Xiaomei is a junior at Shanghai University, today is her birthday, according to the dormitory convention, she needs to invite a few sisters in the dormitory and a few friends in the class to eat together tonight.

Xiaomei's parents are both working-class, although the family is not short of money, but it is not rich, if you go to those high-end restaurants for dinner, it is too expensive, and you feel a little cheap when you go to the school's small restaurant, and you are struggling.

Thinking of checking the Internet to see if there is a cost-effective restaurant to promote, Xiaomei saw her friend's log on the school intranet, saying that she went to a restaurant near the school last night to eat a group purchase restaurant, the food was delicious, and the price was nearly forty percent cheaper than a single point. Xiaomei seemed to have thought of something, and immediately clicked on the Meituan advertisement on the homepage of the school's intranet, looked at the introduction above, and then clicked the link to go to the homepage of Meituan.

In the food module of Meituan.com, Xiaomei saw the names of many familiar restaurants nearby, although many of them had never been there, but they remembered it after passing by. Looking at the various group purchase packages above, it seems that those mid-range restaurants are not so expensive.

After registering online, Xiaomei quickly completed the purchase of group purchase coupons by using the glorious payment that she had previously bound to her bank card.

In order to better serve users, in addition to strict merchant audits, Meituan has also taken the lead in launching a series of consumer protection plans such as "unconditional refund if not consumed within 7 days" and "one-click refund if not consumed after expiration", forming a complete "worry-free group buying" consumer protection system, providing users with the most intimate protection of rights and interests, eliminating consumers' worries about group buying, and allowing consumers to easily group buy and consume with confidence.

These measures were launched simultaneously with the establishment of Meituan's offices in various regions, which effectively expanded Meituan's consumer base.

For the long-term development of the website, Jiang Hui has formulated a policy for Meituan: always follow the principle of consumers first, merchants second, and Meituan third, and attach importance to honest management. All service measures are also operating around this policy, and so far there is a complete set of basically complete systems to provide consumers with good prices, good goods and good services.

The effective operation of these measures has made countless Xiaomei become new users of Meituan. In just one week, the number of registered users on Meituan has increased from 150,000 to 1.1 million, and it is still increasing rapidly.

In order to allow users to enjoy more discounts in the early stage, Jiang Hui even fed back 10% of Meituan's commission to consumers in the form of coupons, and also launched activities such as signing up and giving away gift packages to attract more users to Meituan.

You're here, and I'll have a way to keep you. Eat, drink and be merry, there is always a product for you. In addition to food-related modules, Meituan's KTV, beauty salons and other modules have also been launched rapidly, attracting a number of users.

……

An office building.

"Sister Ting, I saw the food photos posted by your penguin space, are you going to be chic again?"

"No, it only cost about 200 yuan last night."

"No, I've been to that store too, and I've eaten four or five hundred dollars casually."

"You must have gone a week ago, that store now has a group buying activity, you go to Meituan to buy a group purchase coupon, there are double packages, four people package and six people package, it is very cost-effective, at least 40% less than ordering food, if you draw a ticket, it may be half cheaper."

"Really? Is there still an event?".

"Yes, but there are a lot of people going in the past two days, you'd better call the store to make an appointment after the group purchase, don't go there and have no place when you go."

……

An office

"Ah Wang, the Chaoshan beef ball shop at the entrance of your community is so popular, I have passed by there in the past few days and found that there are many people waiting there."

"That store was already popular, but recently we held a group buying activity with Meituan, and the price was discounted a lot, so the popularity is even more popular."

"I also went to the group yesterday to buy a coupon for a Japanese restaurant, because I am a new user, Meituan sent several coupons, and there are prizes after consumption, I scratched a full single 20% off, and I only spent less than half of the usual money, which is a good deal."

"Group buying is really a very second idea, and the profits of the catering industry are relatively high, but because of store rent, customer flow and other reasons, it is not easy to reduce the price. As soon as this group buying activity started, the flow of people went up, the operating cost dropped rapidly, and you could still make a lot of money with a 7% or 6% discount."

"Indeed, one of my classmates opened a Sichuan restaurant, and according to him, the profit margin did not exceed 50%, and he was embarrassed to say that he was engaged in catering."

"A high profit margin is high, but the premise is that the popularity must be strong, otherwise it is useless to have a single dish with a high profit."

"Yes, that's why the importance of group buying is more prominent."

……

A restaurant that participates in group buying

"Boss, yesterday's bill is out, please take a look."

"Wow, the turnover has reached 150,000, a record high."

"Yes, yesterday was the weekend, and from 11 a.m. to 2 p.m., the restaurant was in a state of queue for dining. Even from 2 to 5 p.m., there are still many customers, and from 5 to 7 p.m., they start lining up again to eat, and they don't close until 10 p.m."

"In the past, we had a turnover of 40,000 or 50,000 yuan at most on weekends, but now it has increased several times all of a sudden, and it seems that it is really right to participate in Meituan's group buying."

"Yes, although the profit margin was high in the past, but the turnover of 40,000 or 50,000 yuan, we can earn at most 20,000 or 30,000 yuan; after participating in the group purchase, although the profit margin has decreased, but the turnover of 150,000 yuan, we can still earn at least 30,000 or 40,000 yuan. After the amount of materials used increases, we can also ask the food manufacturer to give us a price discount, so that our daily profit will double that of before."

"Haha, when I pay my salary this month, I will give each employee a red envelope, everyone has worked hard."

"Thank you boss".

……

The rapid development of Meituan has completely put down IDG Capital's worries. I was thinking about whether the valuation of 300 million yuan would be too high, and maybe other venture capitalists scolded their companies for being stupid behind their backs. But as soon as the operating data of the last week came out, Mr. Song of IDG Capital knew that this investment was the right investment, and if other venture capitalists wanted to enter Meituan now, they would not even think about it without a valuation of five or six billion, which is equivalent to the investment of IDG Capital doubling in one week. Few venture capital projects have such high returns. This also strengthened their desire to continue to invest in other companies in the Korn Ferry Group.

(End of chapter)