Harbor Business Observation Yu Mengting
On August 1, in the men's 100m semifinals of the Tokyo Olympic Games, Su Bingtian ran 9.83 seconds to reach the final with the first place in the semifinals and break the Asian record. In recent years, Various records have been refreshed to "soft" Su Bingtian, the most outstanding is the starting speed. A professional track and field coach who has been practicing for many years mentioned to Harbor Business Watch, "(30 meters ago) ten years ago, we trained athletes to slow down Asafa Powell, and now we are all studying Su Bingtian. ”
Leaving aside technical and physical factors, the speed of the first thirty meters is mainly due to the "starting reaction".
In SF Tongcheng, which is thirty meters ahead of the listing process, the "starting reaction" may have made a group of friends look red. Su Bingtian broke the Asian record and returned to China only a month ago, and SF Tongcheng officially announced Su Bingtian as the first brand spokesperson. Sun Haijin, CEO of SF Tongcheng, said: "Su Bingtian is an excellent sprinter, and his strong strength, fighting spirit and high sense of responsibility and mission are in line with the brand spirit of SF Tongcheng. ”
Is "one hour" fast in SF??
Su Bingtian spelled out the status of sprinting in China and even Asia today, and its worth learning is difficult to summarize in one sentence. However, as a brand spokesperson for the public, especially in the instant delivery industry, the first impression of SF Tongcheng's cooperation with Su Bingtian is still "fast".
On the other hand, SF Tongcheng does not seem to have achieved the "fast" that the market expected: it has been nearly four months since the company handed over the watch to the Hong Kong Stock Exchange on June 30. After receiving the approval for listing in Hong Kong issued by the China Securities Regulatory Commission on October 13, the company's ability to successfully IPO before the expiration of the prospectus has attracted wide attention from all parties in the market.
Instant delivery, an increasingly mature market of 100 billion, competition can be described as white-hot. Is it fast to claim that "an average hour, the fastest 30 minutes" to send the whole city to SF?
Harbor Business Watch makes a brief comparison of some industry platforms. When Harbor Business Observation selected the same starting location and delivery items on the major instant delivery platforms, meituan running errands was expected to take 55 minutes, flash delivery 25 minutes, hummingbird running errands 60 minutes, UU running errands 45 minutes, and SF Tongcheng estimated to take 60 minutes.
Although in the instant delivery process, the actual delivery time varies according to many factors such as rider, road conditions, weather, etc., it can be seen from the estimated delivery time of each platform that the commitment of "average one hour" seems to have been normalized in the instant delivery industry, and has gradually changed from the former "competitiveness" to the "basic ability" of each platform.
This "transformation" can also be seen from the slogans of various platforms: Dada Express Delivery and Hummingbird Running Errands will put "1 hour up" after the brand name, and UU Running Errands and Flash Delivery will shout out the slogans of "average 37 minutes" and "fastest 28 minutes" respectively. Under such a trend, can SF Tongcheng make more improvements in "fast"? Or, for the 100 billion market of instant delivery, can there be a platform that can be faster?
Talking about the pattern of the instant delivery market, Xie Xiaowen, a special researcher of the China Logistics Society, told the Harbor Business Observation: "There is a lot of room for the time compression of same-city distribution, and in this context, price has become the most important competitive factor. ”
Observing the company's submission of the prospectus, the pricing of SF Tongcheng seems to have reached the "limit".
In the comparison of the above platforms, after selecting the same goods and the same place of departure and delivery, the quotations of each platform are higher (due to the coupons on some platforms at the time of settlement, the original price below shall prevail). Flash delivery 21 yuan, Dada express send 16 yuan, hummingbird running errands 13 yuan, UU running errands 20 yuan, Meituan running errands 15 yuan, SF city is 13.14 yuan.
Sustained loss of 1.55 billion Complaint rate remains high
It seems that it is precisely because of the lower price compared to other platforms that the profitability of SF Tongcheng has been questioned by some investors. According to the SF Tongcheng prospectus, from 2018 to 2020, although the company's revenue was 993 million yuan, 2.107 billion yuan and 4.843 billion yuan respectively, the company's net loss was 328 million yuan, 470 million yuan and 758 million yuan, and the cumulative net loss in three years was 1.556 billion yuan.
Although the company's gross loss ratio in the past three complete natural years has gradually narrowed by 23.3%, 16% and 3.9%, and the net loss ratio has dropped from 33.1% in 2018 to 15.6% in 2020, how long it takes to go from "less and less loss" to "more and more earned" may become the pressure that SF has to face.
"Harbor Business Observation" contacted SF Tongcheng on the profitability and development of SF Tongcheng, and the relevant person in charge of the company said, "During the silent period, I will not respond for the time being." ”
At the same time, only from the perspective of user service, the Black Cat complaint inquiry of Harbor Business Observation found that the complaint rate of SF in the same city is also high, higher than that of the same industry.
As of October 26, according to the black cat complaint search, SF has 1636 search results in the same city, with 732 complaints; 909 flash search results and 697 complaints; 452 Meituan errand search results, no complaints; 562 UU errand search results, 543 complaints; Dada Express only 246 search results, no complaints; hummingbird running errands search results, no complaints.
(Source: Black Cat Complaints)
According to the "Harbor Business Observation", the complaint is at the forefront of the industry, and the factors complained about mainly include:
1. Dispute over the compensation for damaged and lost items;
2, it is difficult to refund the security deposit;
3, arbitrarily deduct knight fees, arbitrarily suspended;
4, Express delivery delayed, no delivery.
Moreover, "Harbor Business Observation" also inquired about another complaint platform, 315 Consumer Insurance, and found that its complaints against SF Tongcheng were generally similar to black cat complaints, and many of the complaint users' identities belonged to the knight type.
(Source: 315 Consumer Insurance)
It can be seen that although SF Tongcheng has a popularity and influence, or the market share of its industry status, there is still a large room for improvement in consumer services and its rider services, and these factors also directly determine whether the company can continue to occupy the market position at present and in the future. (Produced by Harbor Finance)