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FMCG新创还有得玩吗?| Does startup have a chance in $14billion FMCG industry?, Edwin Wang - Signature Market

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This show "Mingle-Wingle with Startup Pro" is brought to you by Millennials. Brief intro of Edwin Wang: He's a second time startup founder. He has experience in ecommerce for more than 20 years. In his first startup, everyday.com.my, he scaled the company to an annual revenue of RM50 million per year. It was 150 people company before it was acquired by Living Social, Groupon’s rival in the US. His second startup is Signature Market, a direct to consumer brand for organic and health products. Content: Edwin feels that consumers lack options in the market when it comes to healthy products, those products that do not contain preservatives or chemicals in it. Last time, consumers were not really health conscious but the awareness level has increased because of more exposure to the truth behind food on social medias. Consumers are now more aware of the health benefits behind products like Milo by Nestle. They know that it's not healthy but what options do they have in the market now? What the consumers want now and what they wanted previously are different. They're choosing real food, real products with substance in it instead of products like orange juice with very few real oranges. And this is something FMCG giants like Nestle cannot do to satisfy the customers. These giants are losing market share to emerging brands. These emerging brands started off as very homemade makers in local bazaars with really personalised products like homemade cookies and slowly they're adopting the direct to consumer model to run their business. The direct to consumer model allows customers to understand the customers' needs because the interaction with them is closer. So this allows them to make use of customers' feedbacks to adapt and change faster. Hence, more innovation happens. For example, for a direct to consumer brand like Signature Market, it only takes 3-6 weeks to launch a new product. The method is very startup and lean. Within a few months, they can test whether the product is a best seller. But for the traditional FMCG giants, they had to make sure that their new products are placed in all distribution channels and engage a lot of marketing campaigns just to launch 1 new product. Every single product is a business model for them. There are metrics that we look at here. The first one is how long it takes for the customers to buy us impulsely for the first time. The second one is the return customers. How many buy you for the first time, they like it and come back and buy again? This is how you create a sustainable business. The biggest challenge of using direct to consumer model is the lack of history for reference in the industry. In the US, there are some successful examples but only a few. In Malaysia, we only have a few big players like Thrive Market, Nature Box. So we have to rely a lot on ourselves to keep experimenting. For me, I believe we are creating a lot of values for the industry. The way I see the future growth for us is 2 portions. One is that we will keep experimenting until we find our best product. Once this is proven, then we will put it on a rack but the way we do it will be different from the traditional giants' way. Our data allows us to know which area loves our products most and that will be how we choose to allocate our products to. My advice for newbies who want to start their own direct to consumer brand in the FMCG market is to make sure you have a good story and believe in the products. If you're genuine, you will be able to convince customers to believe in your brand. We are passionate about getting more people to start their own brands in the FMCG industry because it's booming. We have helped other brands by sharing our stats with them to help them find their best products. We also help other sellers to market their brands as not many people are experienced in marketing and packaging. We would love to see more brands in this industry because our mission is to provide better choices for consumers. If it's only a few of us doing this, it will be very challenging for us to reach there. 再稍微推荐我们自己以下: 我们是米雷牛(mileiniu)。我们的使命就是想要通过有趣,新鲜的创业创新内容,打造一个创业家的天地! 想了解更多关于我们的资料,请到: https://www.facebook.com/mileiniu/ We are Millennials. Our mission is to create a community of entrepreneurs through producing engaging, entertaining and educational content on startups and entrepreneurships. To learn more about us, please go to: https://www.facebook.com/mileiniu/
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