This content is brought to you by Xuanxuan . Please enjoy: 1. Basic information of the product1. Product NameWeipaitong 2. Product ApplicationWeipaitong APP, Weipaitong App, Weipaitong Mini Program 3. Basic InformationWeipaitong was founded in 2014. As an industry pioneer, Weipaitong has provided many valuable explorations and practices for the cultural relics e-commerce industry, including: the first "live auction + free treasure appraisal" sales model to provide users with a new shopping experience; the launch of the "Jianzhen Pavilion" platform to solve the pain points of users' difficulty in identification and rights protection ; and the launch of the "Certificate Chain" electronic anti-counterfeiting certificate in the digital identification, which improves the traceability and quality credibility of the products and effectively solves the pain points of the industry. 2. Industry Background and Market Competition1. Antiques Market BackgroundAs people's material lives become increasingly rich, the demand for spiritual and cultural consumption is also increasing, driving the sustainable development of the cultural and art e-commerce industry. According to iiMedia Research data, the transaction scale of China's cultural and art e-commerce was 163 billion yuan in 2020, and it is expected to exceed 500 billion yuan in 2023. According to iiMedia Research data, the transaction scale of China's cultural and art e-commerce market was 163 billion yuan in 2020, and it is expected to exceed 400 billion yuan in 2022 . As the categories of cultural relics increase and the prices become more affordable, cultural relics have gradually changed from being consumed by a small circle to being consumed by the general public, promoting the further development of the industry. The traditional cultural relics trading model has always had problems such as long supply chains, unclear pricing, and rampant counterfeits. The cultural and play e-commerce platform has brought an innovative "live broadcast + auction + appraisal + community" model , which effectively solves the pain points and problems of the traditional transaction process and improves transaction efficiency. At present, the competition pattern of cultural and play e-commerce has basically emerged. Weipaitong, the industry pioneer, continues to lead, and its daily active users are far ahead of similar platforms. As the Chinese people's cultural identity continues to increase, it is expected that the popularity of national trends will continue to rise in the future. The cross-border IP linkage in the field of cultural and play will drive cultural and play e-commerce to break the barriers of circles and introduce more new generation consumption power to the industry. As the post-95s and post-00s become the new forces of social consumption, exploring the cultural consumption needs of this group will become the key to the expansion of the market for cultural and play e-commerce platforms. Market size data Market User Profile Cultural and art e-commerce industry chain 2. Industry leading competitorsComparison of daily activity monitoring data: Comparison of average monthly usage time and frequency of top cultural and art e-commerce platforms: Comparison between monthly average usage time and monthly average usage frequency: From data such as the number of daily active users, retention, and monthly average market usage, it can be concluded that Weipaitong is a first-tier product in the cultural and art e-commerce platform, and has opened up a very large gap with other competing products in the market. 3. Product Business Logic1. Core ValuesBreak the space and time limitations of the antique market, match the needs of merchants and customers, and achieve a new integrated online experience of worry-free buying and selling. 2. User needsMerchants can use the platform’s stable sales to enable consumers to purchase antiques and artworks without worries. 3. Product User ProfileThe main audience is young and middle-aged men. The proportion of users over 25 years old is relatively high, and the majority of them are young and middle-aged users with consumption power. This is also related to the platform categories, which are mainly cultural and artistic categories, and include popular art calligraphy and painting, handicrafts, digital collections, etc. The coverage of the sinking market accounts for a large proportion, with third-tier and below cities accounting for about 54%. We can specifically analyze the main sectors used by third-tier and below users, and further analyze whether there is a feeling of "Pinduoduo" in the antique auction industry. 4. Product business model
5. Unique advantages within the product1) Main competitive product features 2) Advantages ① It has been established for a long time and has a higher brand awareness. ② In terms of functions, the top competitors are quite similar. Weipaitong’s auction and authenticity process focuses on the functional modules of the seller center, allowing merchants to bid and sell goods more efficiently, grasping the essence of e-commerce shopping. Only with good products can there be a high-quality user group. 4. Analysis of User Operation System1. Dismantling the user growth system - channel acquisition1.1 User Growth System Construction 1) The North Star Metric for User Growth Number of users with consumption behavior 2) Effective channels How many channels are currently used for the disassembled products? Which channels are used for a long time? Sales channels: Toutiao short video, Douyin short video (long-term) Brand channels: Baidu, WeChat information flow, WeChat KOL, Qimao, Moji Weather, Ringtone Duoduo 3) Qimao Channel Channel: Why did they choose this channel? First of all, it is clear that the user profile is mainly male aged 25-46. Secondly, they will watch some historical content and traditional Chinese style content on Qimao’s channels, so this group of users will have a demand for antiques. The last step is to combine the user scenario to achieve precise delivery and improve traffic conversion rate. Hooks: How they design content + hooks or campaigns. Use the product with the highest sales and the highest attention in the product category, use coins as the landing page copy, and use the starting bid of 0 yuan as the hook to trigger the needs of target users. Conversion: The parts of the conversion funnel that are done well and the parts that are done poorly. The good part is that the category selection is more accurate when designing the content. The threshold for coins is much lower than that for jade, porcelain and ancient paintings, which can easily arouse users' impulse. The bad part is that there is no obvious and direct APP diversion sign to encourage users to download. 1.2 Thoughts on Channel Attraction 1) The unchanging logic is to direct traffic from where the traffic is concentrated, whether it is advertising, channel cooperation, or fission activities. 2) The unchanging strategy starts from the user himself. The more the channel portrait matches the product portrait, the simpler the operation and the better the conversion . The point I use for my own products is to calculate a funnel model when optimizing the growth effect, constantly analyze each link of the funnel, think about the operation strategy for each link, conduct AB testing, and officially promote it after the test is successful . 2. Dismantling the user growth system - activity fission2.1 Derivation of operational objectives
2.2 Forms and paths of fission Activity type: 0 yuan free participation Core rules: The 0-yuan customized Chinese style beauty fan is the activity hook, which adds a game link of choosing your own style and accessories, making it more playable. The design of the Chinese style beauty fan is very exquisite and can help attract traffic to beauty fan suppliers. Communication channels: You can share with friends through mainstream media such as WeChat, Weibo, and Moments. Content carrier: traffic poster + H5 with game User acceptance: Shared users are guided by the QR code to download the APP, participate in the activity and place a customized order for free. Activity diagram: User path breakdown: The user enters the activity page → participates in 0-yuan customization → selects a dynasty style → selects accessories → saves → enters the fan shop → fills in the delivery address → pays a small fee → completes the order (the sharing element is added, and there is no excessive sharing process design) 2.3 Profit points of fission ① To increase user activity, the user is allowed to choose their own face and the concept of customization is deepened. For users, this 0 yuan is also the cost of choosing their own style and accessories. ②Merchant advertising revenue. The platform can directly charge merchants advertising fees and order commissions based on the fission activity traffic. 2.4 Summary and Thoughts 1) From the perspective of event design, adding elements similar to face-pinching increases playability, which is an element I have never added to any event before and is worth learning . This increases the possibility of triggering traffic, but the platform did a general job in promoting the event, and only did some publicity on the site. Indeed, the event did not have a good hook design on the fission path. Perhaps the platform mainly wanted to increase user activity and fit the atmosphere of the Chinese Valentine's Day, and sharing was just a process that added icing on the cake. 2) Optimization point, the activity path is very simple this time, it just adds activity sharing path and playability of customized selection in the whole 0 yuan activity. Many people will share it with their friends because it is free and playable. Just like some psychological assessments and small games that were popular before, it does not give many incentives to the sharing users. However, it is difficult to guarantee the effect, so I still think that some incentives can be set for the sharers. I think it is an incentive for the sharees to receive such a 0 yuan customized and playable activity, but there is no strong motivation for the sharers. 3. Dismantling the User Activity System - Gold Coin System3.1 Clarify the operational objectives of the gold coin system Platform Introduction: Weipaitong is an antique e-commerce platform. Its business model is to continuously introduce user traffic to create an "online antique market" with precise target users, thereby charging merchants advertising fees, commissions, entry fees, after-sales service fees, etc. Gold Coin Name: Micro Bean Main operational goal: user activity rate (which can be understood as customer flow) 3.2 Analysis of the Intrinsic Driving Force of the Gold Coin System The main drivers are "possession" and "achievement" "Owning": Users can obtain Weidou through a series of platform-specified tasks. Weidou is linked to its trading function under the platform's definition, and can be used for cash deductions and exchanged for mall products. At this time, the internal motivation of "owning" is generated. Obtaining Weidou is equivalent to obtaining the circulating currency in the world defined by Weipaitong. "Achievement": It takes a certain amount of time to obtain micro beans. To exchange for the biggest hook product "Moutai", you need to complete a lot of tasks. Therefore , only users who have truly achieved this sense of achievement can feel the sense of accomplishment when they continuously complete tasks to obtain micro beans and accumulate micro beans to exchange for a big prize . In fact, it is not necessarily a big prize. Weipaitong has placed a great value on the micro beans on the platform. Users can get a sense of satisfaction and feedback in a timely manner by completing a task and obtaining a little micro beans. This is also a logic of game addiction. 3.3 Sorting out and analyzing key actions related to operational objectives Key actions summary: Key actions correspond to gold coin incentives: Log in to the APP - Sign in to get Weidou (sign in calendar, continuous sign in can get cash red envelopes) Browse the store - get free micro beans when you shop Watch live broadcasts - Share the live broadcast room to get micro beans (micro beans can be used to participate in the live broadcast room lucky draw) Auction Bid - Bid and get Micro Beans Order quantity——Micro Beans can be used as cash deduction——Micro Beans will be given away for successful order 3.4 Rules for obtaining and consuming gold coins 1) Obtaining Micro Beans 2) Consumption rules 1. Micro-bean effective mechanism (clearing rules) ① Validity period: from the date of obtaining the micro beans to the end of the following year. If it expires, it will be automatically invalid. For example, the micro beans obtained but not used by customers in 2017 will be cleared on December 31, 2018. ② If the user fails to log in to Weipaitong for 180 consecutive days, it will be deemed that the user has automatically waived the right to use Weidou and the account will be invalidated. 2. Use and consumption of micro beans
3. Some thoughts on consumption rules There are two main benefits to setting up a regular one-year rule for clearing micro-beans. One is to prevent being targeted by black industries, so that the accumulation of too much micro-beans will not lead to some speculative behavior; the second is to stimulate users to consume micro-beans, use micro-beans to participate in draws in live broadcast rooms, and redeem cash coupons. Just like what was mentioned in today's class, micro-beans may be the company's liabilities, so regular cleaning can urge users to be active and reduce the liability risk of the micro-bean value to the company. 3.5 Reusable gold coin system 1) The underlying logic of the gold coin system The underlying logic of the gold coin system is to use the intrinsic motivation in human nature to design a "task game". Under the influence of their own intrinsic motivation, users keep moving forward along the path designed by the game. Each timely feedback will make users feel that they want to get a pass to a certain level, which makes users more excited and continue to move forward, and so on, until the operational goals of the gold coin system are achieved! 2) How to use the gold coin system to leverage more traffic After carefully analyzing many details of the gold coin system of a certain product, I think there are two points if you want to leverage more traffic. The first point is rewards, which is to satisfy the user's internal motivation. For example, Moutai is very attractive to some collectors, and the sports medal of keep brings a great sense of honor and inner satisfaction to sports enthusiasts. These are rewards that are very suitable for users. The second point is the rhythm of progressive levels. If the threshold is too high, users will stay away. Only a few users with high time costs or sufficient patience will be willing to participate. However, for most users, they need to be tempted slowly, let them complete a simple task, give rewards and feedback in time, and then let them move forward for a while. Repeat this and make it a habit. Earning gold coins is like going to work every day. If you work hard, you will get income as a reward. 4. Dismantle the user activity system-growth system4.1 Growth system review Note: For a limited time, 20 micro beans equal 1 yuan, which can be directly deducted from cash. The cost of all free products will be calculated according to the platform quotation! 4.2 Growth System Analysis 1) The underlying logic of the growth system The core value of users for e-commerce platforms is consumption. Weipaitong builds a user growth system with "consumption" as the core purpose. When users upgrade to members, the membership logo and rights emphasize "identity and status" (such as 1-on-1 customer service, medical green pass, customized product search, etc.). The sense of dignity of high-level identity is created through membership logos and rights differentiated by level; thereby satisfying the user's inner driving force of "achievement, ownership, scarcity, and social interaction". Users want to gain satisfaction from continuous upgrades. 2) Growth value and cost accounting Growth value income: VIP8 is a threshold. Many VIP8s can get general benefits, and the consumption amount is between 300,000 and 1.22 million. For an antique platform, this number is achievable by many big customers. Therefore, many big customer services start from VIP8. Calculation of platform incentive ratio: Based on the estimated cost of VIP8 platform of 1,292 yuan/person, the minimum consumption amount is 300,000 yuan/person (sales), and the gross profit margin is 76%. Incentive ratio = estimated cost/(sales*gross profit margin) = 1,292/(300,000*76%) = 0.56% 3) The timeliness of the growth system. Why is it so timely? The action of buying antiques itself is not as high-frequency as the daily activities of Didi, Ele.me, etc. Therefore, the platform uses a 366-day annual cycle to ensure that the growth value can promote user activity and that new growth value can be continuously recorded within a year to achieve level achievements. 4) Growth system perception and deconstruction The growth system is displayed with a VIP logo in the user center, and users can clearly see their own level. Therefore, the most critical action for growth value is to place an order. Auction is the biggest feature of the platform. Each bid will have a clear member logo. Especially for competitive products such as auctions, the display of VIP can make users feel more "distinguished". At present, the notification of VIP increase or decrease only exists on the growth value display page. It does not reach users in the form of pop-ups, APP push, information notifications, etc. Users have a low perception of their VIP increase or decrease. There is no way for users to always pay attention to their level and frequently remember that they can "show off their identity". One thing worth learning is to integrate the point system like Weidou with the growth system to promote the better development of the operating purposes of the two systems. 4.3 Thoughts on the Reusability of Growth Systems 1) What kind of products are suitable for the growth system? Products with high-frequency usage and long-term product value are more suitable for establishing a growth system. Low-frequency products such as medical care, real estate, and automobiles are not suitable. However, after buying a car, the exclusive application will have a mall system, maintenance, repair, and after-sales systems. In order to maximize the traffic of the car owner group, a growth system will be established. By continuously purchasing service products to exchange corresponding rights and interests, the services originally provided by offline 4S stores have been moved online, making it more convenient to reach users. 2) What goals do you hope to achieve with the growth system?
3) If you want to build a growth system for your own product, what can you do? In fact, my own product is very suitable for building a growth system. Our goal is the number of members and the activity rate. The key actions are to open a membership and renew it for a long time and to order film and television content on demand every day. Therefore, membership and growth can be combined. For example, a member user can get 20 growth points for one hour of on-demand every day, and a non-member user can get 10 growth points for one hour every day. After the growth value is upgraded to a higher-level membership, some rights to film and television IP gifts or member discount coupons can be granted (encouraging non-member users to use the growth value to become members). 5. Dismantling the user monetization system - commercial monetization5.1 What are the monetization methods for this product? Some thoughts 1) Why was this product developed? What needs of which users and in which scenarios did it solve? Weipaitong has moved the offline antique market online, realizing a migration in space and time. Antique lovers and users interested in antiques can play with and explore antique products anytime and anywhere. In the form of a platform, it integrates the exposure needs of merchants and the purchasing needs of C-ends. It can bring in high-quality antique merchants from across the country to the platform, and can gather high-value antique users from across the country to the platform. It solves the problem of supply and demand and the ability to integrate resources. 2) Why is the price like this? How are other similar products priced? The pricing of all monetization models of Weipaitong is reasonable. For other antique products such as Wanwu Dezhi and Tiantian Jianbao, Weipaitong's traffic belongs to the first echelon, but the merchant fee is only slightly less than Wanwu Dezhi's entry technology fee of 1,000 yuan + 1,000 yuan warranty. This is one of the reasons why Weipaitong has more merchants than Wanwu Dezhi. In the early days, Weipaitong's merchant entry fee was only 300 yuan. It attracted a large number of merchants to settle in at a low price, operated in layers, optimized and sorted out the top merchants, and let these top high-quality merchants serve the high-quality users on the C-end. There will be an ROI consideration for merchants to settle in, and they will think about whether the platform can make their online sales higher than their operating expenses and entry fees. Therefore, in the early stage, the platform will try every possible way to give merchants as much benefit as possible and let merchants settle in. 5.2 Analysis of Monetization Product Operations Traffic monetization is something that all platform products do, whether it is connecting to external product advertising or selling traffic to merchants internally, it is a model that accounts for a large proportion of monetization income. Since it is impossible to obtain specific daily and monthly active pit traffic data, this model is not easy to calculate. Let's talk about the service monetization model that is exclusive to antique platform products, the appraisal service fee. Average customer price: 10-50/person, 60-1000/person, free treasure appraisal (live streaming) Physical identification by mail Online image and text identification Live free appraisal Quality merchants help identify The free appraisal model launched by the platform requires more than five years of vertical category appraisal experience and an appraiser certificate to take up the post. The free model is used to leverage the paid model, allowing users to understand the platform's authority, authenticity and appraisal capabilities through free appraisal experience, thereby creating the influence of Jianzhen Pavilion's quality service. 5.3 Deep Thinking By launching the authentication service, the pain points of C-end users were hit, and a customer base was formed by using the free traffic as an entry point. Then the platform started the "intermediary" business, helping quality merchants (paying merchants) to connect and allow merchants to directly participate in the authentication of user collections. For merchants: There are two benefits. One is to attract a group of loyal users (the occurrence of identification behavior can make users trust merchants more). The other is to increase their own exposure, use the background of the platform to endorse their own shops, and increase credibility. For the platform: the platform can charge merchants advertising fees and take commissions on appraisal fees, which is killing two birds with one stone, and it can also reduce its own appraisal manpower costs. Improvement: The online authentication mode requires jumping to the WeChat applet to upload the image and text information and pay to wait for authentication. In fact, at this step, the traffic that originally belonged to the site is directed to the WeChat end, which is not good for the platform itself. The most difficult thing for an APP is to direct the traffic from other terminals to itself, so that users stay in its own site for a long time. This behavior will increase the operation process of the authentication demand this time, which will have a certain impact on the user experience. But it may also be that there are some technical reasons that have to be done at present. 6. Dismantling the User Monetization System - Paid MembershipNote: The current product does not have a paid membership system. In order to ensure the completeness of the user operation system, assumptions have been made based on experience. 6.1 Paid Membership Design First of all, it should be noted that Weipaitong has not yet designed a paid membership system. What it has is a VIP system that combines a growth system and a membership system. Users can become higher-level members and enjoy higher-level rights and interests by completing order tasks and accumulating growth points. This has been explained in detail above. For e-commerce platforms, paid members can exist in the form of 88 members, JD members PLUS, etc. Members can enjoy consumer discounts, full discounts and other rights. Therefore, I will assume a "Weika VIP" membership right for Weipaitong, which can be purchased with cash and is different from the growth members. 1) Audience and goals of the paid membership system
Objective: The paid membership system is mainly to promote order growth, and secondly to screen and stratify users for refined operations and improve user value. 2) Research on paid membership system Weipaitong is a leading e-commerce platform in the vertical field of antiques, so its paid membership system can refer to the leading platforms. 3) Product core function sorting The core function of Weipaitong: You can design corresponding membership benefits around the core actions of the product. Of course, each core function has different impacts on the platform’s revenue, so the subsidy for the benefits can be designed after calculating ROI.
4) Design of paid membership benefits Major e-commerce platforms have launched their own membership systems one after another, but in fact, before the paid membership system was designed, the platform also had a growth system. However, with the slowdown in the growth of natural user traffic, the life cycle value of old users has become more important. Weipaitong currently has a membership growth system, and the consumption threshold required by the membership growth system is very high. Although the platform attributes determine that it has a lot of consumption above five figures, it takes 300,000 consumption quota to reach VIP8 through growth. Judging from the merchants currently introduced to the platform, there are still many categories of low-priced, high-frequency goods such as antique coins, bracelets, and artworks (see the picture for details). Designing a paid membership form can allow some low-spending people to enjoy discounts and save money, and distinguish them from the membership status of high-spending people. The introduction of such a membership system is also to stimulate the consumption of "this part of the group that directly becomes a member in a paid form." Some equity design ideas (personal experience): 5) How to design the “micro card” membership cycle The membership cycle can be launched in the form of monthly cards first. The specific benefits contained in the monthly card need to be calculated based on the cost. After a small-scale MVP commercial test, compare the sales and activity rate of the test group after the launch to see if there is an increase. If successful, conduct large-scale promotion. Then launch quarterly cards, annual cards, etc., all of which need to be promoted after MVP testing. 6) Bundling "growth" models to encourage more consumption The paid membership model needs to be integrated with the original membership growth system. The paid membership system that I set up based on my own experience is based on the principle that users can directly become members by paying, thereby obtaining some consumer rights and interests to achieve faster growth. 6.2 How to sell paid memberships 1) Sales scenario Sales scenario: By simulating the user's main product function usage path, a certain amount of information is laid out in each path link. For example, the startup page can inform users of special products while also writing the member discount price, and the payment option for placing an order can also write the member discount price (Pinduoduo's group purchase price and Ele.me's red envelope price both use this most core scenario) 2) Member promotion methods Make good use of the three core benefits of paid membership: saving money + service + joint name Saving money: Saving money is the most important benefit, so you need to help users do the math. Users will understand at a glance how much money you have saved by using these coupons, discount coupons, free shipping coupons, etc. Service: Paid members need to be distinguished from ordinary users, whether it is the reflection of the logo or the investment of platform service force. Exclusive customer service, advance treasure appraisal, expert advice, and priority bidding are all available on Weipaitong. Co-branding: Co-branding with detailed products of user groups is actually the integration of rights and interests, effective diversion of traffic, mutual benefit and win-win, which can relatively compress some cost space, thereby giving consumers more benefits and bringing more traffic to both parties. 3) Renewal Advance notice: Users can be reached through in-site messages, push notifications, text messages, etc. to inform them which benefits are about to disappear. If they are annual or quarterly members, their consumption bills can be used to let users know the value of the benefits they have, and also inform them how many benefits they have not used and encourage them to use them quickly. Early renewal: Leave a little discount cost when pricing the paid membership system, so that early renewal activities can be carried out, and users can get discounted prices by renewing in advance. 6.3 User operations for paid members? 1) Establishment of paid membership level system Differentiated by the dimension of paid membership, there are two main functions of building a level system. The first is to better distinguish users and conduct refined operations, allowing users to upgrade their levels based on product experience and services. The second is the screening function, screening out high-value users and investing 80% of energy to delay and amplify their life cycle value. We carry out refined operations for users differentiated by paying members and list goals for each level.
2) Membership Day and other activities stimulate user consumption We design Membership Day to cultivate users’ consumption habits, and subconsciously teach them that there will be huge discounts and offers on this day, and that this day is the time for crazy shopping.
References: Article 1, https://baijiahao.baidu.com/s?id=1707881480818992210&wfr=spider&for=pc Article 2, https://zhuanlan.zhihu.com/p/426670568 The above is Xuanxuan’s analysis of Weipaitong’s user operation system. Author: Xuan Xuan Source: WeChat public account "Operation Wang's Growth Diary (ID: yunyingwang001)" |
<<: A brand new business war is starting in the live broadcast room of "Fei Juan Snacks"
>>: User operation practice: fresh supermarket user operation case sharing
Private domain operation is undoubtedly very impor...
2023 is coming to an end. This year has been a yea...
This article introduces the reasons why this year’...
We can open our own Lazada cross-border e-commerce...
Since last year, small-scale merchants have begun ...
In today's globalized business environment, ma...
For users, understanding how to confirm payment su...
In the process of opening a store on the temu cros...
Shopee is one of the largest cross-border e-commer...
Arctic Ocean has been questioned due to its high p...
Becoming a new seller on Amazon is the choice of m...
Friends who shop on Amazon also know that as a cro...
How to do a good job of Xiaohongshu store live bro...
There are more and more Shopifys now, and more and...
This article explores the four key dimensions of b...