Yang Wang,vice president of Yesmywine, explains his point of view about the Chinese wine market and the habits of the Chinese wine consumers. Yesmywine is the largest imported wine retail platform in the world, counting a million members with fine taste, and a wine list with more than 5,000 wines from 18 countries.
VINEXPO: Can you say a few word about yourself?
Yang Wang: “Hello everyone, I am Wang Yang, the president of Yesmywine. I have been working here for eight years and I am one of the company founders of Yesmywine, which is China’s largest online wine retailer and the world’s largest professional online wine retailer.
We have 8.5 million wine loving members and have acted as the wine market’s largest retailer, education provider, and pioneer in China over the past decade. We are very proud that in the past eight years we received continuous recognition and support for our professionalism from both, wine consumers and wine industry professionals.
In 2015, Yesmywine’s online and offline sales reached one billion RMB. On the online side, we have our own official website and mobile APP and in all online channels such as Jingdong, Tmall, and VIPShop we are ranked first wine shop.
On the offline side, Yesmywine has two hundred stores in China. We have formed an integrated online and offline, O2O integrated and unified wine brand to provide service to consumers.”
VINEXPO: How do you see the development of the Chinese liquor market and what will be the consumption trends?
YW: “Since I entered the wine industry seven years ago the whole industry has rapidly developed. There are now more actors in the wine industry. We can see the amount of imported wine is growing with 30% -40% annual growth rate and the extent of regulation, the degree of concentration of the industry is constantly improving. The Chinese wine industry used to annoy consumers with chaotic, poor & inflated prices of imported wines. This is now changing and consumers regain trust ine online wine retailers . The price is returning to its value. This is my strongest feeling as an Internet wine retailer.
More consumers choose to shop online and trust wine sales platforms. And in the past seven years, consumers gradually learned how to distinguish good from bad wine. They also appreciate different areas and different flavors of wine. This is our greatest comfort. In this process, thanks to our educational efforts and the information available on the Internet consumers are upgrading.
Talking about the wine consumption trends, personally I think that will polarization:
– The regular consumers like famous brands because they bring psychological satisfaction to consumers because these wines use some symbols of culture or pop stars to get rapid spread. That kind of wines are very consumer friendly.
– The other pole is the professional wine lover. They increasingly value the quality of the wine itself and understand more and more about how to appreciate wine and select wine. Therefore, there will be more international brands entering China with their worldwide reputation and best products.
So the future of the high-end market or enthusiast markets will be brand-oriented, and at the same time cost efficiency will be another leading factor.”
VINEXPO: Why do you attend Vinexpo? What kind of experience makes you interested in visiting Vinexpo again?
YW: “Vinexpo is a big annual event in the wine industry. For us, online retailers, attending it every time, can help us recognize the industry’s latest trends. We discuss about China’s retail market with industry predecessors and with our partners.
They tell us what the consumers really like, what their preferences are , we also get advices from them, including their new products and new ideas they have.
At the same time, we share our findings about consumer market trends with them. We believe that the role of the Internet is to connect people. Now, Internet is the information communication channel.
And the most important reason we attend Vinexpo, is not simply to buy or sell wine, we want to connect our retail market with the wine producers. In my point of view, that is the best value we can get of attending Vinexpo.”
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