MarketingPulse｜Talk with POP MART CCO: Deconstructing the Blind Box Economy

The most popular product in the toy industry nowadays is non-transparent packaging products (blind boxes).

Grasping the curiosity and speculative mentality of consumers, POP MART, China's largest trendy toy company, has successfully created a blind box economy with tens of billions of profits. Even under the impact of the epidemic, POP MART will be launched in 2022 And overseas performance is still growing, so many people in the industry want to know more about the marketing secrets.

Zhou Shuying (Alex), Chief Consumer Operations Officer of POP MART, will attend the MarketingPulse (Asian Brand and Marketing Forum) and eTailingPulse (Asian Electronic Commerce Forum) held by the Hong Kong Trade Development Council at the Hong Kong Convention and Exhibition on March 15 to analyze and communicate with customers The importance of interaction and how localized marketing strategies can help brands enter the global market, HK01 took the lead in talking with Alex before the forum, let everyone understand the marketing model of POP MART first, you can do your homework first, and then MarketingPulse x eTailingPulse had an in-depth exchange with Alex.

Alex, Chief Consumer Operations Officer of POP MART, is responsible for constructing the company's Direct-to-customer (DTC) membership operation model to accelerate the digital transformation of trendy toy brands.

Before joining POP MART, he worked for Mattel Toys Group, Alibaba Group and Ant Financial Services Group. He has more than 10 years of experience in consumer research and industry observation, Internet products and user value-added related operations. , retail management, member operation and private domain operation and other fields also have rich practical experience.

Zhou Shuying (Alex), Chief Consumer Operations Officer of POP MART

Q: The popularity of POP MART's "blind box" reflects changes in consumer behavior?

Alex: "As an innovative product marketing method, 'Trendy Play Blind Box' has recorded rapid sales growth in mainland China and Hong Kong in the past five years. In the first half of 2022, the number of online members of POP MART will reach 23 million; "Blind Behind the vigorous development of box economy, it also reflects the further differentiation of shopping needs of contemporary consumers, from the "material level" to the satisfaction of "interest and self-pleasure level".

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Compared with the traditional marketing model, what is so special about POP MART's online and offline business model for consumers?

What is the key to success?

Alex: "POP MART started from the Chinese market and established a comprehensive and complementary consumer reach network including "offline direct stores", "offline robot stores", "online applets" and "online e-commerce"; through The "Omni-channel CRM system" provides consumers with a multi-terminal interoperability and a rich shopping experience; in the first half of 2022, data shows that "DTC (Direct To Consumer) members" accounted for more than 93% of revenue; and members in Both online and offline channels will purchase products repeatedly, maintaining a high repurchase rate.”

Compared with other products, the life cycle of toys is shorter. How does POP MART keep in line with the ever-changing consumers and connect products to consumers, so that the boom continues?

Alex: "Thanks to the "DTC (Direct To Customer)" business model, POP MART can better understand consumers and respond to user needs and market changes more quickly. From the business data obtained from commercial operations, we can obtain valuable market information and key consumer data, helping different IP (Intellectual Property) brands and product development teams complete design evolution and achieve IP iteration and upgrade.”

"Global localization" marketing is also one of the marketing models of POP MART. Can you explain this new marketing thinking?

How does POP MART use the "global localization" model to develop in Hong Kong?

Alex: "POP MART has no geographical restrictions in promoting trendy play culture, and insists on providing high-quality products and services to global consumers; on the other hand, trendy play products (including figures and blind boxes) have distinct age characteristics and cultural attributes. Therefore, when conducting business in different countries and regions, POP MART also attaches great importance to the combination of "fashionable products" with local culture and values, and tries its best to integrate local culture and global culture. For example, we launched the "Regional Limited "Products, combined with Hong Kong's local festival habits, tailor-made richer marketing activities.

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Q: What do you think about the new marketing trends in the future?

What will be the future development map of POP MART?

Can you share it?

Alex: "With the rapid changes in media communication channels, I think the future marketing trend will continue to evolve towards diversification, fragmentation, digitalization, etc. Enterprises need to use a combination of strategies to maintain "brand" and "consumer" In the future development blueprint of POP MART, in addition to the current "toy product development and sales" business, we will also continue to explore "authorized cooperation", "short film content", "video games", "offline paradise" ’ and other business methods to increase the value of IP, expand the number of fans of ‘Trendy Play IP’, and enhance the brand power and commercialization capabilities of POP MART.”

After reading the sharing of Alex, Chief Consumer Operations Officer of POP MART, is there still more to say?

MarketingPulse x eTailingPulse to be held on March 15 this year will bring together more top marketing professionals, creative masters and e-commerce experts from around the world to share insights and successful cases on global marketing and e-commerce development trends, including a number of well-known international and local Representatives of brands: Baccarat, Coca-Cola, FILA, Fortnum & Mason, kapok, Mars, Mengniu, Pepsi, Pretty Ballerinas, Qeelin, Spotify, Tim Hortons, etc., in various fields of marketing promotion and e-commerce development, including Web3, virtual Internet celebrities, Generation Z, data-driven marketing, the future of retail, ESG, story marketing, brand evolution and other topics, as well as ChatGPT, which has been widely concerned by the public recently.

In addition to global speakers, the forum is also supported by a number of industry associations, including the Hong Kong Advertising Agency, Hong Kong Federation of E-commerce, IAB Hong Kong, Hong Kong Association of Public Relations Professionals, etc. Different topics such as future public relations and business without boundaries in the post-epidemic era.

The forum will also showcase the winning works of the 2022 Jinfan Advertising Awards.

In addition, nearly 40 marketing and e-commerce service providers gathered in the exhibition area of ​​the forum, including Emarsys, EternityX, Getty Images, Integral Ad Science and iClick Interactive, etc., to showcase the latest marketing and e-commerce services service plan.

At the same time, the forum also set up a number of practical digital marketing and e-commerce workshops to impart practical experience in marketing technology and e-commerce promotion.

Participants can also participate in on-site exchange activities or through the one-on-one business matching service provided by the forum, and meet with a number of Hong Kong marketing service companies to discuss cooperation opportunities.

If you are interested in participating, you can purchase a forum pass at https://bit.ly/3Z5bqop immediately. Readers of "Hong Kong 01" can enjoy a 35% discount. Enter "MPR01T3P" to participate in the forum at a discounted price of HK$683!

Details of MarketingPulse and eTailingPulse

Date: March 15

Venue: Hong Kong Convention and Exhibition Center

Website: https://www.marketingpulse.com.hk/en

(Information and photos provided by the customer)