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Tiger–DDonDaojia Date:
SAVEDATE\@"yyyy-MM-dd"
2015-04-22
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1
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NUMPAGES
5
BDAUpdateonDaojia
ExecutiveSummary
Daojia’sefficiencyinoperationandexpansionwasfarfromsatisfying.
Daojia’sordernumberwasstilllimitedafterfouryear’soperation(dailyorderwaslessthan20K),however,thenumberofordersandactivecustomershavealreadybeenstagnantinrecentmonths
Daojia’sexpansioninnewmarketsisthoughttobeinefficient,asitfailedtogetasatisfyingmomentuminaccumulatingmerchants,customersandorders.Especiallyin3ofthe5newlypenetratedmarkets(Nanjing,ChangzhouandWuxi),Daojiaonlyattractedhundredsofcustomersandgeneratedlessthan500monthlyordersafter8-month’soperation.
Userretentionispoor.1-monthactiveuserretentionrateisonly28%,considerablelowerthanBaiduWaimai’sfigure60%
Users’usingfrequencyhasnotbeenmuchimproved.Acustomeronlyput3.4orderseverymonth,andwenoticedthatthefiguretendtobestablealongwiththeuserlifecyclewithoutanyimprovement.
Moreover,Daojia’scourieraveragelyonlyconducts~10ordersperday,alevellowerthanothermajorplayers.WethinkthesituationwouldbelargelyattributedtoDaojia’sinefficientmanualorderdispatchingsystem.Howeverwedonotthinktheto-be-launchednewdispatchingsystemcanhelpimprovetheefficiencysignificantlygiventhelimitedtechinvolvedandthecurrentlysmallordernumber.
Moreover,basedonourcalculation,thereislittleopportunityforDaojiatobeaprofitablebusinessgivenitslimitedorderscaleandlowoperationefficiency.
Currently,Daojiastillsufferslossformostdeliverystations.
Anoverallbreakevencasecallsforeverycouriertodeliveryabout25orderseveryworkingday,alevelwhichwethoughttoohightobeachievableforDaojia.
Also,wehavenotseenDaojiaownsanycompetitiveadvantagesovermajorplayerssuchasBaiduWaimai,ElemeandMeituan.Astheseplayersaredeterminedtostepintothemid-andhigh-endsegment,wethinkDaojiawillbeundergreatcompetitionpressure
KeyFindings
Daojia’sefficiencyinoperationandexpansionwasfarfromsatisfying.
ThenumbersofDaojia’smonthlycustomersandmonthlyordershavebeenstagnantinrecentmonths.ThehistoricalmomentumwasalsonotstrongandthecurrentscaleofDaojiaisstillsmall.
NumberofDaojia’sMonthlyOrders,Apr14-Mar15
NumberofDaojia’sMonthlyCustomers,Apr14-Mar15
Daojia’s1-monthuserretentionisonly28%,andthefigurewitnessescontinuousdownturninthefollowingmonths.WethinkDaojiaisnotgoodatremainingusers,andsuchsituationwouldincreasethecostofacquiringasingleretaineduser.ItalsoimpliesthatDaojia’suserbaseexpansionisconductedinaveryinefficientprocess.
Forcomparison,BaiduWaimai’smanagementclaimedtheir1-monthretentionrateisabout60%
AverageUserRetentionRateofDaojia,Jan13-Mar15
Months
1
2
3
4
…
12
…
24
…
26
RetentionRate
28%
21%
18%
17%
…
13%
…
10%
…
9%
User’susingfrequencydoesnotwitnessanyimprovementalongwiththeuserlifecycleontheplatform.
Althoughthereisatwofoldincreaseafterthemonthwhenuserwasacquired,ithastobeaddressedthattheuserfrequencyinmonth0istheaverageforallnewlyacquiredusers,includingthoseacquiredatthebeginningofthemonthandthoseacquiredattheendofthemonth.Sothecomparablemeasurefornewusersacquiredinthecurrentmonthshouldbe3.4times(1.7x2),basicallyconsistentwiththeuserfrequencyinthefirst12months.
RetainedUserFrequencyofDaojia,Jan13-Mar15
Months
0
1
2
…
12
…
24
…
26
UserFrequency
1.7
3.2
3.2
…
3.5
…
3.7
…
3.5
Meanwhile,Daojiawitnessedalowerticketsizethantwoyearsago.Andthemanagement’splanmaydragthefigureevenlower.
DaojialaunchedaRMB9combosince1H2014,leadingtolowerticketsize.ItalsopromotesitsVIPcardswhichwaivethedeliverycostforacertainperiodoftime.ConsumerswhopurchasedtheVIPcardaremoreinclinedtoordercheaperfoods,sincetheydonotcareaboutdeliveryfeesanylonger.
Themanagementplanstolaunchmoreafternoonteadelivery,andtheticketsizeisexpectedtobedraggeddownevenfurther.
“SometimesuseronlyordersabowlofricebecausetheyhavetheVIPcardsthatcanwaivethecourierfee.Butwestillhavetotaketheorderanddeliverthericetotheuser.”
CurrentCourierofDaojia
AverageTicketSizeofDaojia,Jan13-Feb15
Daojia’sexpansioninnewmarketsisthoughttobeinefficient,asitfailedtogetasatisfyingmomentuminaccumulatingmerchants,customersandorders.
Sincethenumberofordersisoneofthemostimportantfactorthatrestaurantsvalues,Daojiamakesquiteslowprogressinexpansion.Itcanbefoundfromthefollowingchartthatthenetincrementalamountofnewcooperativerestaurantsinthosenewlypenetratedcitiesremainslow,indicatingDaojia’sstruggletoexpandnewmarkets.
NumberofNetIncrementalRestaurants,May14–Mar15
14-May
14-Jun
14-Jul
14-Aug
14-Sep
14-Oct
14-Nov
14-Dec
15-Jan
15-Feb
15-Mar
OriginalMarkets
Beijing
158
175
226
282
142
144
167
276
237
-17
121
Shanghai
25
19
27
10
47
12
10
76
138
-64
65
Hangzhou
-
14
27
-5
-4
1
10
4
9
-34
65
NewlyPenetratedMarkets
Suzhou
74
41
22
17
8
-14
2
52
-11
-18
24
Nanjing
6
37
25
-21
1
1
2
-3
-2
31
Changzhou
41
-1
-4
-1
-5
6
-2
-1
Wuxi
41
2
-
7
-1
-3
-1
-3
Tianjin
39
4
14
51
18
20
-8
17
Note:Thefigurereferstothenumberofstores,ratherthanchains.
Itisalsowitnessedthatthepercentageofordersfromtop10restaurantsdroppedfrom49%in2010to20%in2015,butthelevelisstillhigherthanourexpectation.Ontheotherhand,italsoimpliesthatthenumberofrestaurantscooperatedwithDaojiaisstillnotdiversifiedenough,reflectingtheinefficiencyinexpandingwithmerchants.
ThePercentageofOrdersfromTop10Restaurants,Jul07–Mar15
NumberofMonthlyCustomers,May14–Mar15
14-May
14-Jun
14-Jul
14-Aug
14-Sep
14-Oct
14-Nov
14-Dec
15-Jan
15-Feb
15-Mar
OriginalMarkets
Beijing
55,248
62,132
74,201
84,188
80,408
86,057
94,252
111,419
119,970
100,783
110,631
Shanghai
17,374
19,126
21,969
26,926
26,297
27,272
30,654
37,732
44,868
38,560
44,975
Hangzhou
3,645
3,780
6,130
5,008
4,068
4,608
5,627
5,959
5,094
3,250
4,218
NewlyPenetratedMarkets
Suzhou
11
2,180
2,716
1,396
1,234
1,826
1,752
1,844
2,628
1,818
2,151
Nanjing
170
89
172
113
110
190
182
110
134
Changzhou
149
211
157
171
153
170
102
254
Wuxi
20
92
135
164
151
160
140
252
Tianjin
68
368
221
213
461
556
427
496
NumberofMonthlyOrders,May14–Mar15
14-May
14-Jun
14-Jul
14-Aug
14-Sep
14-Oct
14-Nov
14-Dec
15-Jan
15-Feb
15-Mar
OriginalMarkets
Beijing
169,424
190,034
232,295
265,243
252,386
265,484
300,225
368,663
403,346
271,691
353,599
Shanghai
50,604
56,630
59,703
71,238
69,063
70,484
76,464
89,458
109,267
82,415
111,777
Hangzhou
7,226
8,067
14,091
13,203
11,263
10,582
11,986
12,247
11,769
6,930
10,670
NewlyPenetratedMarkets
Suzhou
2
2,753
3,843
2,906
2,998
4,188
4,692
5,247
7,577
4,338
6,182
Nanjing
291
164
342
219
292
628
924
717
295
Changzhou
258
355
236
267
261
306
151
371
Wuxi
20
130
270
298
297
311
224
428
Tianjin
73
486
446
478
1,272
1,471
1,008
1,522
Daojia’scouriersalsopresentalowerthanaveragenumberoforderscompletedeachday.Exceptfordistrictsthathaveverystrongdemandforthetake-outsfrommid-tohigh-restaurants,orhaveveryconcentratedandorganizedbuildinglayout,couriersfrommostnormaldistrictonlypresent~10ordersperpersoneachday(excludingthedaysthatcouriersdon’tgotowork),alevelbarelycoversthetotalexpenseofthestation.
Oneofthefactorsleadingtothelowpersonnel’sefficiencyisDaojia’sdispatchsystem.Daojianowutilizesadispatchsystemthatiscompletelyoperatedmanually.Manualoperationsystemisthemostoriginalsystemintheindustry,andotherplatformsstartedtotryothersystemsearlierthanDaojia.
ComparisonofDispatchingSystemamongMainO2OFoodDeliveryPlatforms
Daojia
BaiduWaimai
Meituan
System
Manualsystemcurrently.
Willadoptsanelectronicsysteminnearterm.
Electronicsystem.
Electronicsystem.
OncetriedDidi-likesystembutstopped.
DispatchingDecision
Daojia’sscheduler
Managedthesystem
SystemandpartofordersarebothmanagedbyMeishisong,athirdpartylogisticcompany
ManualIntervention
Yes
Relativelyless
Yes
Couriers
EmployeesofDaojia
Thirdpartylogisticcompany
Thirdpartylogisticcompany
#ofDailyOrdersperCourier
Bestarea17,average10
Bestarea20,average10
Baidurecruitedmorecouriersthanactuallyneeded,asapreparationforfutureexpansion.Hencecurrentefficiencyshouldbelowerthantheachievablelevel.
About25
“Eveniftheplatformadoptsanelectronicplatformthatiscompletelyfreefrommanualcontrol,thenumberofdailyorderspercouriercandeliverwouldstillbenomorethan15forDaojia.Becauseitdoesn’thaveascalebigenoughtosupportsuchorderarrangement.”
IndustryExpert
DaojiaplanstolaunchaDidi-likeorderdispatchingsystemthatallowscourierstotakeordersbythemselvesbutalsoallowsschedulertomakesomeinterventionwhenitisneeded.Butwedon’tthinkthesystemwillsignificantlyimprovetheaverageefficiencyofcouriers.
OurinterviewswithDaojia’scouriersandschedulerfoundseveralfactorswhichrestricttheefficiencyofDaojia’scouriers,butDaojiacandolittlethingstochangethesituation.Forexample,amostcriticalbottleneckisthatcouriershavetowaitwhentherestaurantsarepreparingmeals.
Theotherpointcausingthelowefficiencypercourieristhelimitedamountoforders.Ahigherorderconcentrationisverynecessaryforordercombinationwhileitdirectlyrelatestothetotalordersize.Accordingtocouriers,thereisnotmuchtimetocutdownfordelivery.Toaddresstheproblemoflowefficiency,Daojianeedstomakecourierstodelivermoreordersforeachride.
SomecouriersevenconfessedthatitwasunlikelyforDaojia’scourierstoachieveefficiencyashighasthatofMeituan’sriders.
OnereasonisthatmostofMeituan’sordersarelightmealswhichcallsforlesstimetopreparecomparedtoDaojia’sorders.
AnotherreasonisthatDaojia’sorderoftenhasmanyboxes,andacourier’sbagcanonlycontain3-4ordersatthesametime.However,Meituan’sordersusuallyonlyhas1or2boxesandMeituan’scouriercantakemaybe5-6ordersatthesametime.
BasedonBDAcalculation,giventhefactthatDaojiahaslittlemomentumingeographicexpansion,wecanhardlyseetheopportunityforDaojiatobeaprofitablebusiness.(pleaseseetheexcelversionofUEanalysisfordetails)
BDAbuildamodeltounderstandDaojia’sprofitabilityunderthreescenarios:
CurrentcasepicturesDaojia’ssituationduringMarch2015
BestcasepredictsDaojia’sprofitabilitywiththehighestpercourierefficiencythatwethinkisachievable
Underbreakevencase,weestimatestherequiredpercourierefficiencytomakeDaojia’sendsmeet
SincewefoundthatDaojia’sexpansionisclearlyinefficientandineffectivenow,wedidn’tconsideredfuturegeographicexpansioninourmodel.AndactuallywedonotthinkDaojia’slastroundofexpansionmakesanyeconomicsense.
Weassumedallthestationscanachieveadesirableefficiencyinourmodeltoconservativelyestimatetheoverallloss.However,thestationssetupinlastroundofexpansionclearlyunderperformedthoseinmaturemarketssuchasBeijingandShanghai,andthereisnoevidencethatthosenewstationsarecatchingup.
Thebestcasepresentsthebestachievablelevelofkeyoperationalmetrics,butDaojiaisstillamoney-losingbusinessundersuchcase.
Toensureasatisfyingdeliverytime,industryexpertsthoughtitisreasonabletocontrolthateverycouriertodeliveryabout17orderseveryday
Themanagementclaimedtheto-be-launchedDidi-likedispatchingsystemcanhelpimprovetheefficiencyperrider,butwethinktheimprovementwouldbelimited.WevisitedastationthattryingtheDidi-likesystem,andthesupervisorclaimedanimprovedpercourierefficiency.However,wefoundtheexpecteddeliverytimeisashighas2hoursatnoon,andwethinkthestationactuallyneedsmorecourierstomaintainuserexperience.Asaresult,theso-calledimprovementinpercourierefficiencyshouldbelargelyunsustainable.
Moreoverinthestationemployednewsystem,therearestillonesupervisorandtwodispatchers.
WeusetheLTMaverageticketsizeinourmodelinaconservativemanner.ActuallyweexpecttheticketsizewillgraduallydeclineasDaojiastartedtocooperatewiththosefastfoodchains.
Thetakerateinourmodelis12.7%,theLTMaveragefigure.WealsoexpecttheDaojiahaslimitedbargainingpowertodragitupasthehead-to-headcompetitionfromBaiduandMeituanisaroundthecorner.Hence,wethinkthisfigureisalsoaconservativeone.
ThehistoricaldeliveryfeeperorderislessthanthestandardfigureRMB6,becausemanycustomershaveVIPcardsandtheirdeliveryfeesarewaived.
Thebreakevencaserequiresaconsiderablyhigherefficiencypercourierthanthebestlevelthatwethinkisachievable.Hence,wedon’tseetheopportunityforDaojiatobeabreakevenbusiness,letaloneprofitable.
Asabovementioned,wedon’tthinkitissustainabletoleteveryriderdeliverabout25ordersperdaybecauseitishardtoensurethedeliverytimeandmaintainuserexperience.
Also,thebreakevencasecallsformorethandoubleddailyordercomparedtocurrentsituationincurrentmarkets,withoutadditionalsubsidiestorestaurantsorcustomers.WethinkitwouldalsobeagoaltoohardforDaojiatoachieve,consideringthecompetitionisexpectedtobeseverer.
OursensitivityanalysisrevealedthatevenifDaojiacanmaintainatakerateashighas20%,tomakeDaojiaabreakevenbusiness,itstillrequireseverycouriertocompleteabout19orderseveryworkingday,anefficiencythatwethinkistoohightobeachieved.However,wethink20%takerateistoohightobeachievable,especiallygiventheexpectedcompetitionfromBaiduandMeituan.Meanwhile,tomake19orderspercourierperdayavalidbreakevenpoint,Daojiastillneedtopreventitsaverageticketsizefromdeclining.
BDAEstimateonDaojia’sMonthlyProfitability
[Unit]
CurrentCase
BestCase
BreakevenCase
Note
DaysperMonth
[#]
30
#ofStations
[#]
70
Station-LevelMetrics
HeadcountperStation
[#]
31
31
31
Supervisor
[#]
1
1
1
Dispatcher
[#]
2
2
2
Rider
[#]
28
28
28
MonthlyCapacityperRider
[#]
242
442
635
DailyCompletedOrdersperRider
[#]
9.3
17.0
24.4
BestCase-BDAInterviews
WorkingDaysperMonth
[#]
26
26
26
Companyinfo
Dailyordersperstaff
[#]
7.3
13.3
19.1
Thebestcaseisinlinewiththecurrentlevelofmostmaturestations
VIPsoldperRider
[#]
7.0
7.0
7.0
LTMAverage
NetRevenueperOrder
[RMB]
14.6
15.3
15.3
CommissionperOrder
[RMB]
12.8
13.3
13.3
TicketSize
[RMB]
87.3
88.9
88.9
LTMAverage
TakeRate
[RMB]
15.5%
15.9%
15.9%
LTMAverage
VATRate
[%]
6.0%
6.0%
6.0%
DeliveryFeesperOrder
[RMB]
1.8
2.0
2.0
LTMAverage
MonthlyStation-levelP&L
TotalOrderNumber
[#]
6,784
12,376
17,792
NetRevenue
[RMB]
113,622
200,776
283,579
Commissions
[RMB]
86,866
165,057
237,292
DeliveryFees
[RMB]
12,360
24,147
34,715
VIPCards
[RMB]
14,396
11,572
11,572
LTMAverage
Salary
[RMB]
91,341
135,584
157,249
Rental
[RMB]
7,597
7,656
7,656
LTMAverage
OtherCosts
[RMB]
21,103
20,201
20,201
LTMAverage
Station-levelOperatingProfit
[RMB]
-6,419
37,336
98,474
Station-levelOperatingMargin
[%]
-6%
19%
35%
MonthlyOverallP&L
TotalOrderNumber
[#]
474,894
866,320
1,245,454
DailyNumberofOrders
[#]
15,830
28,877
41,515
NetRevenue
[RMB]
7,953,558
14,054,349
19,850,542
OperatingExpenses
[RMB]
16,117,833
18,334,007
19,850,542
Station-levelCosts
[RMB]
8,402,875
11,440,840
12,957,374
Salary
[RMB]
6,393,895
9,490,880
11,007,415
Rental
[RMB]
531,789
535,892
535,892
Othercosts
[RMB]
1,477,191
1,414,067
1,414,067
HeadquarterCosts
[RMB]
7,714,958
6,893,168
6,893,168
G&AExpenses
[RMB]
3,692,743
3,692,743
3,692,743
Mar.2015Data
SalesandMarketingExpenses
[RMB]
4,180,923
3,359,133
3,359,133
2015Q1Average
FinancialExpenses
[RMB]
-158,709
-158,709
-158,709
Mar.2015Data
OperatingProfit
[RMB]
-8,164,275
-4,279,658
0
OperatingMargin
[%]
-103%
-30%
0%
SensitivityAnalysisonDaojia’sOverallOperatingMargin
DailyCapacityperRider
TakeRate
10
12
14
16
18
20
22
24
26
28
30
12%
-152%
-116%
-90%
-71%
-57%
-45%
-36%
-27%
-21%
-15%
-9%
13%
-137%
-104%
-79%
-61%
-47%
-36%
-27%
-20%
-13%
-7%
-3%
14%
-124%
-92%
-69%
-51%
-39%
-28%
-20%
-13%
-6%
-1%
4%
15%
-112%
-82%
-60%
-43%
-31%
-21%
-13%
-6%
-1%
5%
9%
16%
-102%
-73%
-52%
-36%
-24%
-15%
-7%
-1%
5%
10%
14%
17%
-92%
-65%
-44%
-29%
-18%
-9%
-2%
4%
10%
14%
18%
18%
-84%
-57%
-38%
-23%
-13%
-4%
3%
9%
14%
18%
22%
19%
-76%
-50%
-32%
-18%
-8%
1%
7%
13%
18%
22%
25%
20%
-69%
-44%
-26%
-13%
-3%
5%
11%
17%
21%
25%
29%
Daojialackscompetencycomparedwithpeers.Ithassmallerscaleinthenumberoforders,penetratedmarketsandtheamountoftraffic,whilepeersarealsoapproachingtothemarketwhichistargetedbyDaojia.
DaojiastartedearlierthanotherO2Ofooddeliverycompanies,butlagsbehindotherpeersinthenumberoforders,citiesandactiveusers.
MainO2OFoodDeliveryCompaniesComparisonfortheNumberofOrdersandCities
Daojia
BaiduWaimai
Meituan
Eleme
TaoDD
EstablishDate
10-Oct
14-May
13-Nov
9-Apr
13-Dec
#ofCities
8
70
200-300
200-300
20-30
#ofOrdersperDay(‘000)
20
160
1,000
1,000
140-150
%ofCampusOrder
0%
10%
75%
60%
55%
%ofCommercialOrder
100%
90%
25%
40%
45%
“Daojiaonlycooperateswithmid-tohigh-endrestaurants,kindoflimitingitsexpansioninthemarket.RestaurantsthatcooperatewithDaojiaalsoworkswithotherO2OfooddeliverycompaniessuchasMeituanorBaidu,butlowerendrestaurantsareexcludedbyDaojia.ThereisnoadvantageforDaojiaintermsofthenumberofcooperatedrestaurants,anditisdirectlyreflectedonthenumberofordersandonitspaceinexpansion.”
IndustryExpert
WhatmakesDaojia’ssituationevenworseisthegreatdifficultyinbuildingbarriersinmerchantends.Consumerstendtohavethemealonsiteinthosemid-tohigh-endrestaurantsmorethanintheothers,andtake-outsonlycontributeatmost10-15%oftherestaurant’stotalrevenue.Becauseofthelimitedrevenuecontribution,Daojiadoesn’townthebargainingpowerstrongenough
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