China Food

Ruixing: look up at the sky and walk with your head down


 



瑞幸走入常态化增长。

 



比起很多的硬科技,消费不是一个很复杂的生意,它是一个古老的生意,它需要时间,需要耐心。消费品成功的路径一直很朴素,甚至可能因为太过朴素而被很多门外人误认为很简单甚至非核心。
 
直到自己下场做,被消费者教育、被巨头教育,才知道那些看起来很简单很朴素的东西,不仅是成功的关键,而且实现起来这么难。最后确实是降维打击了,只不过被打击的对象是自己。
 
这段时间跟不少做消费品的朋友交流,压力重重、愁容满面的占多数。一片愁云惨淡里,瑞幸是少有的涨势喜人的那一小撮儿。这周一瑞幸发了新一季财报,继Q1全面盈利后,Q2扛住了上海等多个城市的猛烈疫情影响,营收、利润、同店销售额、交易用户数、门店数等再创新高。
 
2022年8月8日,瑞幸咖啡(OTC:LKNCY)公布了2022年第二季度财报。本季度总净收入增长72.4%,达到32.987亿元人民币(4.932亿美元)。自营门店同店销售增长率达到41.2%,自营门店门店层面利润率达30.6%。同时本季度净新增615家门店,门店总数量达到7195家。在产品方面,瑞幸本季度共推出34款新品,其中椰云拿铁自四月推出至二季度末已卖出超过2400万杯。此外,本季度月均交易客户数相比去年同期增长68.6%,达到2070万。


与瑞幸逆势上涨的业绩不同,在瑞幸前一周公布财报的星巴克,公告称因受疫情防控影响,第二季度中国大陆地区营收为5.445亿美元(折合人民币约36.93亿元),同比下降了40%,同店销售额大幅萎缩44%,交易量同比下降43%,平均客单价下降1%。
 
很多人不太理解瑞幸为什么能在线下餐饮行业受挫的大背景下收获这么亮眼的业绩,其实瑞幸只不过是尊重和践行了开源节流这个最朴素的商业逻辑后,走入了常态化增长。瑞幸咖啡董事长兼首席执行官郭谨一表示:这些成绩的取得,是因为我们更加明确地聚焦和专注于咖啡赛道,更是公司长期发展战略和价值观的具体体现。
 
只有开源节流这么简单吗?是的,就这么简单,所谓大道至简。谁都能做到么?不一定,实力和运气都需要。 
 
人人都知道、都能做到的,才叫简单。人人都知道、但只有少数人做到的,只是看起来简单而已,下场做的人才知道到底有多难。
 
下面谈谈我对瑞幸迈入常态化增长的一些思考,希望能给逆境前行的品牌朋友们带来一些启发。
 
What is the process of branding to find differentiation and not to become an obscure enterprise? I think it is a process of differentiation, a process of forming your unique memory in the minds of consumers. Nowadays, in many categories, Chinese consumers have no shortage of choices. In the buyer’s market, an obscure enterprise is doomed to fail to complete the upgrading from brand to brand, and eventually disappear in the process of history. How can we find our differences? Do a good job in segmentation and positioning, and find a market blank with a low ceiling. The so-called segmentation positioning refers to the categories that the giants have been doing but have not focused on, such as sugar free bubble water; Or it is the category that the giant does not do, such as the middle end freshly ground coffee in the Ruixing card. First of all, freshly ground coffee is a broad and fast-growing market in China. According to Euromonitor data, from 2014 to 2020, the CAGR of coffee product income of coffee shops in Chinese Mainland reached 23.2%. According to the estimation of CITIC Securities, the market scale of the ground coffee in Chinese Mainland will reach about 200 billion in 2030, and the CAGR of 2020-30 will reach about 15%, far exceeding the global average growth rate of 2%. Secondly, there is no large chain coffee brand in the price band below 30 yuan. Before the rise of Ruixing, looking at China’s freshly ground coffee market, the high-end market of more than 30 yuan was mainly monopolized by old giants such as Starbucks and Costa; There is a large enough market gap for low-priced coffee of less than 15 yuan and middle-end coffee of 15-30 yuan. A simple business logic is that products with high customer unit price always have a larger profit margin. In the future, it will be easier for middle end brands to raise prices than for low-priced brands. Perhaps due to the above considerations, in the process of rebuilding the enterprise after the crisis in 2020, Ruixing resolutely suspended the milk tea sub brand of Xiaolu tea and chose to focus on the coffee track. By improving the product strength and brand strength, Ruixing actively got rid of the image of cheap coffee in the hearts of consumers in the early years and strengthened the middle-end brand image. In addition to focusing on the coffee tournament, I think that in terms of strategic positioning, xinruixing has also done one thing right – embracing young users. The popularity of the
coffee culture is inevitably accompanied by the emergence of a large number of new-type mental workers. This rule is not only applicable to the successful rise of Starbucks in China, but also to the global coffee market, such as France, the United States, Japan, South Korea and Singapore. Starbucks came to China in 1990 not by accident, because after China’s reform and opening up, the first batch of large-scale mental workers began to appear in the 1980s and 1990s. At that time, top foreign-funded enterprises in various industries such as P & G, L’Oreal, KFC, Nestle, general electric, Microsoft, McKinsey, KPMG and Ogilvy & Mather successively entered China to set up companies. While bringing modern enterprise management and technology, these foreign-funded enterprises also brought coffee consumption habits into China. The coffee consumption habits of that generation were educated by Starbucks in the same period. The barrier of brand is that once the consumer’s mind is formed, unless the differentiation of the new brand is obvious enough, it is difficult to transfer the consumption habits. Looking back to 2020
Without product power, the brand can only become a burst foam. Affected by the rising cost of raw materials, rent and manpower, Ruixing has repeatedly mentioned the price rise of products in the financial reports of the past few quarters, but the average number of monthly trading users has reached new highs year-on-year. The average number of monthly trading customers in the second quarter of this year was 20.7 million, an increase of 68.6% over the 12.3 million in the same period of 2021. There is no loss of a large number of users due to price increase, which indicates that the brand strength has withstood the test of the market and the brand potential has stood. Behind the improvement of Ruixing’s brand power is the product power. For the food and beverage enterprises of TOC, the products are not good enough to drink and taste. No matter how much the brand story is hyped, consumers will not easily re purchase. Especially for the new generation of young people, they are not stupid because they are not deeply involved in the world. Their consumption decisions are based on fully transparent information. They are actually the smartest generation of consumers who have experienced a lot of business routines since childhood, and it is not easy to get their approval. We can mainly understand Ruixing’s product strength from three dimensions: large single product serialization, continuous product innovation, and supply chain. First, large items + serialization. The new brand of food and drink needs to make every effort to make a large item with a score of more than 95 points, instead of just a bunch of small explosive products with a score of 60-80 points for a long time, and even a product that can make consumers remember deeply. Although people are fond of the new and tired of the old, they are relatively specialized in eating, drinking and drinking. This is also an important premise for food and beverage enterprises to take the big single product strategy – the single market space is large enough. Coca Cola, which is more than 100 years old, has hundreds of sub brands and new products. But when you mention this company, the original classic is the first thing you think of and often buy. “Serialization” is the most mainstream and effective way to extend the cycle of food and drink products, especially for large items. This R & D logic has been fully verified by numerous mature giants. On the basis of the perennial best-selling products such as raw coconut latte and thick milk latte, Ruixing has constantly enriched and improved the series of raw coconut family and thick milk family. For example, Yeyun latte, which sold well in the second quarter of this year (sold more than 24 million cups and contributed 400 million yuan to the store), has continued the previous series. The successful large item series of
can bring stable sales revenue to the enterprise for a long period of time. In this way, enterprises will have more space to try and error iterations with new products, expand the basic disk or innovate and explode. Comparatively speaking, if a food and beverage brand does not have such a basic large product that can stand the test of time, and it is unable to settle down by blindly seeking novelty, then employees will be particularly tired and the enterprise will be very anxious. A brand without a basic model poses a challenge to the supply chain, innovation, processes and standards, which is equivalent to starting from scratch every day. This is very terrible. Second, continuous product innovation. As an exotic beverage, coffee has a high acceptance threshold for bitter and sour taste, which is one of the reasons why it was difficult to be popular in China in the past. Compared with the number of coffee consumption cups around 300 cups per capita in mature markets, there are only a dozen cups in China. The penetration rate of freshly ground coffee in China is still very low, and it is still in the early stage of coffee popularization
Technology is a lever, not just a tool technical ability vs technical thinking: physical enterprises should not have Internet anxiety, but the power of technology must not be ignored. For many retail enterprises, technical thinking should be promoted more than technical ability. Cognition cannot keep up with the times. Technology can only help enterprises solve short-term problems, but can not break the boundaries of departments and deeply integrate with the business to play a leverage role. As a new retail company, Ruixing is different from traditional retail by using technology as a lever to change the freight yard. Ruixing’s approach is to accumulate high-quality data sources (cultivate users’ habit of placing orders online) from the very beginning, embed the technology in the specific business scenarios of different departments, and make the high-quality data flow smoothly across departments as much as possible, excavate and release the value of data from the real business needs, so as to continuously help enterprises obtain better business performance, For example, lower cost to sales ratio (proportion of raw materials, store operating costs, proportion of marketing and other expenses to sales revenue), higher ROI, larger user scale, higher same store growth rate, faster store growth rate, new stores with a longer one-year survival rate, etc. This better performance and more significant cost reduction and efficiency increase are not the result of a single department using digital technology, but the comprehensive result of technology driven marketing, user growth, products, supply chain, store operation and other business chains. To facilitate your understanding, I will give two specific business landing scenarios. 1. Why has Ruixing not put too much pressure on the store’s operation due to its high-frequency launch of new products over the past year? How to ensure the consistency of the taste of hundreds of thousands of stores? From the perspective of scale, the good products of chain enterprises are excellent and stable in their own price. The latter is often ignored by new brands, but it is actually very important. The expectation of consumers for chain catering brands is that I can buy products with high consistency of taste at any time and in any store. Consumers are amazed by the first cup, and if they think “Oh, how is it different from what I used to drink” in the second cup and the third cup, they will be lost because they have too many choices. And if he gives you another chance after a period of time and finds that it is not the taste in his memory, he may not pay attention to you anymore. The Red Sea market is so desperate. In an interview with the media, Cao Wenbao, the person in charge of Rui Lucky’s business line, said that the new rhythm of high frequency has not caused pressure on the store partners at the operation end. One of the major reasons is that at the product R & D end, the production process is simplified by means of formulation and unified SOP for each product, which is not only predictable and easy to manage, but also reduces the occurrence of errors in the production process. At the store side, Ruixing has realized the automation of many work contents with the help of technology, helping store clerks save a lot of time, such as automatic management of product validity, automatic scheduling, automatic ordering of raw materials and packaging materials, automatic thawing of materials, and automatic alarm of abnormal conditions of coffee machines and refrigerators with the help of IOT intelligence. In addition, Ruixing adopts fully automatic coffee equipment and
Social responsibility + Corporate Governance: do what you should do. At the second quarter financial report of Ruixing, Ruixing also announced the establishment of the Sustainable Development Committee and planned to release the first ESG report in the fourth quarter of 2022. This should be regarded as an important symbolic event for Ruixing to shake off the historical burden and further move towards normal and steady growth. To a certain scale of Chinese companies, we must pay attention to the transparency and open disclosure of corporate social responsibility and corporate governance, which is beneficial to the long-term development of the company without harming it. The most direct benefit is to gain the trust of sustainable investment funds and financing opportunities. In recent years, the scale of sustainable investment funds has been growing and has not been affected by the epidemic. According to the calculation of CICC, from the beginning of 2012 to the beginning of 2020, the compound annual growth rate of sustainable investment funds was 13.02%, far exceeding the overall growth rate of the global asset management industry (6.01%). By the middle of November 2021, more than 4500 institutions in the world had joined the United Nations principles for Responsible Investment (PRI), an increase of nearly 30% over the end of 2020, and the total asset management scale reached about US $120 trillion. With the gradual deepening of the opening of the capital market to the outside world, the internationalization of China’s stock market will become higher and higher. While more and more Chinese stocks are included in the global benchmark, the continuous inflow of foreign capital into A-shares also puts forward higher requirements on the performance of Listed Companies in ESG. Chinese companies that actively disclose and pay attention to ESG for a long time can gain the trust of investors and reduce the financing cost. Although Ruixing is currently in the powder list market, it insists on regularly disclosing financial reports, establishing a sustainable development committee, and putting ESG reports on the agenda, which further verifies the firmness of Ruixing in “becoming a world-class coffee brand”.  
只想做个牌子不丢人,
但成为品牌的路上也没那么拥挤
 
不是所有的企业都得做成品牌,没必要也不现实,在合规的情况下做个能赚点钱的牌子,赚钱养家嘛,没啥好丢人的。
 
但如果你心中还有一个品牌梦,想在世间留下一些痕迹和精神价值,从牌子到品牌的路上确实有无数挑战和困难,但这条路其实也并不拥挤。
 
因为大部分人往往就是在日复一日的琐碎细节里,陷入疲惫,然后在一个身心俱疲的深夜对自己说,要不就算了吧,然后就真的没有然后了,大量的牌子就这样倒在了成为品牌的路上。
 
正如每个独特的个体一样,每个企业都有自己的路要走。对于那些真心做品牌的企业来说,只有一句话与诸位同行共勉:抬头看天的同时,也要低下头踏实走路。
 
如今迈入常态化增长、宣称自己想做“世界级咖啡品牌”的新瑞幸,未来会如何,时间会给我们答案。

编辑:张仪;来源:进击波财经(ID:jinbubo),转载已获得授权。
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