Core Insights - The article discusses the investment philosophy and historical performance of Baillie Gifford, a century-old investment firm that has achieved remarkable returns through its long-term global growth strategy [4][5][9]. Company History - Baillie Gifford was founded in 1908 as a law firm and transitioned into investment management after recognizing an opportunity in the rubber market during an economic downturn [6][7]. - The firm has evolved significantly over the past century, adapting to various economic cycles and crises, including the Great Depression and the 2008 financial crisis [4][8]. Investment Philosophy - The firm's core investment strategy, termed "long-term global growth strategy," has yielded impressive returns, with its flagship product, the Scottish Mortgage Investment Trust (SMT), achieving a total return of 13.64 times over nearly 20 years, compared to 3.85 times for the S&P 500 [5][9]. - Baillie Gifford emphasizes a long-term perspective, believing that a company's competitive advantages take at least five years to manifest, and thus focuses on investments that can maximize returns through compounding over time [10][12]. Research and Evaluation Framework - The firm employs a unique evaluation framework known as the "Ten Questions," which assesses companies based on their potential for growth, competitive advantages, and cultural fit, rather than solely on traditional financial metrics [14][15]. - Baillie Gifford prioritizes qualitative assessments, seeking to understand how companies can achieve high returns over a five to ten-year horizon [12][14]. Academic Collaboration - The firm collaborates closely with academic institutions to gain insights into long-term industry trends, which informs its investment decisions and helps it navigate market volatility [18][20]. - Key theories from scholars, such as the concept of "increasing returns" and the characteristics of "extreme winners," guide Baillie Gifford's investment strategy, focusing on companies that can achieve significant market advantages [19][20]. Evolution and Adaptation - Over its history, Baillie Gifford has continuously evolved its investment approach, moving from a global perspective to a focus on U.S. equities in the mid-20th century, and now emphasizing a long-term growth strategy in the 21st century [21].

Core Insights - The article discusses the shift in marketing paradigms, emphasizing the importance of intuitive decision-making over rational thought in consumer behavior [6][39] - It highlights the transition from traditional marketing strategies focused on creating new demands to modern approaches that awaken existing positive memories and associations in consumers [6][10] Group 1: Marketing Evolution - The essence of marketing is to attract and manage profitable customer relationships [5] - Traditional marketing methods based on conscious persuasion are becoming less effective, while new marketing focuses on emotional connections and existing consumer memories [6][10] - The goal is to create loyal customers who feel an emotional attachment to a brand, akin to friendship [8] Group 2: Customer Loyalty - Customer loyalty arises from both rational and emotional factors, with the ultimate aim being to transition from rational loyalty to emotional loyalty [16][20] - Rational loyalty is driven by product quality, consistent experiences, perceived value, and convenience [17] - Emotional loyalty is fostered through brand resonance, trust, and a sense of belonging within a community [20] Group 3: Building Brand Connections - Brands should focus on expanding their "brand connection group," which consists of all associations and memories related to the brand in consumers' minds [25] - Effective marketing should utilize "growth triggers" that resonate with consumers' existing beliefs and experiences [26] - Brands must avoid negative associations that can hinder growth and instead cultivate positive associations to strengthen their market position [31] Group 4: Strategies for Growth - Brands should prioritize acquiring new customers rather than solely relying on existing ones, as growth often comes from untapped markets [38] - The traditional marketing funnel is being replaced by a non-linear model that emphasizes rapid activation of unconscious associations [39] - Successful brands create a cohesive narrative that connects various themes and associations, enhancing their overall brand image [34][35]

Core Insights - Japanese Amazon sellers experience significant sales spikes during promotional events, with transaction volumes reaching up to ten times the daily average on Prime Day [1] - The Japanese Amazon marketplace has over 30 promotional events annually, creating a "holiday marketing ecosystem" that requires sellers to develop systematic traffic management capabilities [1] - A unique aspect of Japanese consumer culture is the points system, which symbolizes consumer identity and lifestyle, leading to the introduction of a ¥10 billion points promotion plan in 2023 [1] Promotional Strategy Adjustments - Starting June 15, 2025, new promotional rules will exclude products with high return rates or those priced significantly higher than competitors, pushing sellers towards a more refined strategy focusing on high-conversion and high-profit items [2] - Successful sellers establish a comprehensive execution system throughout the promotional cycle, including pre-event preparations and inventory management to avoid stockouts during high traffic periods [4] Logistics and Cost Management - Amazon Japan has reduced FBA shipping and storage fees, with some oversized item fees decreasing by up to 20% and 25%, respectively, while introducing cash-back incentives for new FBA products [4] - The upgraded Amazon SEND logistics system offers a user-friendly interface for sellers to quickly find optimal shipping solutions [4] Dynamic Management During Promotions - Real-time monitoring of promotional settings and performance is crucial during events, with immediate troubleshooting required for any issues that arise [6] - Post-event analysis is essential for evaluating promotional effectiveness and optimizing future strategies based on sales and profit data [6] Listing Optimization and Advertising - The recent upgrade of listing optimization tools on Japanese Amazon helps sellers create professional product detail pages, with free translation services available to ensure content is culturally relevant [7] - Advertising strategies should be tailored to Japanese consumer behavior, utilizing a funnel model to allocate budgets effectively across different advertising layers [7] Timing and Seasonal Strategies - Precise timing of promotional activities is key, with strategies like "early bird specials" and "core explosion" phases helping sellers reach consumers at various decision-making stages [8] - Different strategies should be employed based on seller maturity, with new sellers focusing on core promotional nodes and established sellers creating a product matrix for comprehensive coverage [8] Continuous Improvement and Automation - Continuous optimization and iteration are essential for success in the Japanese market, with a focus on localizing content and improving customer service [11] - Automation tools are increasingly important for managing the numerous promotional events throughout the year, allowing for real-time monitoring and alerts for performance thresholds [11] - Understanding local culture and maintaining a refined operational approach are critical for sustained success in the competitive Japanese Amazon marketplace [11]

Core Viewpoint - The article discusses the evolution and current state of membership systems, highlighting how they have shifted from beneficial models to tools for exploitation, ultimately eroding user trust and satisfaction [2][19][21] Membership System Evolution - Membership systems have existed since the late 19th and early 20th centuries, originally serving as exclusive social clubs for the elite, providing identity and exclusivity [2] - Early membership models were mutually beneficial, offering users loyalty and trust in exchange for discounts and services [4] - The advent of the internet allowed for the expansion of membership models, with companies like Amazon and JD.com successfully implementing paid membership systems that enhanced user experience and loyalty [4][5] Current Trends and Issues - Many companies have begun to exploit membership systems as short-term profit tools, leading to a dilution of actual benefits and user experience [8][12] - Video streaming platforms have shifted from providing genuine value to users to creating complex pricing structures that often leave users feeling exploited [10][12] - The rise of membership systems has led to a perception of exclusivity, but as membership numbers grow, the value of that exclusivity diminishes, resulting in user dissatisfaction [13][18] Case Studies - Sam's Club in China has seen rapid membership growth but has faced criticism for declining product quality, reflecting a broader trend of businesses prioritizing profit over user experience [15][16][18] - The phenomenon of "membership-exclusive" services, such as the "member-only restroom" at Nanjing Deji Plaza, illustrates how membership can be misused to create artificial scarcity and exclusivity [1][19] Consumer Sentiment - Consumers are becoming increasingly savvy, comparing membership benefits and prices, and are more likely to seek alternatives or unite for collective bargaining [21] - The article suggests that the essence of membership—providing quality and service—has been lost, leading to a fundamental disconnect between businesses and their loyal customers [21]

Investment Rating - The investment rating for the cross-border e-commerce industry is "Outperform the Market" (maintained) [2] Core Viewpoints - The 2025 Amazon Prime Day sales reached a record high of $24.1 billion in the U.S., representing a 30% year-on-year growth, exceeding the previous forecast of 28% [3][5] - The promotional period for Prime Day was extended from 2 days to 4 days, with overall discounts among U.S. retailers ranging from 11% to 24% [3][5] - Chinese sellers have capitalized on this opportunity by increasing investments in promoting new products and expanding brand influence, resulting in significant sales growth [3][5] - Emerging markets are expected to contribute additional growth, with Prime Day events planned for Brazil, Egypt, India, Mexico, Saudi Arabia, and the UAE later in the summer [6][9] Summary by Sections Sales Performance - Amazon's Prime Day in 2025 achieved sales of $24.1 billion, a 30.3% increase from the previous year, with sales and volume hitting historical highs [5] - A specific kitchenware company saw a 230% year-on-year increase in sales on the first day of Prime Day, while an outdoor apparel brand experienced a 140% year-on-year increase in sales volume [5] Market Opportunities - The overseas e-commerce market still has room for penetration, with strong consumer demand for quality Chinese products [4][9] - Cross-border brands are enhancing their product capabilities and diversifying regions to improve resilience against risks, benefiting from an optimized competitive landscape [4][9] Emerging Markets - The international business revenue for Amazon is projected to reach $142.9 billion in 2024, with a 9% year-on-year growth [7] - Chinese cross-border brands are actively expanding into emerging markets, with Anker Innovations increasing its revenue share from non-European and American markets from 26.84% in 2020 to 31.17% in 2023 [7]