“红猫计划”官宣14天，小红书内部矛盾还没解决

Core Viewpoint - Xiaohongshu's "Red Cat Plan" marks the beginning of its e-commerce openness, collaborating with Taotian to enhance brand marketing and sales conversion [1][2]. Group 1: Red Cat Plan Progress - Two weeks after the announcement, many brands on Taobao are still in a wait-and-see mode, assessing the effectiveness of the Red Cat Plan before adjusting their budgets [2]. - The initial whitelist for the Red Cat Plan is limited to fast-moving consumer goods, outdoor sports, and health sectors, resulting in few active merchants [2]. - The "Grass Direct" marketing product, launched on May 12, allows merchants to link ads in Xiaohongshu posts to Taotian for transactions, indicating a shift in business models [2]. Group 2: Potential Issues - The e-commerce GMV on Xiaohongshu may be pressured by external platforms like Taotian, and potentially JD and Pinduoduo in the future [3]. - As the Red Cat Plan attracts more advertising budgets, merchants may reassess Xiaohongshu's value, potentially lowering or eliminating GMV targets for the platform [3][4]. - The internal structure of Xiaohongshu, with separate departments for e-commerce and commercial advertising, may face challenges in achieving synergy due to the Red Cat Plan's focus on brand marketing [3][11]. Group 3: Strategic Adjustments - The Red Cat Plan may lead to a shift in the e-commerce team's core metrics from internal GMV to external transaction metrics [8]. - Xiaohongshu's strategic value in e-commerce is undergoing dynamic adjustments, with the Red Cat Plan signaling a prioritization of brand marketing over direct e-commerce [10][22]. - The departure of key personnel in the commercial department suggests potential challenges in executing the Red Cat Plan and achieving internal alignment [15][16]. Group 4: Long-term Outlook - Xiaohongshu's shift back to a focus on brand marketing rather than a closed-loop e-commerce model reflects a strategic compromise rather than a complete abandonment of e-commerce [21][24]. - The Red Cat Plan aims to attract medium to large-scale merchants, enhancing Xiaohongshu's advertising revenue while potentially leading to a future return to closed-loop e-commerce [23][24]. - The effectiveness of the Red Cat Plan could lead to a win-win situation for both Xiaohongshu and participating brands, as it helps identify suitable brands for the platform [24][25].