Core Viewpoint - The article discusses the growing trend of e-commerce businesses outsourcing their store operations to third-party companies, known as e-commerce agency operations, and provides guidance on how to select a reliable partner in this field [1]. Group 1: What is E-commerce Agency Operation? - E-commerce agency operation involves merchants entrusting the management of their online store to specialized third-party companies that possess extensive operational experience, professional teams, and advanced technological tools [3]. - The services offered by e-commerce agencies include store setup and design, product listing and optimization, marketing promotion, customer service, and data analysis for continuous improvement [3][4]. Group 2: How to Choose a Reliable Agency - Assessing the agency's qualifications and capabilities is crucial, including evaluating the company's size, stability, and past successful cases relevant to the merchant's industry [5][6][7]. - Understanding the service offerings and pricing models is essential, ensuring that the agency covers all operational aspects and has transparent pricing [9][10]. - Reviewing successful case studies and customer feedback can provide insights into the agency's effectiveness and communication efficiency [12][13]. - Evaluating the professionalism of the agency's team, including their training mechanisms, is important for ensuring high service quality [14][15]. - Establishing clear communication and collaboration mechanisms is vital for smooth cooperation, including regular meetings and defined workflows [16][17]. - Merchants should be cautious of exaggerated claims and low-cost traps, as these may indicate poor service quality [18][19]. Group 3: Summary - Choosing a reliable e-commerce agency requires merchants to consider various factors such as the agency's qualifications, service offerings, pricing models, successful case studies, team professionalism, and communication processes [20]. - Collaborating with a professional agency can significantly enhance a merchant's competitiveness and business growth in the increasingly competitive e-commerce landscape [20].

Investment Rating - The report maintains a "Strong Buy" rating for the food and beverage industry, specifically highlighting the potential in the liquor sector due to the ongoing digital transformation [1]. Core Insights - The report outlines the evolution of online liquor sales in China, indicating a significant growth trajectory with a 56.4% year-on-year increase in online liquor sales, reaching over 120 billion yuan in 2023 [3][23]. - The shift towards online sales is driven by several factors, including the pressure on traditional sales channels, the influence of substantial subsidies from e-commerce platforms, and the preferences of younger consumer demographics [3][34]. - The report anticipates a long-term trend towards the standardization of online liquor sales, with the potential rise of professional operational agencies to assist liquor manufacturers in navigating the digital landscape [3][44]. Summary by Sections Review of Online Liquor Development - The report identifies four key phases in the development of online liquor sales from 2000 to the present, highlighting the gradual maturation of the e-commerce landscape and the increasing integration of liquor brands into online platforms [3][4]. Reasons for Growth - The report attributes the growth of online liquor sales to the maturity of logistics and payment systems, the normalization of e-commerce subsidies, and the changing preferences of younger consumers who are more inclined to shop online [3][34][37]. Future Outlook - The report suggests that the online penetration rate for liquor is currently at 12%, indicating substantial room for growth compared to the overall consumer goods market, which has a penetration rate of approximately 30% [3][44]. - It also notes that the rise of high-potential channels like Douyin (TikTok) presents significant opportunities for further expansion in online liquor sales [3][44]. Investment Recommendations - The report recommends focusing on three main lines of investment: high-end liquor brands such as Kweichow Moutai and Wuliangye, mid-range brands like Shanxi Fenjiu, and local brands positioned in expanding price segments [3][44].