3 ms·

"charged customers 19 yuan ($2.90 USD) per umbrella deposit and an additional half yuan ($0.07 USD) per 30 minutes" "an umbrella costs the company 60 yuan ($8.

by ww520 9y ago

"charged customers 19 yuan ($2.90 USD) per umbrella deposit and an additional half yuan ($0.07 USD) per 30 minutes" "an umbrella costs the company 60 yuan ($8.82 USD) each to replace" They have just sold 300,000 umbrellas. This is a brilliant sales/marketing/distribution disguised as sharing. The cost of the umbrella is for sure lower than 19 yuan. They save money on not having stores and sales personnel. Distribute the product via sharing and collect the money via the app. That's why once they have "lost" all the umbrellas, they will do it again with another batch.

vorg 9y ago
> despite the losses he plans to add 30 million more available across China by the end of the year Those 300,000 umbrellas "sold" were just the loss-leading initial 1% of the batch for sale. Having proved the concept of getting his umbrellas into people's homes and gained first-hand experience in the execution, he's now looking for advertising revenue from Chinese corporates. Ads replacing those rainbow colors on the umbrella tops will have better reach than web ads.
- ww520 9y ago
  30 million walking ad display platforms, renewed at every raining season. Oh Yeah!
  - Bakary 9y ago
    It may seem hard to believe but China is much more "late-stage" than the West. Or at least that's what it feels like when living there.
seanmcdirmid 9y ago
When it rains, 7-11 always gets out the cheap ass umbrellas that it charges 40-60 kuai for (> $5!), they were definitely into gouging. Compare this to Japan where you can always get an umbrella for 100 yen.
- sidek 9y ago
  Meanwhile in HK, the seven-eleven charges 80HKD plus...:(
- jpatokal 9y ago
  Konbini umbrellas in Japan are 300-500 yen. You need to find a 100 yen shop to get them for that price, although Japan's ruthless demographic, economic and deflationary spiral is solving this problem through the recent trend of 100 yen konbinis.

by ww520 9y ago

vorg 9y ago

> despite the losses he plans to add 30 million more available across China by the end of the year Those 300,000 umbrellas "sold" were just the loss-leading initial 1% of the batch for sale. Having proved the concept of getting his umbrellas into people's homes and gained first-hand experience in the execution, he's now looking for advertising revenue from Chinese corporates. Ads replacing those rainbow colors on the umbrella tops will have better reach than web ads.

ww520 9y ago
30 million walking ad display platforms, renewed at every raining season. Oh Yeah!
- Bakary 9y ago
  It may seem hard to believe but China is much more "late-stage" than the West. Or at least that's what it feels like when living there.

seanmcdirmid 9y ago

When it rains, 7-11 always gets out the cheap ass umbrellas that it charges 40-60 kuai for (> $5!), they were definitely into gouging. Compare this to Japan where you can always get an umbrella for 100 yen.

sidek 9y ago
Meanwhile in HK, the seven-eleven charges 80HKD plus...:(
jpatokal 9y ago
Konbini umbrellas in Japan are 300-500 yen. You need to find a 100 yen shop to get them for that price, although Japan's ruthless demographic, economic and deflationary spiral is solving this problem through the recent trend of 100 yen konbinis.