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1、Daigou IndexAn AI Analysis of the Impact of Daigou on the Market for Luxury Handbags in China.March 20212021The Daigou Index 021The COVID-19 pandemic changed the world of China luxury retail in 2020.With Chinese consumers unable to travel and the rest of the global market in turmoil,luxury brands we
2、re forced to double-down on China.The growth-engine for luxury in China are Gen-Z consumers,who prefer to shop online and demand outstanding digital experiences.To meet this need,brands who had traditionally paid little attention to E-Commerce,opened flagship stores on platforms such as TMall.Moving
3、 online,brands have found themselves in direct competition with luxury daigou(Chinese:代购;pinyin:digu;lit.:Surrogate Shopping),grey-market merchants selling imported products at pricing often significantly cheaper than official listed prices.While always an annoyance,these daigou now have the potenti
4、al to jeopardize the brands all important digital strategy.In Re-Hubs second report on Daigou,we evaluate the impact of these daigou and suggest strategies that brands can use to counter them.www.rehub.techThe Daigou Index 2021Foreword28 Years Old Age of the average luxury consumer in China Source:T
5、encent&BCG,2020 Daigou activity tracked for 5 iconic luxury handbags,over February 2021,covering key retail moments of CNY and Valentines Day.MethodologyIn order to assess the impact that daigou have on luxury brands we decided to again focus on handbags,the most commonly purchased luxury items from
6、 daigous.Reasoning for this is that they are light and are not seasonal,meaning they dont depreciate in value.This study was undertaken over the month of February 2021,a period spanning two of the major shopping events for luxury products,Chinese New Year(11-18 February),and Valentines Day(14 Februa
7、ry).The Re-Hub team compiled a list of 5 of the most iconic and popular luxury bags in China in 2021 Re-Hub,together with simplyBrand,utilized AI and Machine Learning algorithms to scan over 28,000 product listings from February 1st to 28th February 2021,on Alibabas Taobao.simplyBrands algorithms tr
8、acked the number of products sold,shipping location,pricing and approximation of consumer spending on these products over this period.www.rehub.techThe Daigou Index 2021MARMONTNumber of products shipped:Listings selling more than one item11%Consumer spending31%From China Price distribution of produc
9、ts sold()1,000-1,9992,000-2,9993,000-3,9994,000-4,9995,000-5,9996,000-6,9997,000-7,9998,000-8,9999,,000-10,99911,000-11,99912,000-12,99913,000-14,000302The Daigou Index 2021Shipping Location 1,980 12,478,95569%From Overseas219114HOURGLASSNumber of products shipped:Con
10、sumer spending300 2,321,236Listings selling more than one item7%31%From China Price distribution of products sold()3,000-3,9994,000-4,9995,000-5,9996,000-6,9997,000-7,9998,000-8,9999,000-9,99910,000-10,99911,000-12,00011Shipping Location69%From Overseas246237482876104www.rehub.techBOXNumber of produ
11、cts shipped:Listings selling more than one item10%Consumer spending27%From China 1,000-1,9995,000-5,9996,000-6,9997,000-7,9998,000-8,99911,000-11,99912,000-12,99913,000-13,99914,,000-15,99916,000-16,99917,000-17,99918,000-18,99919,000-41,00014The Daigou Index 2021Shipping Location 532 5,
12、100,43673%From Overseas56Price distribution of products sold()PUZZLENumber of products shipped:Consumer spending569 4,827,269Listings selling more than one item3%24%From China Shipping Location76%From Overseas1,000-1,9992,000-2,9993,000-3,9994,000-4,9996,000-6,9997,000-7,9998,0
13、00-8,9999,000-9,99910,000-10,99911,000-11,99912,000-12,99913,000-13,99914,000-21,000874www.rehub.techPrice distribution of products sold()HOBONumber of products shipped:Listings selling more than one item12%Consumer spending22%From China The Daigou Index 2021Shipping Location55
14、3 3,156,90378%From Overseas1,000-1,9992,000-2,9993,000-3,9994,000-4,9995,000-5,9996,000-6,9997,000-7,9998,000-8,9999,,000-10,99911,000-11,99912,000-12,0004 3572276Price distribution of products sold()Brands Cannot Afford to Ignore Daigou As luxury brands invest more in expanding
15、 their E-Commerce footprint in China,daigou can substantially disrupt revenue and branding efforts.For just five products,over a one month period,nearly 28 Million was spent on a single platform,Taobao.Nearly 4,000 products were sold and over 28,000 products listed.For luxury brands,at the most basi
16、c level,this is a significant hit on their bottom line.The vast size of the daigou market and the lack of any control on pricing or control of brand image,create considerable disturbance to a brands online luxury cachet and an obstacle for all further digital strategies.Recorded Sales Only Tip of th
17、e IcebergThe recordable data from Taobao does not represent the actual enormity of a vast and opaque daigou market.In total,approximately only 8%of the products listed on Taobao,recorded one or more sales over the month of February,traditionally one of the key months in the luxury calendar.The vast
18、number of product listings without sales,suggests most daigou transactions occur outside of major E-commerce platforms.Daigou utilize SEO techniques to game their search ranking on Taobao and then divert consumers to their own private channels,such as WeChat.For brands,this represents that a signifi
19、cant percentage of daigou transactions are hard to trace.1.2.KeyTakeawaysTotal consumer spend on 5 tracked bags Percentage of product listings recording one or more sales27.9 Million8%The Daigou Index 2021Brands Face Both a Daigou and Fake Products ProblemLuxury brands approaching the issues of daig
20、ou merchants selling their products,are faced with a complex double-headed problem.For the products tracked in this study,on average 77%of daigou merchants shipped goods from overseas and 23%from China.The majority of products shipped from China are priced significantly less than the brands actual r
21、etail pricing.For illustration,the average price of a product shipped from China is 2,188 and 7,507 from overseas.The indication here is that it is probable that a large percentage of products shipped from within China are counterfeit.Daigou shipping from outside of China are generally at the upper
22、percentiles of pricing,indicating that these are the more limited or higher-end products that overseas-based daigou specialize in.3.KeyTakeaways23%From China 77%From OverseasShipping Locationwww.rehub.techThe Daigou Index 2021Suggested StrategiesOur pricing distribution analysis provides brands with
23、 a mechanism for identifying fake products and where they are coming from(channel,country).While many of these sales are Monitor and Take Action on CounterfeitersReattribute Revenues and Accordingly Amend Budgetsunlikely to be converted into actual revenue,it is important for brands to control their
24、 brand image and quality assurance through taking proactive steps to control the counterfeit of its products.Daigou sales can lead to misattribution of revenues to overseas markets,when the consumption actually occurs in China.With the size of the China daigou market being estimated at$57 Billion,th
25、is oversight can be considerable.While holistically,daigou revenue is still being realized within the brand ecosystem,marketing and strategy budgets can be readjusted to better target the actual end-consumers in China.1.2.www.rehub.techThe Daigou Index 2021Our data shows that consumers often purchas
26、e products from daigou at pricing equal or higher to China retail pricing.A reason for this is that consumers use daigou to purchase products unavailable on the China market.Leverage Data to Optimize Merchandising and Customer ServiceMerchandising can utilize this data to better forecast stock alloc
27、ation for coming collections,thus optimizing sell-through-rates and maximizing margins.Additionally,consumers choose to purchase higher-priced items 3.from daigou when the customer service experience is superior to that offered by the brand.Through analysis,brands are suggested to look at integratin
28、g these learnings into their own customer-service approach.www.rehub.techThe Daigou Index 2021Suggested StrategiesWe turn data into growth opportunitiesRe-Hub helps Luxury and Beauty brands in Asia to generate growth opportunities using AI and data solutions.We use AI to drive real business impact and generate competitive advantages for our clients at speed.For more information,visit www.rehub.techMax PeiroCEO maxrehub.techYoyo LiangCCO yoyorehub.techwww.rehub.techThe Daigou Index 2021