail is revealed? Ma Yi said right, you are a dog!"


    "What are you asking about? Why do you invest? Of course, it is because investing in Letao.com can get greater returns! Vipshop already has a master!" Yu Xing didn''t care about personal attacks and stood up directly, "Also, is the big problem of the supply of goods?"


    "This model of Letao.com is originally intended to help brands solve the inventory backlog, and now all we need to do is to make innovative small adjustments!"


    Yu Xing grabbed the teacup, took two sips, quickly organized the wording in his heart, and drank it all for the last time.


    Immediately, he glanced at Bi Sheng and said, "The materials are in a hurry. Bi Sheng was discussing with me before you came. Xu Xin, letao.com is an effective supplement to the supply chain''s difficulty in responding in a timely manner."


    "Last goods and out-of-season products are destined to be stable sources of goods in the market."


    "When Letao handles these supplies, it uses a limited time and quantity model, which will not affect the offline price system."


    "The most important thing is that Letao.com can give an unprecedented accounting period, and other companies can have at least three months!"


    “Letao.com can be one month!”


    “No, 15 days!”


    Yu Xing looked at Bi Sheng and made a small decision for the CEO of Letao.com.


    Bi Sheng was stunned.


    Xu Xin frowned and thought.


    Yu Xing sat down again: "Xu Xin, Xu Xin, what Letao.com needs now is a fund, a contracted bonded fund for second- and third-tier brands. After passing this village, there will be no store. You still have this and that. If you don''t want to take the risk, why should you take the name of "Capital Today"? Change it to yesterday''s capital."


    Xu Xin''s face was expressionless, but her temples were pounding: "Dogs can''t change their food."


    Yu Xing took a glass of new juice and looked at Bi Sheng: "Xu Xin is just Xu Xin after all, let''s go find IDG."


    Xu Xin clenched her fists, being arrogant at first and being respectful at the end, and then being arrogant at the end, the business shepherd turned into a dog''s face!


    (This chapter ends)