Per editor: Li Zedong
At 8 a.m. on August 29, the Taobao debut of Oriental Selection (HK1797) - "Oriental Pan Taobao Club" was launched. According to the anchor, the live broadcast will last until 1 a.m. the next day, one hour of broadcasting, the sales of the live broadcast room exceeded 10 million yuan, and the cumulative number of views exceeded 2.1 million.
However, the debut of Oriental Selection Taobao encountered a "rollover": a "Oriental Selection Self-operated Tobacco Potato 4.5 Pounds" product, 88% off to the hand price of 23.16 yuan, Oriental Selection live broadcast room order also gave away 25 yuan in red envelopes, equivalent to 0 yuan purchase and then 1.84 yuan.
Hundreds of thousands of netizens squatting in the live broadcast room discovered this loophole and quickly placed an order for wool. In the absence of a lecture by the anchor, Oriental Selection sold more than 20,000 pieces of this tobacco potato in one hour. Subsequently, the live broadcast room was removed from the shelves for emergency operations. Oriental Selection said that this product will be shipped normally.
It is understood that a total of 223 products were listed in the live broadcast room, covering dozens of categories such as agricultural products, daily necessities, beauty, and home appliances. At the same time, Oriental Selection also released 2 new products, one is snail powder, which sold 5,000 orders. The other is an upgraded version of the Oriental Selection Mooncake that sold more than one million orders last year, with a hot sale of 10,000 orders.
In terms of preferential treatment, the premiere of Oriental Selection and Taobao jointly distributed multiple benefits to consumers, including welfare activities such as million red envelope rain and tens of millions of subsidies, and 88% discount on Oriental Selection's self-operated products.
The anchor team includes Dunton, YOYO, Zhongcan, Dongdong, etc. (Image source: Oriental Selection Poster)
It is reported that Oriental Selection has launched similar discount offers in its own App. From July 26 to 29, the sales of Oriental Selection's self-operated App exceeded 110 million yuan.
As of press time, the number of fans in the live broadcast room of Oriental Selection Taobao has increased to 1.058 million, and the number of views in the live broadcast room has exceeded 10 million.
As of press time, Oriental Selection (HK1797) fell more than 8% to HK$41.7, with a total market value of HK$42.19 billion.
August 25, Oriental Selection (1797. HK) announced its full-year results for fiscal year 2023 from June 1 last year to May 31 this year. The data shows that Oriental Selection achieved revenue of 4.5 billion yuan, net profit of 971 million yuan, GMV of 10 billion yuan and total orders of 136 million orders throughout the year.
According to the financial report, the significant increase in revenue and profit was mainly due to the strong development of self-operated products and live streaming e-commerce business. In fiscal 2023, the revenue of Oriental Selection's self-operated products and live streaming e-commerce segment was 3.9 billion yuan, accounting for about 86% of the total revenue.
It is worth mentioning that the revenue of self-operated products has exceeded 2.6 billion yuan, and its strong development has also become a major driving force for the growth of Oriental Selection. Since the launch of its first self-operated product in April 2022, Oriental Selection has continuously expanded its product categories from fresh food to fruit juice, coffee, tea, bedding, etc., and has developed more than 120 self-operated products.
Among them, Oriental Selection self-operated grilled sausage is currently the highest sales self-operated product of Oriental Selection. It is reported that as of July 31, the cumulative sales volume of self-operated grilled sausages of the Oriental Selection brand was 112 million, more than 4 million orders, and the revenue of only one self-operated product of grilled sausages exceeded 300 million yuan according to the sales price.
Minhong Yu, Chairman of Oriental Selection Holdings Limited, said: "FY2023 marks the first year that we have become a brand new private label product and live streaming e-commerce company under the name of Oriental Selection. At present, Oriental Selection has become a well-known platform for selling high-quality, cost-effective agricultural and other products, accelerating rural revitalization while promoting Chinese traditional culture and positive values, and providing more valuable contributions by promoting high-quality products that originally lacked sales channels and improving supply chain operation efficiency. ”
In addition, Sun Dongxu, CEO of Oriental Selection, publicly responded for the first time to the coordination and balance plan on the three major platforms of Douyin, its own APP and Taobao after the recent official announcement of entering Taobao Live. He mentioned that whether it is Douyin, Taobao or other platforms, the user groups, user portraits and advantages of each platform have obvious differences, and the Oriental Selection Association always adheres to an open attitude, learns from everyone's strengths, and adheres to multi-platform development.
According to China Business News, Jiang Han, a senior researcher at Pangu Think Tank, believes that Oriental Selection to enter Taobao is a very strategic decision. Compared with Douyin, Taobao users may be more focused on people who have a clear purchase purpose and pursue product quality and cost performance. The multi-platform development strategy can not only help enterprises better cover different user groups and expand market share, but also increase the flexibility of enterprises to adjust product promotion and marketing strategies according to different platform characteristics and user needs.
Jiang Han pointed out that Taobao is an e-commerce platform that has a very mature and large user base, with a complete transaction system, secure payment methods and rich data on users' shopping habits. All these will help Oriental Selection better understand user needs and improve the accuracy of product development and marketing strategies.
Daily economic news comprehensive Oriental Selection Taobao Live Broadcast Room, Oriental Selection Financial Report, China Business News
Daily economic news