Pop Mart says no to 'more, faster, better, cheaper'

$POP MART(09992.HK) $Alibaba(BABA.US) $PDD(PDD.US)

When discussing the core positioning of e-commerce platforms, we inevitably mention the four principles: "Variety, Speed, Quality, and Savings." Taobo stands for "Variety," JD.com for "Speed and Quality," Pinduoduo for "Savings," and Meituan might even snatch the "Speed" positioning. If an e-commerce player doesn't clarify its core positioning, it seems to lack a foundation.

But POP MART says no to "Variety, Speed, Quality, and Savings."

In the latest interview with Wang Ning, "Because of Uniqueness," he shared his views on online and offline commerce:

JD.com once proposed "Variety, Speed, Quality, and Savings," which was undoubtedly correct for JD at the time. However, I never believed that "Variety, Speed, Quality, and Savings" equated to a good shopping experience. Because you only want savings when you're short on money, and speed when you're short on time. With limited time and budget, of course, you'd want "Variety, Speed, Quality, and Savings." But if you're not short on money or time, you'd prefer to leisurely stroll through a beautifully designed space, enjoying the ambiance and experience. Taking your time to browse without worrying about price tags—that's the ultimate shopping experience.

We found that offline stores offer a more immersive way to convey brand culture. For example, churches have a strong sense of immersion—the atmosphere, music, lighting, and even the rituals create a powerful cultural impact. We felt that stores should be like churches, engaging all senses—visual, tactile, auditory—along with service, to truly convey brand culture comprehensively.

For those who have followed e-commerce for a long time, these words are deeply moving. POP MART's rejection of "Variety, Speed, Quality, and Savings" reveals a new business philosophy: success doesn't require competing on price or following the crowd.

In recent years, consumption downgrading seemed to dominate, as if only low prices and catering to demand trends could ensure growth. E-commerce platforms shouted about low prices, and GMV soared, but stock prices roller-coastered. Merchants faced rising returns, refunds, and declining profits, struggling to stay afloat.

But what about POP MART? With a gross margin of 64% and a net margin of 21%, selling dolls for dozens or even hundreds of yuan—and even more expensive overseas—its Q3 domestic revenue grew 60%, while overseas revenue surged 440%. Which company wouldn't drool over such performance? Among today's overseas ventures, who else dares to avoid price wars, sell at higher prices, and still succeed?

This year, POP MART's domestic business also stood out because:

Foreigners contributed 15% of domestic store revenue.

POP MART's overseas fame has led foreigners to visit its domestic stores like pilgrims. With limited overseas stores, products are often in short supply, even sparking reverse cross-border shopping—especially from Thailand. I don't fully understand it, but I respect it—this is true brand influence.

POP MART's success teaches us that there can be more than one "right answer." "Variety, Speed, Quality, and Savings" is a rational demand, while "immersion" is an emotional one—both are valid. POP MART's unique path stems from both subjective and objective factors. While the internet boomed for a decade, it focused on offline brand-building and eventually found its own success.

China's consumer market is vast and diverse—there's never been a one-size-fits-all answer. Every niche market and demographic has its own solution. But more importantly,

True strength lies in exclusivity.

At different stages of e-commerce development, the core competitive factors vary. "Variety, Speed, Quality, and Savings" was right for JD.com in its early days, and cost-effectiveness was right for Pinduoduo's rise. But forced "low prices" are wrong for Taobao and Douyin. Douyin's e-commerce rise, driven by social and entertainment trends, introduces a new paradigm—"Variety, Speed, Quality, and Savings" no longer fully explains it. E-commerce platforms clinging to this old narrative will fall behind. Similarly, Video Account and Xiaohongshu's breakthroughs require new stories—like WeChat's "gift-giving" social commerce, which might be the next answer. This is the charm of retail and e-commerce: innovation never stops, and opportunities remain open.

Whether it's e-commerce's "Variety, Speed, Quality, and Savings" or POP MART's "immersion," both tap into human nature—understanding psychological needs across different times and groups. Long-term human nature remains constant, but short-term demands shift. In times of scarcity and limited budgets, we seek "Variety, Speed, Quality, and Savings." In times of material and spiritual abundance, we crave immersive shopping experiences. The emphasis varies by stage and demographic, but the answers remain open-ended.

"Variety, Speed, Quality, and Savings" was right for JD.com in its era.

"Cost-effectiveness" was right for Pinduoduo's breakthrough.

"Immersion" was right for POP MART.

What about you, my friend? What's your answer?