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酒仙网IPO终止,蜜芽APP关停,垂直电

一晃四年过去了,酒仙网IPO却第二次折戟沉沙。

01 垂直电商还剩半条命

2018年十一前夕,山西汾阳汾酒封坛大典上,酒仙网郝洪峰经过激烈的竞价,以五百万元的天价竞拍拿下了一罐1988年封藏的10L装头锅原浆酒,创下历史记录。

彼时,主持人问他,这么昂贵的酒,打算什么时候打开喝掉?

郝洪峰豪情壮志,激动地说,等酒仙网成功上市的庆功宴上就打开。

一晃四年过去了,酒仙网IPO却第二次折戟沉沙。

媒体报道,6月30日,酒仙网络科技股份有限公司申请撤回发行上市申请文件,深交所决定终止对其首次公开发行股票并在创业板上市的审核,标志着酒仙网在A股主板上市的失败。

看来,郝洪峰那坛500万的汾酒还要再珍藏几年。

无独有偶,几天之后,另一家垂直电商蜜芽宣布APP将于9月10日停止运营,蜜芽创始人刘楠也辞去CEO职务,转做自有品牌兔头妈妈甄选。

不到一周时间,两个曾经估值百亿的垂直电商先后遇到重大挫折,现在的估值不要说百亿,可能10亿也不到了,看看已经上市的每日优鲜叮咚买菜洋葱、云集等垂直电商的市值变化,就很清楚这个群体的窘境。

垂直电商日趋式微,似乎只剩半条命了,为什么会发展成这样?未来的出路又在哪里?

02 酒仙网的波折

先说酒仙网,自2010年成立以来,发展已有12年,单论其电商业务,也亏损了12年,曾于2015年登陆新三板,但2017年又退市,如今是二次登陆资本市场。

2017年公司重组,加入了线下经销业务,公司整体调整为盈利。

从《界面》统计的公开信息看,酒仙电子商务在2013年到2016年上半年的亏损分别是3.09亿元、2.8亿元、2.51亿元、0.71亿元。3年半累计亏损金额为9.11亿元。最近的招股书披露,酒仙电子商务在2020年依然有9700.75万元的亏损。

而酒仙网络科技就不同了,招股书显示,从2018年到2021年上半年,其净利润分别是3229.16万元,8400.83万元,1.841亿元,1.255亿元。

酒仙网的股东中,也不乏红杉、东方富海等知名投资机构,先后融资10次,合计18.6亿,其经营规模位于行业第三,仅次于华致酒业和壹玖壹玖。

要地位有地位,要背景有背景,但酒仙网还是在亏损的泥潭中,到底是为什么呢?

关键原因在于酒类电商,门槛太低,模式太单薄,酒仙网虽然知名度很高,但缺少先进理念和品牌内涵。

门槛太低是因为线上卖酒除了几个全国品牌,有太多地方品牌,而地方品牌的受众比较窄,未必适合全国推广,全国品牌都有成熟的价格体系,酒类电商没有价格优势;模式单薄是跟线下相比,酒类电商能做的服务太少,酒类销售,关系是第一位的,服务是体现在关系中的;缺少理念和品牌内涵,消费者想到酒仙网并不知道为什么要在酒仙网上买,产品没有独特性,价格没有独特性,服务没有独特性。

做渠道,核心就是成本效率和服务,如果你都没有优势,如何竞争?

酒仙网曾经的死对头壹玖壹玖,在品牌理念方面,就比酒仙网有鲜明的差异,壹玖壹玖创始人杨凌江在开第一家店的时候,就明确想做到19分钟给消费者送到,这已经是十几年前就有的想法了,与现在流行的同城零售即时零售是同一种理念,所以,壹玖壹玖后来被阿里20亿巨额投资,与此也密不可分。

当然,1919偏重线下,也受到疫情冲击,但在天猫上,业绩还不错。

酒仙网和1919在资本上的选择,也很有意思,当初红杉先投资了酒仙网,又想跟1919接触一下,但杨凌江考虑再三,感觉既然红杉先投资了酒仙,份额还不少,预估自己不太可能出售更多的股份给红杉,如果不能给红杉更多股份,那红杉就不太可能向着自己,所以拒绝了红杉的见面要求。

拒绝红杉之后,1919一路狂奔,中间也有调整,但是因为线下门店优势,与阿里的同城零售战略不谋而合,于是结盟阿里。

不知道是不是因为1919结盟阿里,曾经在天猫双十一与1919争锋好几年的酒仙网逐渐不太重视天猫渠道了,转而做自己的B2C平台,但很显然,B2C垂直平台逐渐式微,在与1919的对阵中逐渐落了下风。

但酒仙网非常幸运的抓住了另一个机遇,那就是直播带货。

酒仙网在抖音快手有多个账号,其中以抖音酒仙网拉飞哥为最大,粉丝近490万,飞瓜数据显示,其近180天带货额1.5亿!

(截图来源:飞瓜数据)

拉飞哥现在是酒仙网合伙人,这个带货额度对比酒仙网科技一年37亿的大盘可能只有10%,但在酒仙网电子商务的线上业务中,占比还是很大的。

其实,现在的垂直电商,主要就靠直播了,蜜芽也不例外。

03 蜜芽的探路

蜜芽作为垂直电商的起点也不低,创始人刘楠是北大本硕,做了宝妈以后,对孩子用品特别在意,经常分享育儿和母婴用品知识,后做淘宝店一年做到3000万。

再后来真格基金投资蜜芽,刘楠就决定出淘,做独立APP,三年内融资5轮20个亿,但从2016年融了最后一轮之后,再也没有融资。

这些年来,蜜芽的转型不可谓不努力,却鲜有成功。做独立APP之后,2015、2016年蜜芽的内容电商做的也还可以,毕竟是北大本硕的身份,对内容也很重视;但2017年蜜芽做社交电商有点伤口碑,大家也知道那几年的社交电商大多是多层分销,少不了传销嫌疑;再后来蜜芽做线下,开体验店,但因为疫情,全部关门;做直播短视频比较成功,刘楠抖音账号现在有近440万粉丝,内容更新比较及时,用户互动也不错。

只是带货业绩并不是太好,飞瓜数据显示,其最近180天带货业绩1200万:

(截图来源:飞瓜数据)

其最近一次带货是6月10日的618大促,直播了五个小时,也才带了74.4万,靠这个带货的频次和业绩恐怕不能养活公司。

其粉丝团只有8.8万粉丝,跟酒仙网拉飞哥近百万的粉丝团,也没法比。

如今,刘楠已经不再关注蜜芽的日常运营,专注做自有品牌,其自有品牌的主渠道和希望都在直播短视频,而直播又没有突破。

04 作为渠道商,不能没有核心理念

综合来看,蜜芽作为一个渠道,成立11年来,其实并未构筑门槛和标准,渠道的三要素成本效率和服务,蜜芽都没有优势,所以失败,也是理所当然了。

对于这次转型,刘楠的解释是,以前是做渠道,现在要去做品牌,其实刘楠当初要去做渠道就是因为特别在意宝宝用品的品质,而不是有渠道建设的理想,渠道建设的理想就是刘强东强调了十几年的成本效率和体验。

所以,一个创始人的核心理念对企业至关重要,为啥要把酒仙网和蜜芽一起写?除了他们最近都遇到了挫折之外,两个创始人在渠道理念方面,都没有核心思想,没有把融来的20个亿来打造渠道壁垒,只是用来买货卖货买流量搞活动,在成本效率和服务方面,没有建立任何标准和壁垒。

当年,他们都是行业数一数二的领导型渠道,都是估值百亿的独角兽,都是融资20亿左右背后站着资本巨头,期待他们建立行业标准,也并不过分吧,这是做平台和渠道的基本功。

未来要怎么走?两个没落的垂直电商其实都还有资本,酒仙网就不用说了,有传统业务盘,在直播电商方面,已经走在了行业前列,建立了IP,IP就是一个门槛,不是他人能轻易模仿的。

刘楠也是一个IP,粉丝量有规模,用户互动也很好,就差直播供应链的打造了,但从媒体报道来看,刘楠自有品牌的品质有待提高,就不细说了。

创业就是九死一生,虽然他们还没上市,转型的过程也很波折,但坚持往下走,找到核心理念,从半条命中满血复活,也是很有可能的。

在疫情下,创业者们没有躺平,就应该抱以期待给与鼓励!

本文来自微信公众号“调皮电商”(ID:tiaopiEC),作者:冯华魁,36氪经授权发布。


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