Annual Results Were Announced in China Marketing Forum; MINISO Was Awarded the “Innovation Award for Enterprise Marketing”
On December 15, 2016, the 14th China Marketing Forum hosted by China Marketing was successfully held in Beijing International Hotel. The China Marketing Forum is a grand event for Chinese marketers once a year. A large number of specialists and enterprise executives gathered at the forum and discussed about the marketing experience of the Chinese market. The 14th China Marketing Forum is on the theme of “An Era of Upgrading -- the Pioneers and the Leaders”. Many leaders of traditional enterprises had a dialogue with each other on the topic of enterprises transformation and innovation. Representatives of many famous brands such as Yili, Bubugao, MINISO and Ausnatria were present at the forum. On that very day, a number of classical awards in Chinese marketing industry were also announced, such as the “2016 Innovation Award for Enterprise Marketing”and “The Most Outstanding Figure of 2016 China Golden Tripod Award”. With its innovative business model and rapid development, MINISO was awarded the “2016 Innovation Award for Enterprise Marketing”. Mr. Ye Guofu, global co-founder and CEO of MINISO was invited and gave a speech at the forum.
(Illustration: MINISO was awarded the 14th Innovation Award for Enterprise Marketing of China. )
It is reported that the China Marketing Forum invited authoritative specialists to compose a review committee, who would make the decisions in accordance with justice and equity. The review committee considered that the reason why MINISO is popular around customers is that it develops new developing model, innovative supply chain and provides high quality but low-price products with unique design to consumers. Nowadays, traditional retail industry is going downhill, while MINISO reverses this situation and develops at an unbelievable high pace.
In less than three years, MINISO opens stores around the world, reaching strategic cooperation agreements with more than 40 countries and regions such as the U.S, Canada, Australia, Russia, Thailand, Singapore and Hong Kong (China). More than 1800 stores are opened all over the world, with a monthly 80 to 100 stores opening rate. In 2015, its global revenue reached RMB 5 billion, which is expected to exceed RMB 10 billion by the end of 2016. MINISO expands rapidly across the globe, which is far quicker than other brands of the same kind. It is deemed as the “fiercest competitor” by some well-known retail enterprises such as Watsons and UNIQLO.
(Illustration: Mr. Ye Guofu addressed the China Marketing Forum on the topic about Inspiration of the New Model in Retail Industry.)
Mr. Ye Guofu indicated that, although the term “new retail” was put forward by Jack Ma, the big name in e-commerce industry, MINISO is developing toward “new retail” at the early stage of its establishment. Indeed, the so-called “MINISO model” built by Ye Guofu is of great importance to the development of MINISO. First of all, there are special marketing research analysts in MINISO to research the demands of consumers and their favour to products. Afterwards, the design team may design the products after summarizing all the data. Besides that, to ensure the quality of products, MINISO cooperates with top suppliers worldwide, such as Intercos, Givaudan, which provide services to brands such as Chanel, Armani and Lancome. In addition to high quality products, MINISO also pursues competitive prices. To lower the prices, MINISO abandoned the commission based system but established central warehouses in the transportation junctions both at home and abroad, so as to guarantee the products that can be delivered to each store rapidly and directly. The high-efficiency system ensures that MINISO is able to launch new products every three days and complete goods circulation of the whole store every 21 days.
However, with such rapid development, a large number of copycats emerged. In the past one year, there were many brands copied the name or products of MINISO, but not many of them survive at last. They can imitate the surface of MINISO, but can not completely copy the so-called “MINISO model”. With the aim of letting more people understand how MINISO operates, Mr. Ye Guofu introduced the new book There is no secret at MINISO. It is said that this book is jointly published by the Blue Lion Publisher established by Wu Xiaobo, the specialist in finance and economics, and the CITIC Press Group. The writer is Du Boqi, the famous writer in finance and economics, who explores MINISO’s business model and the reason why it develops at such high pace from the aspects of marketing, quality management, logistics, enterprise management and cooperative partnership, etc.
MINISO, the dark horse in retail industry, which develops under the sluggish circumstances of traditional retail industry, has made great innovation to this field. After being awarded the CCFA Supply Chain Innovation Award, MINISO proves itself once again by winning the Innovation Award for Enterprise Marketing. It arouses people’s attention and is widely accepted by consumers all over the world. In the future, MINISO will keep pace with the times and explore the new models which suit the trend of times so as to promote the sound and stable development of the retail industry.