Recently, the Guangdong Chain Store and Franchise Association, together with Southern Metropolis Daily and other institutions, released the "2023 Top 100 High-quality Consumption" list. As a brand representative of the "Fashion Life" track, Lin Home was selected into the 2023 TOP100 list of high-quality consumer brands and won the title of "high-quality consumer brand".
At the same time, focusing on the new trends and new insights in the development of the brands on the list this year, the organizer also released the "2023 Top 100 Trend Insight Report of High-quality Consumer Brands", which analyzes the consumption innovation trends and demand changes of the listed brands covering six major tracks: big health/food FMCG, outdoor travel, new retail, new cultural and creative, fashion lifestyle, and pre-made dishes.
In 2023, consumption quality improvement and expansion have become the top priority of economic work throughout the year. As one of the brands on the list, according to the organizers, Lin's Home Furnishing empowers new retail through innovative layout in products, channels and brands, and continuously meets the Chinese people's yearning for high-quality consumption and a better life, thereby helping the market boost consumer confidence in 2023.
Offline retail plays live streaming e-commerce to reach consumers with high quality
From January to May this year, the total retail sales of consumer goods 171689 billion yuan, down 1.5% year-on-year. The national online retail sales were 4.9604 billion yuan, an increase of 2.9%. The trend of online business prosperity being higher than offline is becoming more and more obvious, and more and more chain physical stores have begun to "start a second business" and turn to the new retail model in the face of e-commerce impact and environmental challenges.
Live streaming e-commerce is an important starting point for the "second entrepreneurship" of physical retail, and it is also the standard for consumer brand construction in the new consumption era. "In the past two years, live streaming e-commerce has brought brands a shortcut to consumers." The "2023 Top 100 Trend Insight Report of High-quality Consumer Brands" pointed out that according to Xinda Securities, the scale of China's live streaming e-commerce market in 2022 still maintained a growth rate of 42%.
Founded in 2007, Lin Home is one of the first Internet home furnishing brands in China. With the innate Internet gene, Lin Home Furnishing started the journey of new retail as early as 2014, opening up the closed loop of online and offline marketing and making efforts through all channels. With the rapid development of e-commerce platforms and the continuous upgrading of users' online shopping experience, Lin Home launched a dedicated sofa to test the Douyin channel in June 2020, becoming one of the first home furnishing companies in the industry to deploy content e-commerce.
And how can the mature online operation model of enterprises break through channel barriers and empower offline? To this end, Lin Home Furnishing adopts the new retail model of "online drainage + offline customer expansion", taking life scenes as the link, deeply cultivating content e-commerce, and tapping the potential needs of consumers. For example, the popular young people's circle of friends "how to sit can chair" and "national tide real chair", as well as the development of "modular furniture" for pet people, sports enthusiasts, homemakers and other segments.
Live streaming has become an important tool for enterprises to develop and reach customers. In order to build a closed loop of online and offline marketing, Lin Home Furnishing uses data-based tools to drive the live broadcast of store construction, increase the number of content and consumption touchpoints, and allow dealers and brands to build a traffic pool and create a brand communication matrix. During this year's 618 promotion, Lin Home Furnishing launched a regional linkage video number live broadcast in its new retail stores in Guangxi, Guizhou, Yunnan and other provinces, and the number of orders converted and placed in the live broadcast room during the event exceeded 1,200. Among them, Hunan Changde Wuling Store firmly grasped the traffic password, created breakthrough traffic through live broadcast of more than 2 hours a day and cooperation with the headquarters landing super cruise car, and achieved 50,000+ brand exposure in just 2 days. Among them, Lin's Home Changde store completed a turnover of more than 5 million in 60 days.
In order to strengthen the awareness of omni-channel integration of Lin's new retail stores. This year, Lin's Home Furnishing Headquarters opened the "Creative Short Video Collection Competition" for stores across the country to strengthen the brand mentality of #Better Life to Lin's#.
It is with the mature new retail model that Lin Home has successfully seized online consumption opportunities and grown against the trend in the "industry winter" in recent years. By the end of 2022, Lin's Home Furnishing has thousands of stores worldwide, and the proportion of online and offline business revenue has reached 1:1. Its offline store format has been continuously upgraded and upgraded, gradually evolving from the first O2O experience hall in 2014 to the current 3.0 fashion pioneer store, as well as sleep, baby and other single-category stores, exploring the formation of a multi-category, multi-store store model.
Digitalization empowers omni-channels and leads the high-quality development of the industry
Live streaming e-commerce is just the beginning, the "2023 Top 100 Trend Insights Report for High-quality Consumer Brands" pointed out that as digital transformation gradually penetrates from marketing operations to the upstream and downstream supply chains of brands, many companies are using digital transformation to improve quality and efficiency.
The core of new retail is to use data capabilities to reconstruct the connection between stores and consumers, and continuously improve the profitability of corporate headquarters and store partners. How to make "data" become productivity, and efficient collaboration in the whole process of product design, procurement, production, sales, service, etc., bring supply and demand win-win? Lin's new retail status lies in embarking on a path of digitalization-enabled supply chain collaboration.
10 years ago, the common practice in the furniture industry was still manufacturers proofing, inviting offline dealers to give advice, and then clapping the new products, and exhibiting new products twice in the first and second half of the exhibition. However, Lin Home Furnishing takes the lead in the industry to demand productivity from data, mining the characteristics of hot-selling products through data, quickly launching new products, and testing the hot-selling degree of products through e-commerce platforms, quickly locking in explosive models, and rapidly expanding production. Under this set of play, Lin's Home has achieved rapid product iteration and a higher explosive rate. The data shows that Lin's Home sells up to 10,000+ SKUs every year, and the fastest shelf time of the product is only 30 days.
Through years of investment and construction in information digitalization, Lin Home has formed a comprehensive information digitization system of "research, production, supply and marketing", built a digital commodity trading link, digitized offline business, commodities and behaviors through data platforms and multiple business middle platforms, and realized the refined operation and management of online and offline "all categories, one pallet of goods". For example, with the ability of digital product selection and intelligent forecasting, production and marketing coordination and precise preparation of goods can be realized; Through the digital intelligent warehousing and logistics mode, the fully intelligent operation of products from warehousing, replenishment, picking, sorting to outbound is realized, and efficient turnover and high-quality distribution are achieved.
To create a collaborative supply chain with digitalization, explore new scenarios and new needs before the industry, and then meet people's pursuit of a better life with diversity, individuality and trendiness, Lin Home has taken the lead in embarking on a road of supply chain innovation. At the moment of great changes in the home consumption market, the breakthrough of brand building and new channel marketing has been completed, providing an idea for the new retail transformation of the whole industry and leading the high-quality development of the home furnishing industry.