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電商龍頭誰當家?

药品网售监管“靴子落地” 京东健康等被列入“重点短缺药品储备企业”名单

财报数据则显示,京东健康全年实现营收306.82亿,同比增长58.3%;全年共亏损11亿,主要是来自可转换优先股公允价值的变动,且亏损额较2020财年的172亿已大幅改善;此外,全年毛利润和Non-IFRS净利润分别录得71.97亿元和14亿元,同比分别增长46.4%和91.5%。同时,京东健康当前的年度活跃用户数达到1.23亿,同比增加3356万,且有京东APP作为流量入口。分业务来看,各板块的营收差异则更为明显。

而在近年来的业务拓展上,京东健康在医药电商板块的建设上,重点放在借京东物流的东风,打造自己的供应链与仓储体系——截至去年年底,京东在全国范围内建立了19个药品仓库与400个非药品仓库,承诺80%的自营药品订单能实现即日达/次日达。

反映到财报上,整个2021年,京东健康的物流与仓储服务开支为18.04亿元,技术和流量支持服务开支也达到了12.71亿元,同比分别增长44.09%和39.98%,而这还是在已经成型的京东物流体系大力支持下的结果。

一位零售行业上市公司的相关人士向《科创板日报》记者坦言,他所在公司从2014年起就开始进行电商化转型,且在转型之初,已经有了较为体系化的供应链与物流部门,但近十年的经验表明,如果由零售企业自建物流,通常会面临成本高企与回报偏低的情况——截至目前,他所在的公司已经将自家物流与上市公司业务进行切割,不进入上市公司合并报表。

因此,本就是“烧钱大户”的互联网医疗平台,如果再耗费成本建设自营体系,其一会导致“既当选手又当裁判”的现象,面临监管上的不确定性;其二则是物流板块高企的成本拉低公司整体利润水平,导致报表利润率偏低。

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為何PCHOME跌入神壇呢? 網家該如何重振雄風呢?

為何PC HOME跌入神壇呢? 為何在盈利上大輸MOMO? 詹宏志先生該用什麼招去讓PCHOME重振雄風呢? 以下提出版主個人淺見:

換言之, PCHOME出現蔡執行長暨總經理閃辭主因並不是營收,而是獲利低迷。雖然PCHOME的UI介面不夠友善及疫情期間送貨延遲對營運成長有所隱憂,但這並非獲利不佳的主因。
平平是電商,除了MOMO與東森購物網在獲利上表現亮眼外,PCHOME獲利持續低迷、創業家已經連續兩年虧損、「udn買東西」業務在去年8月宣布收攤、Friday購物日前爆「裁員2成」…等等都顯示多數電商都面臨獲利不佳問題。尤其受到美國升息影響,全球資金回流美金,許多高風險投資潮水退了,都面臨股價或公司營運資金大失血,中國阿里巴巴、騰訊、京東集團、蝦皮在東南亞國家接連傳出大規模裁員,可見全球電商都正面臨人事動盪,電商的本夢比被大幅下修窘境。虧錢衝營收已不再受投資者青睞,企業是否獲利重回股東與投資者關注焦點。

A.產品結構:
在產品結構上,MOMO在高營收低毛利的3C家電逐年提升,但目前只佔整體營收約40%。 相較PCHOME是以3C家電銷售起家占比一直維持在70%,產品結構不同讓MOMO有較大的空間進行產品交叉補貼(高毛利商品補貼低毛利高營收商品),也讓PCHOME只有挨打的份。

B.TV購物台:
MOMO TV購物台雖只 佔MOMO營收約只有5.1%左右,但對於EBITDA獲利貢獻卻占了13.6%。相較PCHOME在電子商務營收占比99%,MOMO TV購物台對於MOMO可算是金雞母。

另一方面,相較MOMO購物清楚定位專營 專營B2C,但PCHOME的摩天商城卻是B2B2C,還得與蝦皮正面對打。PCHOME同時雙線與兩大電商作戰,自然盈利大失血,也鑄成近年來獲利低迷的窘境。MOMO則嚴守B2C定位,專打PCHOME, 不理蝦皮,薑還是老的辣!

A.UI下單介面優化:
對於網友最為垢弊的下單UI介面,版主建議是電腦版維持原狀,手機APP版致敬MOMO。
由於PCHOME仍擁有一群死忠用戶,過去PCHOME對於下單UI介面改版裹足不前原因是發現新改版讓舊用戶不習慣導致流量大減所致。為兼顧舊用戶與吸引年輕新用戶,版主建議在電腦版下單UI可以維持原狀,但手機APP版則可大膽致敬(抄襲)MOMO。PCHOME抄MOMO成何體統呢? 成功的商人臉皮不能薄,竟然多數網友肯定MOMO UI,見賢思齊有何不可呢?

同樣在獲利表現傑出的東森購物,是家採取多通路銷售的電商,旗下擁有多個自營品牌商品,營收佔比更高達 35%,是其維持高營利的關鍵之一。 PCHOME本身也有【X家好選物】,針對這自有或獨家商品的銷售比較必須更聚焦,借重本身網路流量的優勢,創造更多產品營利空間!

D.誰來當家呢?
PCHOME誰來當執行長暨總經理可以扭轉乾坤呢? 老實說,PCHOME先天產品結構下,換誰來當執行長暨總經理,短期間都很難在盈利獲得大幅改善。倘若為了短期改善獲利數字,大幅減少行銷或是降低人事支出(裁員),將可能步上Yahoo購物一蹶不振後塵。PCHOME在電商領域上仍有一定競爭力,只要原有幹部好好發揮所長,嚴守必要的財務紀律,穩坐台灣電商老二寶座並不難。
若真要換人迎來新氣象,版主倒是建議詹董可以重金禮聘甫由MOMO退休的林董來助陣。若能迎來林董,就像當年全聯迎來徐重仁,雖然不一定可以讓PCHOME脫胎換骨,但讓股東士氣振奮、讓對手人事大動盪…也可算是一大奇招吧,呵呵!

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