The potential of "he economy" is released! Sellers who layout this segment track win

Relevant data show that in the past five years, global consumers have accelerated their migration to online, and China's cross-border e-commerce imports and exports have increased nearly 10 times. The government work report has emphasized the development of cross-border e-commerce for nine consecutive years. The industry is improving, which makes overseas companies very happy, but also makes them deeply worried, because the explosive growth of the cross-border e-commerce industry also means that competitors are increasing.

With more and more companies going overseas in recent years, product homogeneity has become an unavoidable topic. How to find business opportunities in the context of homogeneity? Wisden, a "boutique seller" who has been deeply involved in the watch segment for 10 years, may be able to give you the answer.

Since the brand was founded, Wisdom has been taking a path called "intensive cultivation". Relying on its own product research and development team and its own factory, as well as the brand's own keen sense of smell for watch products, Wisdom took men's watches as the entry point and sold its watches produced in China to Southeast Asia, and has won the love of many consumers.

Build your own factory within one year of starting your business , and conduct independent production and research and development

The argument that "male spending power is weak" was once widely forwarded and ridiculed. But in fact, the male consumer market is greatly underestimated. A recent consumer survey by First Insight shows that in most online and traditional retail channels, men actually shop more than women.

This can also be verified in domestic live broadcast rooms. Judging from the data of Luo Yonghao, a live broadcast KOL who is popular among male consumers, we should not underestimate the purchasing power of men. Relevant data shows that the cumulative sales of Luo Yonghao in the first four months of live broadcasting reached 590 million yuan. The ratio of male to female consumers in 15 live broadcasts was 7:3, which means that nearly 70% of the 590 million yuan was consumed by men.

It is precisely because of the early insight into the amazing purchasing power of male users and their preference for practical consumption habits that Wisden firmly entered the "men's watch" segment.

The earliest starting point of Wisdom was actually a "street stall" . As early as 20 years ago (2002), its founder Li Zhipei sold watches in the form of a stall on the streets of Shanghai, and took this as an opportunity to enter the watch industry.

After 10 years of hard work, he has a deep understanding of the domestic and international watch industry chain and the current status of watch development in the industry. With the dream of "making Chinese watch brands stand on the world stage", Li Zhipei decided to start a business and established Foshan Wisdom Watch Co., Ltd. in 2012.

At the beginning of his business, Li Zhipei tried to cooperate with other factories, but the other party’s quality control was always unsatisfactory. Based on the demand for quality and development goals, Li Zhipei decided to "take a risk" and build his own factory only one year after starting his business. He continued to sell on domestic e-commerce platforms such as Tmall and JD.com to accumulate energy.

As of now, Wisdom's own factory has about 240 employees. While fully undertaking all the company's platform shipments, it also does OEM and watch production for many other peer sellers. The entire factory's daily order volume peaks at 100,000 watches.

As a native of Fujian, Li Zhipei is born with the pioneering spirit of Fujian merchants. With the wave of domestic brands going overseas, Li Zhipei also decided to let Wisdom go abroad and step onto the world stage. Facing the current situation that there are very few Chinese watch brands in the world, Li Zhipei said: "The total number of watches sold in the world is about 1.3 billion per year. As a manufacturing powerhouse, China produces more than 1.1 billion of them. However, although China produces 90% of the world's watches, domestic watch manufacturers only account for 10% of the turnover."

So, in 2018, Li Zhipei decided to go overseas and chose Southeast Asia as his first stop.

More than 60% of revenue comes from overseas, and the overseas expansion has achieved remarkable results

However, as a newbie in overseas expansion, Wisdom's initial development in the Southeast Asian market was not smooth, with low order volume and poor performance. After analysis, it was found that the product did not meet the needs of local consumers.

Although China and Southeast Asian countries are neighbors with similar cultural customs, the consumption habits of the people are still different. At first, Wisdom's product positioning in Southeast Asia was very simple. It simply resold the mechanical watches that were already hot-selling on the domestic Tmall platform to the local market without any targeted personalized design and adjustment.

Fortunately, as a Shopee seller, Wisdom received help from the platform when it encountered a bottleneck. Under the advice of the platform operations manager, Wisdom made a series of reforms and adjustments to its products.

For example, mechanical watches sold on Tmall generally have a small time error, but Southeast Asian consumers believe that watches should not have errors, so Wisdom made improvements to make the time more accurate.

In addition, based on Southeast Asian consumers' love for quartz materials, Wisdom has customized a series of quartz mechanical watches that not only ensure accurate trends but also have a mechanical feel.

In addition, Wisdom has also made some upgrades and reforms in details such as color. For example, in view of the fact that Southeast Asian consumers like bright colors, bold and eye-catching colors such as gold are matched on mechanical watches. Also, in terms of the buckle, the butterfly buckle that is more accustomed to in China has been changed to the buckle that local consumers prefer.

“Unlike domestic consumers who care more about the appearance of watches, Southeast Asian consumers are more concerned about the quality of watches.” After four years of deep cultivation in the Southeast Asian market, Li Zhipei came to this conclusion when analyzing the watch purchasing habits of local consumers.

At present, Wisdom's overseas expansion strategy is successful. Currently, overseas revenue from Shopee accounts for about 60% of its total revenue. From this achievement, Li Zhipei has made a big step towards his goal four years ago of "making Wisdom an international watch brand".

Today, Wisdom has focused on Southeast Asia as its main market. In order to better serve overseas sellers and enable them to enjoy China's core production technology, Wisdom has opened a new women's watch production line for Shopee. Currently, all products have been completed and are planned to be rolled out in the future.

Li Zhipei believes that only by taking the brand route can long-term development be achieved, so the process of Wisdom expanding into the global market is also a process of brand building.

After 10 years of accumulation , Fangcheng has become a brand

The creation of a watch brand is actually different from other categories. On the one hand, it takes more time to settle down, and on the other hand, it needs to provide more added value. Only when these two aspects are combined can it have the opportunity to become a new fashion brand. It took Wisdom 10 years from its inception to the present.

Products (or services) are always the core of a brand. As the carrier of a brand, the quality of products (or services) determines the status and credibility of the brand. In this process, in order to make the brand have more user minds, Wisdom has put a lot of effort in both product and customer service.

First of all, in terms of products, in addition to promoting on the platform, Wisdom has also added social media channels to increase consumers' familiarity with the brand. In addition, product development, style and quality will also be based on consumer needs. " Next, we may increase our efforts to promote some other channels to improve consumer awareness. " Li Zhipei said.

Secondly, in terms of customer service, additional services will be provided to improve the user experience, such as engraving names on products or providing free handwritten greeting cards. In order to make consumers who buy products feel more satisfied, Li Zhipei requires his team to do their best: " Everything is customer-centric. If customers have feedback, we must solve it if we can, and we must solve it if we can't. This is our requirement for customer service. "

In the watch industry, Wisdom is one of the earliest Chinese brands to go overseas. It not only has to face more and more Chinese watch brands going abroad, but with the advent of the smart era, these watch brands also have to cope with the impact of smart watches.

It has to be admitted that smart watches have penetrated into the lives of consumers of different ages. In this case, the impact on traditional watches is inevitable. However, in Li Zhipei's view, this does not mean that traditional watches will decline in the impact, but rather it is an opportunity.

"First, the functions are different. Smart watches are more used for health monitoring and navigation, while traditional watches have become decorations. Few people buy them for the timing function. Second, the purpose of purchase is different. Smart watches exist as fast-moving consumer goods, while traditional watches are luxury goods. Third, the usage scenarios are different. Smart watches are more often used during sports, while traditional watches are more often used at parties, business negotiations, etc."

Li Zhipei said that the popularity of smart watches will also lead to a further increase in the market share of watches. "Now many children in kindergarten have started using wearable devices including smart watches. This has cultivated consumers' habits to a certain extent. They are used to wearing a watch to tell time on their wrists. When they grow up, they are more willing and more likely to wear traditional watches that can reflect their status."

Nowadays, it has become a trend for enterprises to go overseas. Faced with limited market capacity and increasing pressure on competitiveness, brands like Wisdom, which have been deeply engaged in niche categories for many years and continuously refined their operations, may have a better chance of winning.

The horn of the second half of the year has been blown, and wave after wave of traffic peaks are coming. During this peak traffic season, Shopee held an official investment conference and sincerely invites all sellers to seize the opportunity and chase "gold"! 4 hours of full-time output of practical information, continuous excitement, and more surprise gifts throughout the whole process! Watch the live broadcast and have a chance to win an iPad Air, JBL speakers and Xiaomi bracelets. Hurry up and make an appointment for the investment conference, see you on September 22!

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Wisden

Men's Watches