Core Insights - The article discusses the successful listing of Jushuitan on the Hong Kong Stock Exchange and highlights the lessons that can be learned from its journey rather than just the results. Industry Selection - Jushuitan's success is attributed to its strategic choice of industry, capitalizing on the booming e-commerce sector in China, where the demand for order, inventory, shipping, and financial management surged due to explosive growth in e-commerce sellers [3][4] - The company effectively captured existing demand rather than creating it, targeting a large and concentrated user base of Chinese e-commerce sellers, which allowed for rapid scalability through a productized and bulk approach [4] Pricing Strategy - Jushuitan employs a per-order pricing model, which aligns with the essence of SaaS by charging users based on their business volume rather than fixed annual fees [5][6] - This pricing strategy offers three main advantages: it lowers the entry barrier for small businesses, ties revenue growth to customer success, and provides transparent value, making customers willing to pay for business growth rather than software licenses [7][9][10] Growth Model - The company's early growth relied on a traditional sales force rather than modern marketing techniques, focusing on direct sales to penetrate the market effectively [11][12] - Jushuitan's sales team operated as a "street team," recognizing the necessity of ERP for sellers managing multiple platforms and stores, which led to strong market penetration [12][13] New Competitive Advantage - Jushuitan's competitive edge lies not just in its ERP capabilities but in its development of a "goods distribution ecosystem," integrating a vast network of suppliers and factories to create a comprehensive drop-shipping system [14][15] - This transformation from an order management tool to a supply chain distribution platform allows Jushuitan to generate both predictable SaaS revenue and growth from platform transactions, embodying the "second curve" logic of business-oriented SaaS [15][16]