“红猫计划”不红了？发布2个月后的冷思考

Core Insights - The "Red Cat Plan" launched by Xiaohongshu in collaboration with Alibaba aimed to create a direct link from "grass planting" to "transaction" across platforms, but quickly became overshadowed by other e-commerce developments [2][6] - Xiaohongshu is repositioning itself as a "business entry point," emphasizing the value of content-driven marketing that can be quantified through data, marking a significant shift in the e-commerce landscape [2][7] - As of July 10, over 2,000 merchants have applied to connect Xiaohongshu with platforms like Tmall and JD, indicating a growing interest in this new operational model [2][7] Group 1 - The "Red Cat Plan" and subsequent "Red Jing Plan" have opened a pathway for consumer behavior that flows from Xiaohongshu's content to transaction pages on Tmall and JD, allowing for quantifiable metrics like brand search volume and order ROI [6][7] - Xiaohongshu's Vice President of Technology presented data showing that the actual ROI for high-end home brand Cabana's advertising on Xiaohongshu could reach 39 when accounting for offline purchases, highlighting the platform's underestimated commercial value [5][6] - The report from Yicai Business School aims to systematically explore how Xiaohongshu's "grass planting" can integrate with other transaction platforms, providing insights into the evolving e-commerce landscape [2][7] Group 2 - Xiaohongshu's self-operated e-commerce efforts have faced challenges, leading to the discontinuation of certain services and a reliance on advertising revenue, which accounted for approximately $2.4 billion of its $3.7 billion total revenue in 2023 [9][10] - The platform's GMV for 2023 is estimated at around 230 billion, significantly lower than competitors like JD and Pinduoduo, which achieved GMVs of 658.2 billion and 2.4 trillion respectively during their profitable years [9][10] - Xiaohongshu's positioning as a "business entry point" offers a differentiated advantage in a crowded market, as it focuses on measurable advertising effectiveness rather than solely on e-commerce [9][10] Group 3 - The evolution of e-commerce in China has transitioned from a closed-loop model to a new open-loop era, with Xiaohongshu and Bilibili leading the charge in this transformation [13][14] - The report outlines a framework for merchants to navigate Xiaohongshu's ecosystem, emphasizing the importance of selecting the right products, targeting the appropriate audience, and optimizing content strategies [15][16] - Merchants are encouraged to leverage both Xiaohongshu's internal and external channels to maximize their reach and sales potential, with case studies illustrating successful strategies across various industries [26][28]