Infographic/IC
Recalling the subsidy war last year, Sun Jun (pseudonym), who has been a same-city freight driver in Beijing for four years, said, "That was basically the highest income since I entered the industry."
The driver's "subsidy dividend" passed away, ushering in a "fairy fight", and the company blew the charge horn.
As a field of same-city freight with relatively low Internet penetration, it has attracted much attention after the epidemic, and now the C-end head players have gathered companies such as Lala, Fast Dog Taxi, and Didi and Manbang have also cut into the same city freight and split the trillion market.
In 2022, the listing situation began. Despite the "blood loss", Fast Dog Taxi took the lead in impacting the first share of the same city freight, and the Full Gang was also rumored to be planning to return to Hong Kong for a second listing. After experiencing subsidies, competition and silence in the same city freight, this year may usher in a tide of capital.
In the industry, no one's current revenue standard can meet market expectations. Whether it is a fast dog taxi or a cargo lala, including after the listing of the full gang, it is still necessary to use the leverage advantage of the capital market as much as possible to accelerate the increase of its market share.
Get on the market to stop bleeding?
In February, Fast Dog Taxi passed the listing hearing of the Hong Kong Stock Exchange, and the loss became a sword hanging over the head.
According to the prospectus, in 2018, 2019, 2020 and the first nine months of 2021, Fast Dog Taxi achieved revenue of 453 million yuan, 549 million yuan, 530 million yuan and 473 million yuan respectively. However, during this period, the losses of Fast Dog Taxi were 1.071 billion yuan, 184 million yuan, 658 million yuan and 393 million yuan, respectively, with a cumulative loss of more than 2.3 billion yuan in more than three years.
Fast dog taxi bloody listing, the main reason for the loss is the high sales and marketing expenses. Fast Dog Taxi's sales and marketing expenses for 2018, 2019 and 2020 and the four months ended 2020 and April 30, 2021 were RMB524 million, RMB296 million, RMB195 million, RMB0.69 billion and RMB0.74 billion, accounting for 115.7%, 54%, 36.7%, 53.8% and 38.5% of the revenue of the year.
Various sales and marketing efforts generate significant costs, including significant sales and marketing expenses to attract shippers and drivers, and some marketing campaigns do not result in better conversions.
According to the prospectus, the average number of monthly active users of shippers on the fast dog taxi platform service fell from 869,000 in 2018 to 645,000 in 2020, a decrease of 25.8%; by the first nine months of 2021, this data fell to 594,000, down 6.8% year-on-year. In terms of consignment orders, the number of consignment orders on the platform fell from 31.33 million in 2018 to 25.86 million in 2020, a decrease of 17.5%.
Fast dog taxi has begun to "sink", trying to dispel the anxiety of circle fans.
In 2020, Fast Dog Taxi began to establish partnerships with individuals and entities in lower-tier cities to help market and promote the platform, and recruit shippers and drivers to try to expand in the sinking market. As of April 30, 2021, Kuaigou Has 436 partners in 173 cities Chinese mainland, and these regional partners intend to expand its business in lower-tier cities in Chinese mainland at a lower user acquisition cost for Kuaigou.
According to the data, as of September 30, 2021, the company had about 26.5 million registered shippers and 4.9 million registered drivers. As of September 30, 2021, approximately 20.3 million consignment orders were completed on the company's platform, generating transactions totaling $1.953 billion.
According to Frost & Sullivan data, the second-ranked fast dog taxi has a market share of only 5.5% in terms of total transactions in 2020, while the first-place Lalala controls 54.7% of the market.
The listing of Lalala seems to be not far away. In June last year, Lalala was exposed to seek a Listing in Hong Kong, but after experiencing the crisis of Chinese stocks and its own public opinion, the listing was repeatedly shelved. An insider of a listing service company once told the Beijing News Shell Financial Reporter that a group of the company served the listing of SF Tongcheng and Lala During the same period, and SF Tongcheng successfully landed on the Hong Kong Stock Exchange on December 14 last year.
Launch a listing race on the same-city freight track. Manbang also recently reported that it will go to Hong Kong for the second listing, Manbang Group, as the country's largest vehicle and cargo matching information platform, and Didi grasp the vehicle information big data, connect goods and vehicles, previously more focused on cross-city business.
At the end of 2020, Manbang announced that it had entered the same-city freight market. The provincial and provincial return vehicles in the field of same-city freight that were acquired earlier finally launched the same-city freight business with the new brand Yunman, as the first share of domestic digital freight landed on the New York Stock Exchange in June last year, planning to list in Hong Kong for the second time, and submitting a listing application as soon as this month, which is expected to raise about US$1 billion.
Listed together, the industry has not gotten rid of losses.
According to the third quarter of 2021 financial report of Manbang Group, the total revenue of Manbang in the third quarter reached 1.24 billion yuan, an increase of 68.9% year-on-year; the net loss was 178.3 million yuan, compared with a net loss of 334.3 million yuan in the same period last year, narrowing by 46.7% year-on-year. At the same time, the average monthly active life of platform shippers in the third quarter reached 1.61 million, an increase of 32.2% year-on-year.
According to the iResearch Consulting Research Report, the overall market size of the logistics industry has exceeded 10 trillion yuan since 2013, and has remained at a scale of 10 trillion yuan for 6 consecutive years. On the one hand, thanks to the growth of the consumer field, on the other hand, due to the segmentation and sinking of the industry, the head enterprises have found more industrial opportunities and business models.
At the same time, the growth rate of the industry will slow down, and it will be difficult to see explosive growth in the next 5 years. Compared with the development law of foreign logistics, China's logistics market will also enter the era of intensive farming operation, and cost reduction and efficiency innovation will become an important proposition in the logistics field.
Subsidy war "extinguished": under the commission, freight drivers "scattered"
The trillion freight market is like a piece of fat meat, under the storm, there is not only the increasingly fierce industry competition between the old fast dog taxi, cargo lala, etc., but also giants like Didi, Meituan and other giants have entered the market with funds and traffic.
Same-city freight drivers are naturally happy to earn subsidy commissions between subsidy wars on various platforms.
According to the "2021 Truck Driver Employment Survey Report" released by the China Federation of Logistics and Purchasing, 52.4% of truck drivers are looking for goods on the freight Internet platform (online freight platform and transaction matching platform).
The mainland freight market is huge, and the same city freight is the same city transport of large-tonnage goods, including B2B same city distribution, B2C landing distribution, same city transshipment, C2C freight taxi, etc. The business of fast dog taxi, cargo lala, Didi freight and other companies is more focused on the same city freight that is more biased towards the C-end.
At first, Sun Jun only joined the lala platform, and also registered the driver end of Didi Freight under the publicity, "At the beginning, the basic drivers only had subsidies, and the most exaggerated thing in my impression was that almost every single can earn an extra twenty or thirty yuan." Sun Jun felt that it was a good time to catch up with the industry.
In June 2020, Didi officially announced its entry into the same city freight, and the subsidy war also started with The strong entry of Didi Freight into the market. According to Sun Jun's recollection, soon after the Didi subsidy, Lalala also began to launch various subsidy activities, the intensity is not lower than Didi Freight, in the two platforms of Didi Lala and Didi Freight run together, with an average monthly income of nearly 20,000 yuan.
"That time was just a coincidence, in fact, the usual pull freight is not so high income, since June and July last year, the subsidies of the platform are not so much, and they will no longer be subsidized alone." The meat that was sent to the mouth quickly flew.
Similarly, Zhang Ping (pseudonym) has the impression that at the end of last year, it is obvious that the subsidies of the platform are getting less and less.
In April 2021, Didi Freight announced the latest Kaicheng plan, landing in 11 cities across the country, including Beijing, in order to attract drivers to occupy the consumer market, Didi launched a large-scale subsidy policy. However, at the end of 2021, Didi ushered in a major crisis and announced the start of work on the delisting of the New York Stock Exchange.
Since then, the process of freight companies in the same city, such as lala and fast dog taxi, which have been rumored to be listed early, has slowed down, and the subsidy war has naturally stopped.
Today, Sun Jun's income is far from the time when various platforms were heavily subsidized. Get out of the car at six or seven o'clock every morning, go home at ten o'clock in the evening, earn 400 to 500 yuan a day, and the net income is more than 10,000 yuan a month in addition to costs. According to Sun Jun, this is already a "good result" among the group of freight drivers in the same city.
Zhang Ping's main business is decoration, and when there is no work, he runs part-time to transport goods in the same city, and his average daily income is 300 to 400 yuan. "I only come out to run when I have free time, and I can't rely on this to eat," Zhang Ping said in his tone.
The primary issue to consider when taking orders through the platform is the commission, and the specific proportion of different platforms will vary depending on the region and time.
In Beijing, the commission rate of Didi Freight and Fast Dog Taxi is 10% per order (there is also an additional information fee), while Lalala adopts the membership system, which costs 189 yuan, 409 yuan and 649 yuan to open a membership rate of 11%, 8% and 5% respectively, and at the same time, the commission rate and subsidy policy will be adjusted according to different regions.
In this regard, the driver also has his own careful thinking when taking orders. Bao Bei (pseudonym) told Shell Financial Reporter that when he entered the industry, he first took orders through the platform, and with the accumulation of word of mouth and contacts, he gradually relied on familiar customers to take orders privately. "Some small goods or short distances will use the platform, and more long will be contacted privately." Bao Bei said that most people cannot rely on the platform alone, and "walking on two legs" is more secure.
"In fact, I don't want to go through the platform, the freight rate given by the platform is too low, only two or three pieces a kilometer, and I can find more than five pieces of goods for one kilometer." Meng Lu (pseudonym) in Guizhou told Shell Financial Reporter.
Sun Hua (pseudonym) is also a self-employed person after accumulating a certain number of contacts, mainly relying on regular customers to contact and receive orders, and only uses the platform in his free time.
A number of drivers told Shell financial reporters that the platform commission, the driver himself needs to have a lot of doors, and does not rely solely on the platform to live, usually mostly go to the city's fixed driver distribution center and other work, or wait for friends to introduce.
In fact, the cost of freight drivers in the same city is not limited to commissions, the cost of free waiting time, the fluctuation of oil prices, as well as car damage, fines, etc., each of which is not a small expense.
"If you want to earn more, you have to run for a long time, and the oil money naturally goes up." And running on the road all year round, it is inevitable that from time to time there will be illegal fines, and it will be two thousand less than a year. Sun Hua said. And these expenses are still under the premise that the driver himself has a car, otherwise it will involve the cost of buying a car or renting a car, which is more expensive.
The invisible cost of time has also become a roadblock. Due to the particularity of the freight that needs to be handled, the platform generally stipulates a free waiting time, of which Didi Freight requires drivers to wait for 40 minutes free of charge.
For the waiting time enforced by the platform, most drivers feel that it is not reasonable. Sun Hua told reporters that the space of the minivan he drove is not large, unlike the truck that requires a certain amount of loading time, "Sometimes a single earns thirty or forty yuan, and you can take another order in forty minutes." ”
As a result, drivers may spend nearly half of their time waiting for an order, and if the customer does not need a porter service, the single driver only earns a toll. In the interview, a number of driver masters told the shell financial reporter that they need to be cautious if they want to do this business, if they do not have a car and have a bad temper, it is better to find a job to work, "The same city pull freight does not make money in imagination." ”
The scale of the enterprises entering the market is still small, and they should use the capital market to open up the upstream and downstream
In January this year, the Office of the Inter-ministerial Joint Conference on the Coordinated Supervision of New Transportation Formats interviewed four Internet road freight platform companies, including Manbang, Lala, Didi Freight, and Kuaigou Taxi. The interview reminder pointed out that the recent truck drivers concentrated on the Internet road freight platform arbitrarily adjusting the pricing rules, increasing the membership fee, inducing vicious low-price competition, overloading and illegal transportation, etc., suspected of infringing on the legitimate rights and interests of employees, causing general dissatisfaction among truck drivers and widespread concern in society.
The interview reminder pointed out that each platform company should face up to its own problems, conscientiously implement the main responsibility of the enterprise, learn from one another, and immediately carry out rectification.
Veteran same-city freight companies, traditional express delivery giants, head online car companies, etc. are piled up, betting on the opportunities of the same-city freight track.
According to the CIC report, vehicle and LTL transportation is the largest segment of china's road transport market, reaching 5.3 trillion yuan in 2020 and expected to grow to 6.5 trillion yuan by 2025. As an important branch of the same city freight that is close to the C-end, iResearch Consulting's "2019 China Same City Freight Industry Research Report" shows that the same city freight is expected to maintain a growth rate of 5% to 7% in the next 3-5 years.
The latest data from the enterprise investigation shows that there are 1219 same-city freight related enterprises in operation on the mainland. In the past 10 years, the registration volume of same-city freight-related enterprises has shown a fluctuating decline, and the growth rate in 2014 reached the highest in 10 years, up 115% year-on-year, adding 118 new companies; in 2019, the registration volume of same-city freight-related enterprises decreased slightly, reaching 179, down 12% year-on-year.
However, in 2020, a total of 232 new companies were added to the mainland, an increase of 30% year-on-year. From the perspective of registered capital, the same-city freight-related enterprises with registered capital of less than 5 million yuan account for 80% of the share, and the enterprises with a registered capital of more than 10 million yuan account for only 9%.
In the view of logistics expert Zhao Xiaomin, "standing in the entire Chinese logistics market pattern, no one's current income standard can meet market expectations, standing in the pattern of large logistics, their scale is still extremely small."
At present, the same city freight market still has great market potential, in November 2021, Meituan tested the freight logistics business "ZhuoLu", gradually extending the logistics space, but has not yet exposed a large action. Zhao Xiaomin believes that in the future, not only may there be more Internet companies entering the market, "there are also some large regional freight companies, and they may also use the opportunity of data informatization to expand the development path of their own capital market."
Based on the perspective of large logistics, Zhao Xiaomin believes that freight companies in the same city should use the capital market to enhance the ability of upstream and downstream solutions nationwide, bringing real efficiency improvement and logistics cost reduction to enterprises, which is the real value of landing in the capital market.
iResearch Consulting Research Report shows that Internet technology has brought about the innovation of the C-end freight market, enterprises have output a stable product model for the market through big data and technology platforms, forming a brand endorsement, although the individual customer market is limited, but the head enterprises can still achieve market integration through digital scale effects, forming a stable homogeneous competition situation; in the B-end business, the service upstream industry is complex, the demand difference is large, it is difficult to apply one or more service solutions to win the market, with the evolution of demand and service experience upgrades, In the future, it will develop towards a market of heterogeneous competition.
Beijing News shell financial reporter Cheng Zijiao intern Xiong Ke Editor Wang Jinyu proofread wang xin
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