Online Class Notes (Tibo)

I am very busy, my time cannot match your time but today we had 2 days training and I got home earlier
The training was about professional product division. The company invited some finance peers to share with us and we had a finance peer dinner.

Today we did some store visits and workshops.
It is more like we receive the information from the founders and CEOs. / it was like an interview with some founders and CEOs
They can give us advanced ideas in the industry. / they shared with us their views on where the industry is going

It  did not surprise me but I got a lot of new ideas.
Sometimes you cannot touch the business level directly and you cannot know the trends of the market. It gives new ideas and sometimes you may not quite understand how they grow up so quickly. / it helped me to consider things from a different angle
you can expand your vision.

He created his own company and provides service for some brands and they target some niche markets
They provide services like marketing or to expand the channels or create and maintain the community. They all mentioned about interaction and community.

for the business itself it is like Sephora but it creates a new concept. The design is fashionable / trendy and clean.
They don’t get the samples from the brand, they get them from department stores…
Maybe a bottle is expensive but you just buy a sample . it just costs CNY55 to buy a 5ml sample.
The full bottle might be out of reach for some but sample are affordable for everyone.

maybe you just like the brand but you can just afford a sample / but you are not ready to buy a full bottle yet.

Sample business only represents 20% of their business

when someone imitates them they give up /abandon the niche market immediately.
They want to provide lifestyle to the consumer, not only a product itself.

70% are below 30.
they are easy to be attracted / they are easily attracted by the new design of the store.

if will take you 1h to step out of the store / customer will easily spend more than 1h to discover the whole store.
For retailers the more time you make your customer stay in your store the more chance you have that they buy in your store. / for retailers the longer they stay the higher your chance of getting sales

You can also buy lemon juice or snacks.

the XTD concept is supermarket. It is like a supermarket.

They want to open stores at the locations where you just walk buy. / at popular locations with a lot of traffic
They think Pudong is not good for casual shopping.

Their bargaining power is much stronger

It is a great thing for them that they can combine different business models together

They walk around and realize they don’t know what to buy but they are not willing to leave with nothing and will buy something.
They provide the warehouse concept.  / they follow a warehouse concept

their conversion rate is more than 40% and the average basket is about CNY700

they opened it on the first day of September

The way of building a brand and accelerating a brand are changing.

I start to hate e-commerce a little / sometimes I kind of dislike e-commerce. I prefer to shop offline.
Shopping online is convenient but the opposite side is it reduces my inspiration to shop

Vocabulary

impulsive (adj) 冲动
They are many impulsive buyers

impulse (n)
I bought a new car on an impulse

conversion rate (n) % of people who come in who end up buying
Their conversion rate is 40%

Venture Capital (VC) fund investing in start ups
A Venture Capital invested in them

self service (n) when you mostly do / buy things by yourself
Most stores adopt a self service model. Hema is a self service supermarket

to consist (v) be made up of
Our revenue consists of sample sales and full size bottles.

fashion (n)
Hat are in fashion

fashionable (adj) / trendy
This kind of store is fashionable

flagship store (n) biggest store
They opened their flagship store in XTD

teeth cleaner (n) a machine you use to clean your teeth with water
I bought a teeth cleaner