The marketing value contributed by the closed loop of the e-commerce link is exactly times the difference between the economic output of the website user minutes. Finally, if we use the current average valuation of the top e-commerce platforms (Ali, JD.com, Pinduoduo) -, we can also get the same valuation range: Among the current mainstream e-commerce platforms, Douyin's monetization rate is about 10.5%, followed by Pinduoduo's main site, which is about 10.5%. Under the background of Taobao and JD.com (self-operated business), which are more impacted by the two, and then actively reducing the profit scale to protect income, the monetization rates are about 10.
5% and 10.5% respectively. this year was jordan telephone numbers about 10.5%. In the first quarter of this year, Kuaishou's e-commerce was 1.1 billion yuan, and the monetization rate was about 10.5%. The average profit of the e-commerce platform was about 10.5%, which is equivalent to the actual market value level. In summary, from the content community analogy, Xiaohongshu's valuation model can be summarized as: = K (advertising) K (video ecology) K (e-commerce advertising) K (carrying rate) (+ user growth rate) as shown in the figure below.
Figure: Valuation logic of content community based on user value Source: Jinduan Research Institute Of course, all valuation models are difficult to be universal. Most Internet companies have subtle differences in business models. We call it uniqueness in the valuation model. Some differences will greatly affect the valuation level. For example, under the algorithm advantage, the uniqueness of Douyin is still far superior to its peers. Its overseas performance will give it a valuation performance far higher than its peers. There are two most typical unique features of Xiaohongshu. One is that the company has always promoted the special user structure.