China Food

The market of Barbie steamed bread has attracted the voice of the industry. What kind of category crisis is hidden behind its brilliance?

What kind of national demand does
baozi shop solve? The basic answer is: baozi shop solves the fragmentation demand value of familiar products and scenes. No matter in the morning, lunch, dinner, supper, afternoon tea and other stages, people can eat whatever they like for 3-5 yuan.
On October 12, the parent company of Barbie steamed bread, “Zhongyin shares”, was listed on the main board of the Shanghai Stock Exchange. Entrepreneurs in the industry can’t help feeling that anyone who makes breakfast and sells steamed buns can be listed. Isn’t there more opportunities for other catering categories?
But in fact, as long as we do a little analysis, we can find that the steamed stuffed bun category is superior to other catering categories. It is a two-way category with one foot on the catering end and the other on the retail end. At the same time, it is also a composite category with breakfast on the surface and can be operated all the time behind.
So, are steamed stuffed buns a good hidden category? Is it true that as the industry said, breakfast buns really have a bright future?
Thinking in chopsticks( )It seems that we still have to go deep into the actual situation of this category to make observations, and we can’t just follow suit. In order to truly understand the charm of this category of breakfast buns and the various possibilities of Barbie steamed bread in the future, we have to conduct a more in-depth, more objective and comprehensive analysis.
What kind of business is breakfast bun shop?
In any era of human society, almost no one knows breakfast, but if we only talk about the word “breakfast” is too general, on the contrary, if we only mention steamed bun or steamed bread, people will think of breakfast. Any steamed bun shop must operate breakfast, and most of them want to sell steamed bread. On the contrary, the same is true of any steamed bread store (including Barbie steamed bread).
Based on this, in order to unify the direction, in the following discussion, we use the code name of baozi shop for breakfast shop, steamed bread shop and steamed bun shop.
What kind of business does a steamed bun shop do?
Even today’s primary school students can answer this question. Baozi shop is a small business with an average of 3 to 8 yuan per capita. Customers can buy as soon as they go, and its consumption threshold is even lower than that of milk tea shops. In business activities, low threshold means that there is no need to make any positioning for customers. From children / middle school / college students to blue / White / gold collars, including old people or vagabonds, they can be customers of baozi shops as long as they pay the fees.
This means that baozi shops may not need to be younger, or even need not spend too much effort on brand design and marketing drainage.
But it is not easy to open a steamed stuffed bun shop. It is even longer than ordinary stores. Before there was a joke, “a college student opened breakfast shop closed down, the reason is not that there are no guests, but because the boss of the college student can’t get up in the morning.”.
In winter, the steamed buns and steamed buns of a steamed bun shop are already out of the oven. The steamed bun shops in the community and the subway entrance enter the peak consumption at around 7 o’clock, while those near the office buildings reach the peak at 8 to 9 o’clock. The difference is that the traffic of the community steamed bun shops is not like that of the office buildings, but the traffic of the office buildings is intercepted by the community and the subway entrance as the end point. Although the traffic at the subway entrance is considerable, the consumption scene is a little awkward, and the consumption position is not always the same. In particular, it is not suitable to buy food by squeezing the subway, especially in the morning rush hour.
To open a good breakfast shop, first, it is necessary to prepare for operation from early morning to evening and even all the time; second, it is necessary to diversify products and have good quality and low price, which is full of smoke and fire. Otherwise, it is really difficult to win the convenience store operated 24 hours next door (convenience stores also sell steamed stuffed bun and other catering products). In short, the business of baozi shop is a kind of work with very low threshold, dirty and hard work and low profit.
The characteristics of breakfast bun shops are also very obvious. Most of them are operated by one family, so as to save the labor cost. In addition, excluding the shop rent and series expenses, a steamed bun shop usually does not earn much. For small businesses, there is a good way of life as long as there is no loss.
Barbie steamed bread was called Master Liu’s big bag in the early days. It was also made from husband and wife shop. The earliest Master Liu’s big bag was Anhui style, but Shanghai people were not used to eating Anhui steamed buns with heavy taste. The market determined the brand, and the crowd’s taste determined the actual taste of the store. In the later stage, Master Liu’s big bag was changed into a light and sweet flavor liked by Shanghai people. After the localization of the products, the three stores of Master Liu’s big bag had a stream of people queuing up.
But as long as we look at the whole breakfast category, we can find that queuing is actually a very normal phenomenon. Especially for the breakfast shops without seats, it is difficult to make a profit if the line is not arranged for an hour and a half during the peak period. Once a breakfast bun shop has passed the breakfast period, there are still people queuing up, which is really a good store.
What kind of business is baozi brand store?
As mentioned above, Baozi stores may not need to be younger, and they may not even need to spend too much effort on brand design and marketing drainage.
In fact, it is reasonable that most of the steamed stuffed bun shops do not make brand transformation. The main reason is that customers buy these products nearby, just like pure water. Moreover, it is rare for two steamed stuffed bun shops to compete with each other. Even if there is such a situation, it does not mean that the brand store can win. For the fragmented scene with extremely low threshold, it is still necessary to rely on it It depends on the specific operation and product experience of the store.
It can be seen that the brand effect is only a bonus item for a single steamed bun shop, not a necessary item.
However, Master Liu Dabao thinks that the brand of breakfast shop has great potential. In 2003, Master Liu changed its name to Barbie steamed bread and also registered its trademark. In 2004, Barbie steamed bread had its first central kitchen. In 2005, Barbie steamed bread opened its franchise. Fifteen years later, the number of Barbie steamed bread stores is nearly 3000. Except for 16 Direct stores, the rest are all plus League store.
In terms of business model, there are two supply modes for Barbie steamed bread: one is the distribution of finished products, which is steamed directly at the store; the other is the distribution of stuffing, which is made into finished products at the store site. In addition to steamed buns and steamed buns, Barbie steamed bread also introduces third-party products, such as zongzi and soybean milk.
Back in 2020, there are also many brands of breakfast buns. The “food in the stomach” set up in 2016 takes the younger and Hong Kong style as the label. However, this brand mainly focusing on steamed buns and steamed buns is not satisfied with the category restrictions of breakfast and steamed buns. Recently, it has launched a new juice product with an average of 8-15 yuan per capita in beverage.
With juice, the per capita price of steamed bread with ingredients in the stomach can reach about 10-20 yuan, which is 2-5 times as much as that of Barbie steamed bread. Moreover, the price of steamed buns with ingredients in the stomach is between 2.5 yuan and 4.5 yuan / piece, which is slightly higher than that of Barbie steamed bread.
In terms of product structure, what is expected to go is the triangle structure of food, drinks and desserts. The main target is young people. Due to the limited customer base, the development speed of the brand is not fast. So far, there are only dozens of stores. The stores are distributed in Shanghai, Hangzhou, Fuzhou, Nanchang, Shantou, Nantong, Xiamen and other cities.
Ganqishi was founded in 2009, and its stores are mainly distributed in Hangzhou, Shanghai and Suzhou. The brand story of ganqishi is well told, but the offline stores seem to be slightly traditional. Its product structure is mainly composed of dumplings, drinks, porridge and snacks (steamed dumplings, roast sale, tea leaf eggs, etc.).
Compared with Barbie steamed bread, ganqishi’s products are slightly simplified; moreover, compared with the brand sense of food in the stomach, ganqishi is more user-friendly. Different from the two, Gan Qishi’s most expensive mutton bun sold at a “high price” of 6 yuan a person, and each person was between 5 and 15 yuan. What’s more interesting is that a small number of stores that like to eat also have seats.
Through the comparison of specific baozi brands, we find that in fact, each steamed bun brand is still in the fierce homogenization competition, and the so-called new play method of one or two new products is not enough for the brand side to build its own barriers.
Let’s go back to Barbie steamed bread itself. What kind of climate can the franchise store of Chinese drinks rely on Barbie steamed bread alone? If we can’t rely on the development of the second party in the future?
Is it possible for Barbie steamed bread to make a pastry steamed bun Empire?
There is something in my stomach that wants to jump out of the per capita limit of a steamed bun shop, and Gan Qishi wants to break the category limit of only selling breakfast in the steamed stuffed bun shop. Of course, the Chinese beverage Barbie will not only rely on the franchise stores.
Let’s start with the franchise stores. In the data disclosed in the prospectus of Zhongyin, we can see some interesting data: the gross profit rate of the franchise store of Barbie steamed bread is about 30%, while the gross profit rate of the directly operated stores is basically stable at 60%. More than 98% of the store system of Barbie steamed bread is composed of franchise stores, and nearly 90% of the current business income of China Beverage comes from the product sales of franchise mode.
As a result, it has also carried out a series of subsidies and discounts to its franchisees in recent years. From 2017 to 2019, the subsidies and discounts of Zhongyin to franchisees are more than 10 million yuan and 15 million yuan respectively, and the subsidies and discounts of Zhongyin to franchised stores are increasing. For example, the amount of subsidies / discounts in 2019 is 3-4 times of that in 2017.
The prospectus also shows that China drink intends to raise 950 million yuan for capacity expansion and technology improvement of production, manufacturing and management, including intelligent plant project, production line and storage system improvement project, direct marketing network construction project, food research and development center and testing center construction project.
In addition, Barbie steamed bread has recently put e-commerce construction on the agenda. In the future, Barbie mall and other takeout platforms will be launched. For this point, the escort in Shanghai, brown sugar steamed bread, launched takeout as early as 2017. The online construction of Barbie steamed bread is really late in the current network era, but it still takes the last bus of the Internet.
Some commentators said that with the listing of Zhongyin, some “fakes” may appear offline for Barbie steamed bread. Moreover, Zhongyin relies too much on franchise stores. With the increase in the number of franchisees, how to achieve accurate management is also a practical problem.
In addition, we have to think about a practical problem. In such a large market, who will be the competitor of China drink / Barbie steamed bread? Where is the imperial road of baozi?
If we really want to build a real pastry bun Empire, offline stores alone will certainly not achieve this grand goal. China beverage has recently disclosed that in addition to taking the store model, Barbie food is also vigorously expanding the group meal sales channels, such as providing pasta products for enterprises, institutions, schools, hospitals, etc.
That is to say, group meal may become the second curve business of China beverage, for example, it may move from supply to self-service and contracted canteen.
This makes Zhongyin’s competitors more diversified and interesting. Since China drinks can compete with group meals, group catering enterprises such as Qianxihe, Xiangxiang and Sanquan can actually open a breakfast shop. On the other hand, Barbie steamed bread has extended its tentacles to the North China market. It not only solves the problems of local conditions in the North China market, including Goubuli and Qingfeng steamed buns, but also solves the competition problems of Goubuli and Qingfeng steamed buns We have to do a good job in the management and anti-counterfeiting problems of more than n new stores blooming in the new market.
From this point of view, China drinks and bars has a wider financial path than after listing, but there are more problems.
What kind of national demand does a small steamed bun shop solve?
From the perspective of chopsticks playing thinking, Baozi shop is a steamed bun shop, and Chinese drink Barbie is a Chinese drink Barbie. They can’t be equated. We still have to go back to the category of steamed stuffed buns, and look at the market value and practical problems behind this category from a simple bun shop.
What kind of national demand has a steamed bun shop solved?
Let’s start with the commercial position of the steamed bun shop. If we apply the business model of a breakfast bun shop to the entry and exit barriers, we can see that it is basically a business with low entry barriers and low exit barriers.
The low entry barrier means that this is a highly competitive red sea business with extremely low profits. It is also true that anyone can open a breakfast bun shop, whether it is a college student or a laid-off cook couple. The low exit barrier means that this is a scene of extremely fragmented hard work, but also means that the steamed bun business is difficult to control.
From the baozi category itself, we can see that the convenience stores had a similar market situation in the early days, and 7-11, the whole family, histar, today and other brands just grasped a category with low entry barriers and low exit barriers, and then developed them into brands and chains. As a result, large brands with market value got up.
Similarly, in order to brand the baozi category, it also needs to build the supply chain and do a good job in brand design, which points out a pain point. Both of them are either big or specialized. The problem is that a small profit industry also needs diversified products to support profits.
We can see that almost all chain convenience stores in recent years have involved in 24-hour breakfast (Catering) service. In terms of the mode of direct delivery of finished products to the stores, such as ganqishi and escort steamed bread, they have little competitive advantage under the siege of convenience stores. Here we can see the value point of Barbie steamed bread at the operation end of the store. We found that most of the customers in the survey “We often come to buy Barbie’s steamed buns because they are made in the store now,” he said.
On the contrary, ganqishi, escort steamed bread, and food in the stomach and other brands follow the supply mode of convenience stores. Customers choose a product and the store produces it directly. In such a mode, we can not see what kind of desirable brand value, and this can not even show the irreplaceable practical operation value of “people”.
Back to the original question, what kind of national demand does the steamed bun shop solve? The basic answer is: baozi shop solves the fragmentation demand value of familiar products and scenes. No matter in the morning, lunch, dinner, supper, afternoon tea and other stages, people can eat whatever they like for 3-5 yuan.
Once put into the competition, we can find that the baozi scene of the convenience store is actually more diversified than that of the conventional one. The convenience store is not only a 24-hour service, but also a convenient advantage of many related products and complementary products (such as yogurt and other drinks and snacks).
In terms of competitive thinking, we should not look at the competition from the perspective of the present, but from the perspective of what will happen in the next decade. From the perspective of chopsticks playing thinking, the competitors of baozi shop are not only restaurants, but also convenience stores.
To add a little bit, if street catering brands specializing in lunch and dinner also open a stall to sell steamed stuffed buns (this is already normal), how should steamed bun brands fight back?
Back to the “convenience store problem”, with the continuous optimization of fresh distribution logistics in convenience stores, despite the fact that the categories of steamed stuffed bun are very good at present, the future of conventional steamed stuffed bun brands is basically a dead end under the siege of convenience store brands.
The only good news is that the convenience store has not yet made any action. However, we can see that the convenience store business has gradually started catering + driven by HEMA in recent years. When the convenience store starts to make fresh steamed buns, or the steamed buns are delivered immediately on the same day, the offline catering steamed stuffed bun categories will be really dangerous.
In the prospectus, the company stated: “the company takes each production base as the center, carries out unified procurement, processing, storage and distribution of food materials from the franchise stores in the local and surrounding cities. Taking the optimal cold chain distribution distance as the radiation radius, it has constructed an all-round supply chain system of” close to stores, unified management, fast supply, and maximum quality and preservation. “.
From this point of view, there is no big difference between the model of Zhongyin and that of convenience stores. In the next decade, it is an urgent and practical problem for China Beverage Barbie and other steamed stuffed bun brands to break the siege of convenience stores and other food and beverage categories.
Author: Chen Xujie; source: chopsticks play thinking (ID: kwthink), reprinted has been authorized. Join the community: Cherry (wechat: 15240428449); business cooperation: Amy (wechat: 13701559246). A week’s hot news of high quality original selection column innovation interview lingting new Xu brand trend insight packaging outpost food people are watching

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