来源：伯虎财经 作者：陈平安
今年上半年，快手交出了上市以来的第一份盈利财报。很长时间里，这家把“技术理想主义”写入算法、用户规模国内第三的短视频巨头困足于发展战略，“慢”和“佛系”成为了它最显著的标签，与之一同到来的还有止不住的亏损，去年同期快手还亏了约94.3亿元。
盈利的一个重要原因在于，程一笑把所有的赌注都放在了电商上。基于自身的社区氛围，快手提出了信任电商，在决策层做改变。上半年快手电商依然在高速增长，二季度在贡献了超过12%的收入的同时，还带动了内循环广告的增长。
把目标瞄准的电商的内容社区不止是快手。今年以来，B站和小红书相继加快了电商业务的布局。
除了推动UP参与直播带货，确定走开环电商，日前B站又宣布了全新的UP主带货孵化计划——超新星计划。小红书则在明确要走买手电商的路子后，关闭了此前推出的垂直电商产品小绿洲。
盈利向来是内容社区的一道难题，这道题让小红书们焦头烂额。电商是否是内容社区赚钱的最佳解法？
B站电商加速
即便是从用户层面，你也能发现以上B站在电商业务上的推进。比如越来越多的UP主开始了直播带货。
上个月月中，B站21年百大UP主，粉丝数为174万的鹦鹉梨开启的自己的首场直播，GMV破3000万元，总成交数超13.6万单。此前头部UP主宝剑嫂同样也是试水了自己的首场直播，单场GMV达2800万元。
而在不为人知的角落，今年五月美漫UP主“努力的lorre”通过一期视频卖光了淘宝店里和视频相关的漫画；再把时间往前，测评UP主大康测评从去年上半年开始带货，一年多的时间里引导成交超过8000万。
这些成绩的背后反映的是两个事实。
第一，B站用户的潜力被低估了。
长期以来，B站被坊间戏言“为其他平台筛选用户”，因为用户钱少事多。这里有两个误区，一是印象中B站用户男性居多，因为汽车、科技类的投放会更多，但实际上B站的女性用户并不少，根据二季度财报会的信息，参与到带货交易的B站用户有45%是女性用户。
例如前文提到的鹦鹉梨此次带货的品类就是单单靠服饰这一品类。
其次，B站用户并不是不花钱。B站的用户生态更类似升级版的快手。高成本、高质量的PUGC内容让B站UP主和用户之前是存在相当强的信任关系的。
也因此，和头部主播主打全网低价的心智相比，一些高客单价的产品在B站效果更好。还是以鹦鹉梨为例，其带货的产品服饰单价并不低，151件商品中超过千元的有16件，售罄的有14件。
同时伯虎财经发现，在社交媒体上，许多用户对于鹦鹉梨的看法更多的聚焦在真诚、用心等方面。
有用户评论道：“她很温柔地陈述了穿搭视频没有头的原因，把上百件单品都做了“去头食用”给参考。这份真诚（无论刻意不刻意）秒杀百分之九十的带货人”。
第二，B站在确定开环电商后正在迅速完善生态建设。
B站的电商业务起步很早，但是边界收的很窄，主做的是ACG相关的垂类产品。即便2018年B站跟风抖音，在UP主的主页推出了商品栏目，并与淘宝等电商平台合作，提供广告性质的外链，但始终没有给到足够的场景搭建。
今年以来，B站电商业务明显加速。
从组织架构来看，今年6月B站宣布将整合多个团队成立新一级部门交易生态中心。新的交易生态中心将合并电商平台部，原电商事业部的产品和运营团队，主站商业中心/带货项目组的部分团队，也将并入交易生态中心，发力全品类。
从路线上来看，去年底B站确立走大开环电商的路子，试图通过站外资源补齐自身电商短板，而自身的定位更类似上游种草平台。为此，B站推出了星火计划，帮助品牌更好的通过数据去调整营销策略。
今年618期间，B站带货直播场次同比增长近7.5倍，用户通过B站下单商品SKU数同比增长近4倍。
9月7日，B站官宣了超新星计划。根据介绍，这项计划旨在为从未在B站有过直播带货的UP主，或有过直播带货但依然处于探索期的UP主，平台将为他们提供包括选品指导、品质商品池、流量扶持、1对1客服、售后服务在内的多种服务。
根据今年二季度的财报来看，电商也确实成为了B站商业化的亮点。
小红书下注买手电商
和B站相比，小红书在电商上的尝试更多。不管是最早的跨境电商，还是后续推出的自营电商“福利社”和小绿洲，都是小红书在商业化方面所做的尝试。
不过无论是福利社还是小绿洲表现都不够好。一方面，早期小红书的主力策略还是在破圈上，对于电商较为摇摆。根据界面新闻报道，彼时小红书内部并不希望小绿洲和自家平台绑定过深，在随后的扩张中也上线了微信小程序商城。这种思路下，风起于小红书的露营热潮并没有给小绿洲带来足够的助力。另一方面，和老牌电商平台相比，小绿洲在价格等方面也并不具备优势。
直到小红书把盈利摆在了更重要的位置。
一方面是组织调整，2022年初，小红书决定将原有的社区部和电商部合并成新的社区部门，把精力放在的促成交易上。2023年8月，小红书将电商业务与直播业务整合组建为全新的交易部，与社区部、商业部等一级部门平行。
另一方面，小红书逐渐发力做好商业闭环。2021年，小红书开启“号店一体”的模式，缩短沟通链路，用户可以通过博主推荐直接进入店铺从而完成转化。今年，小红书又开了“笔记带货”的玩法，达人可以在笔记中附加商品链接，从而进一步简化交易流程，提高转化。
2021年，小红书建立了蒲公英商单体系，继续提速商业化。
同时，一些分散的精力也在被收回。福利社在小红书购物栏目的入口被移除，小绿洲也官宣将于今年10月1日停止运营，并于10月31日正式关闭。
小红书把赌注压在了买手制电商上，这是受小红书内容社区的定位决定的。以抖音做比较，抖音的强算法使得媒体属性较强，公域流量为主，什么能火依赖算法；而小红书流量分发逻辑更普惠，更强调社区氛围。得益于多年UGC内容的积累，小红书成功塑造了“有用”的工具书属性。东兴证券去年8月发布的研报显示，90%的小红书用户在购买前有过搜索小红书的行为。
“有用”的另一面是足够庞大的KOC群体。根据灰豚数据，2023年4月小红书粉丝量小于10w的达人占比93.9%，而抖音粉丝量小于10w的达人占比为77.7%；头部达人（粉丝量100w以上）小红书仅占比0.2%，而抖音占比2.4%。
小红书COO柯南表示，过去一年半，小红书的买手和主理人规模相比去年年初翻了27倍，购买用户数增长12倍。
买手们通过发布内容，可以较为精准的框定目标用户，小红书的工具属性则有利于买手和用户之间建立信任关系，这种独特的生态能够帮助小红书避开价格竞争，切入到相对蓝海的区域。
可能的难点
看到这里不难看出，包括快手在内的内容社区做电商，底层的逻辑还是在重塑决策层。这种优势在于当下尽管直播电商对整个行业的影响仍在持续，但消费者对直播内容的需求在不断细分，无论是B站的鹦鹉梨还是小红书的董洁都是这种趋势下的受益者。
但正如B站COO李旎曾提过的，电商是规模生意，对这个事实要有清醒的认知。当下直播电商的红利正在减退，根据星图数据，今年618，尽管直播电商销售额增长27.6%至1,844 亿元，其在电商大盘中的占比由2022 年618 的19.9%进一步提升至23.1%。但相比于去年124%的增速，爬升明显放缓。
高客单价产品的天花板整体毕竟有限。受限于规模，和货架电商相比，不管是小红书还是B站或许都很难拿到渠道竞争力。
同时虽然直播电商在一定程度上改写了“人货场”的要素，但是底层的供给是不变的。无论是B站还是小红书都在积极吸引新品牌注入。
品类扩张的代价是社区氛围的泛化。为了加速闭环电商的构建，快手不得不把首页让渡给了feed流，B站也有越来越多的UP主选择发布带货视频，甚至一些百大UP主选择专门开小号。
对于急需盈利的内容社区而言，电商固然是一条值得尝试的道路，但是如何平衡商业化和社区，将会是一直需要面对的问题。
编辑/lambor
Source: Bohu Finance and Economics author: Chen Ping an
In the first half of this year, Kuaishou Technology handed over his first profit report since going public. For a long time, the short video giant, which writes "technological idealism" into algorithms and has the third largest number of users in China, is stuck in its development strategy. "slow" and "Buddhist" have become its most prominent tags, along with unstoppable losses. Kuaishou Technology also lost about 9.43 billion yuan in the same period last year.
An important reason for making a profit is that Cheng Yixiao put all his bets on e-commerce. Based on his own community atmosphere, Kuaishou Technology proposed to trust e-commerce and make changes at the decision-making level. Kuaishou Technology e-commerce is still growing at a high speed in the first half of the year, contributing more than 12% of its revenue in the second quarter, while also driving the growth of internal circular advertising.
The content community targeting e-commerce is not just Kuaishou Technology. Since the beginning of this year, Bilibili Inc. and Xiao Hongshu have accelerated the layout of e-commerce business one after another.
In addition to promoting UP to participate in live streaming and determine to go open-loop e-commerce, Bilibili Inc. recently announced a new UP main cargo incubation plan-supernova plan. On the other hand, Xiao Hongshu closed the previously launched vertical e-commerce product Little Oasis after it was clear that it wanted to buy a handheld e-commerce company.
Profitability has always been a problem for the content community, which bothers little red books. Is e-commerce the best way to make money for content communities?
Bilibili Inc. accelerates e-commerce
Even from the user level, you can find the above Bilibili Inc. 's promotion in the e-commerce business. For example, more and more UP owners have started live streaming with goods.
In the middle of last month, Bilibili Inc. 's 21-year-old parrot pear, which has 1.74 million fans, opened its first live broadcast with a GMV of more than 30 million yuan, with a total turnover of more than 136000. Prior to this, the head UP main treasure sword sister-in-law also tested the waters of her first live broadcast, with a single GMV of 28 million yuan.
In an unknown corner, in May this year, Meiman UP owner "hard lorre" sold out video-related comics in Taobao through a video; moving forward, UP master Dakang began to bring goods in the first half of last year, leading to a turnover of more than 80 million in more than a year.
These achievements reflect two facts.
First, the potential of Bilibili Inc. users is underestimated.
For a long time, Bilibili Inc. has been jokingly said to "screen users for other platforms" because users have less money and more work. There are two misunderstandings here. One is that in the impression that most of Bilibili Inc. 's users are male, because there will be more cars, science and technology, but in fact, Bilibili Inc. has a lot of female users. According to the information of the second quarter earnings report, 45% of Bilibili Inc. users who participated in the trade with goods were female users.
For example, the category of parrot pears mentioned earlier depends solely on clothing.
Secondly, Bilibili Inc. users are not free. Bilibili Inc. 's user ecology is more similar to the upgraded version of Kuaishou Technology. High-cost, high-quality PUGC content so that Bilibili Inc. UP master and users before there is a very strong trust relationship.
As a result, compared with the head anchors' mentality of playing low prices throughout the network, some high-price products are more effective in Bilibili Inc.. Or take the parrot pear as an example, the unit price of the products with goods is not low, 16 of the 151 items are more than 1000 yuan, and 14 are sold out.
At the same time, Bohu Finance found that on social media, many users' views on parrot pear are more focused on sincerity, attentiveness and so on.
One user commented: "she gently stated the reason why she didn't have a head in the video, and made hundreds of items for reference." This sincerity (whether intentionally or not) kills 90% of the carrier in seconds. "
Second, Bilibili Inc. is rapidly improving ecological construction after determining open-loop e-commerce.
Bilibili Inc. 's e-commerce business started early, but the boundary is very narrow, mainly doing ACG-related vertical products. Even if Bilibili Inc. followed the lead of Douyin in 2018, launched a commodity section on the main home page of UP, and worked with Taobao and other e-commerce platforms to provide advertising outside the chain, it still did not give enough scenes to build.
Since the beginning of this year, Bilibili Inc. 's e-commerce business has accelerated significantly.
From the perspective of organizational structure, Bilibili Inc. announced in June this year that he would integrate a number of teams to set up a new first-level department transaction ecological center. The new transaction ecological center will merge the e-commerce platform department, the product and operation team of the former e-commerce business department, and part of the main station business center / with goods project team, which will also be merged into the transaction ecological center.
From the point of view of the route, Bilibili Inc. established a wide open-loop e-commerce path at the end of last year, trying to make up for his own e-commerce shortcomings through off-site resources, while his own positioning is more similar to the upstream recommendation platform. To this end, Bilibili Inc. launched the Spark Program to help brands better adjust their marketing strategies through data.
During the period of June 18 this year, the number of live shows with goods by Bilibili Inc. increased by nearly 7.5 times compared with the same period last year, and the number of SKU of goods ordered by users through Bilibili Inc. increased nearly four times year-on-year.
Bilibili Inc. announced the supernova project on Sept. 7. According to the introduction, the plan is aimed at UP owners who have never had live broadcast with goods in Bilibili Inc., or UP owners who have had live broadcast with goods but are still in the exploratory period, the platform will provide them with a variety of services, including product selection guidance, quality product pool, traffic support, one-to-one customer service, and after-sales service.
According to the financial results of the second quarter of this year, e-commerce has indeed become the bright spot of Bilibili Inc. 's commercialization.
Small red book bet on buying mobile e-commerce merchants
Compared with Bilibili Inc., Xiao Hongshu has more attempts in e-commerce. Whether it is the earliest cross-border e-commerce, or the subsequent launch of self-operated e-commerce "Welfare Society" and Little Oasis, are the attempts made by Little Red Book in commercialization.
However, neither the welfare society nor the Little Oasis performed well enough. On the one hand, the main strategy of the early Little Red Book is still in the broken circle, which is more swing for e-commerce. According to the interface news report, Little Red Book did not want Little Oasis to be too deeply bound to its own platform at that time, and WeChat Mini Programs Mall was also launched in the subsequent expansion. In this way of thinking, the camping craze that the wind started in Little Red Book did not bring enough help to the small oasis. On the other hand, compared with the old e-commerce platform, Little Oasis does not have an advantage in terms of price.
Until Little Red Book put profit in a more important position.
On the one hand, organizational adjustment. In early 2022, Xiao Hongshu decided to merge the original Community Department and the Ministry of Electronic Commerce into a new community department, focusing on promoting transactions. In August 2023, Xiao Hongshu integrated the e-commerce business with the live broadcast business to form a new trading department, which is parallel to the first-level departments such as the community department and the commerce department.
On the other hand, Xiaohongshu gradually makes efforts to do a good job in the commercial closed loop. In 2021, Xiaohongshu opens the mode of "integration of number and shop", shortening the communication link, and users can directly enter the store to complete the transformation through the recommendation of bloggers. This year, Little Red Book has opened a "note with goods" game, where people can attach links to goods in their notes, thus further simplifying the transaction process and improving transformation.
In 2021, Little Red Book established a dandelion merchandise system and continued to speed up its commercialization.
At the same time, some distractions are being withdrawn. The entrance to the Little Red Book shopping program has been removed, and the Little Oasis will stop operation on October 1 this year and be officially closed on October 31.
Little Red Book bet on buyer-made e-commerce, which is determined by the positioning of the Little Red Book content community. Compared with Douyin, Douyin's strong algorithm makes the media attribute stronger, public domain traffic-based, what can fire rely on the algorithm; and Little Red Book flow distribution logic is more universal, more emphasis on the community atmosphere. Thanks to the accumulation of UGC content for many years, Little Red Book has successfully created a "useful" reference book attribute. A research report released by Dongxing Securities in August last year showed that 90% of Little Red Book users had searched for Little Red Book before buying it.
The flip side of "usefulness" is the large enough KOC community. According to gray dolphin data, in April 2023, people with less than 10w fans of small red books accounted for 93.9%, while those with less than 10w Douyin fans accounted for 77.7%, and those with head reached (more than 100w fans) accounted for only 0.2%. While Douyin accounted for 2.4%.
Conan, COO of Little Red Books, said that in the past year and a half, the number of buyers and managers of Little Red Books has increased 27 times compared with the beginning of last year, and the number of purchasing users has increased 12 times.
By publishing content, buyers can accurately frame the target users, and the tool attributes of Little Red Book are conducive to establishing a trust relationship between buyers and users. This unique ecology can help Little Red Book avoid price competition and cut into the relatively blue sea.
Possible difficulties
See here is not difficult to see, including Kuaishou Technology, including the content community to do e-commerce, the underlying logic is still reshaping the decision-making level. This advantage is that although the impact of live e-commerce on the industry continues, consumer demand for live content is constantly subdivided, and both Bilibili Inc. 's parrot pear and Xiao Hongshu's Dong Jie are the beneficiaries of this trend.
But as Bilibili Inc. COO Li Mi once mentioned, e-commerce is a large-scale business, and we should have a clear understanding of this fact. At present, the dividend of live e-commerce is declining. Although live e-commerce sales rose 27.6% to 184.4 billion yuan this year, its share in the e-commerce market further increased to 23.1% from 19.9% in 2022, according to star map data. But the climb has slowed significantly compared with the 124% growth last year.
After all, the ceiling of high-priced products is limited as a whole. Limited by scale, compared with shelf e-commerce, it may be difficult for Little Red Book or Bilibili Inc. to get channel competitiveness.
At the same time, although live e-commerce has rewritten the elements of "goods yard" to some extent, the supply at the bottom remains the same. Both Bilibili Inc. and Little Red Book are actively attracting new brands.
The price of category expansion is the generalization of the community atmosphere. In order to speed up the construction of closed-loop e-commerce, Kuaishou Technology had to hand over the home page to feed stream. Bilibili Inc., more and more UP owners chose to release videos with goods, and even some of the top 100 UP owners chose to open a special account.
For the content community that is in urgent need of profitability, e-commerce is certainly a road worth trying, but how to balance commercialization and community will always be a problem to be faced.
Edit / lambor
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