Taiwan Growth Hacker Annual Conference 2019: Liao Jiaxin talks about "Life Market" using artificial intelligence to drive growth thinking

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This is my fourth year to participate in the “Taiwan Growth Hacker Annual Conference”. If you haven’t seen the previous reports made by the “Content Hacker” website before, you can spend some time. Take a look at 2016-2018 Taiwan Growth Hacker Annual Conference Highlights Lazy Pack.

In this morning’s agenda of “2019 Taiwan Growth Hacker Annual Conference”, [Entrepreneur Brothers Co., Ltd.] (https://www.kuobrothers.com/) General Manager [Liao Jiaxin] (https://www.facebook.com/kellyliao2009) shared something eye-catching. Having said that, I have watched the Guo brothers go through the complicated entrepreneurial journey almost from the beginning of “Map Diary” (I was the editor-in-chief of “Digital Times” magazine at the time, and I often interviewed many entrepreneurial teams because of my work). Therefore, the transcripts they have handed over today are not only vivid in my mind, but also clear in my mind.

During my lunch break just now, I happened to meet [Jia Xin] (https://www.facebook.com/kellyliao2009) at the Xinyi intersection. While waiting for the red light, we chatted for a few words and talked about some past events. I really felt that they were very extraordinary!

Liao Jiaxin, a Taiwanese female entrepreneur and serial entrepreneur, is the co-founder of Entrepreneur Brothers, Pinecone Shopping, and New Era E-commerce. She is currently the general manager of Entrepreneur Brothers, an over-the-counter e-commerce company. She pays attention to issues such as online innovation, e-commerce, female empowerment, and female power in technology. She specializes in the field of digital marketing and is good at analyzing business data to gain insight into business opportunities and formulate strategies.

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To talk about the exponential growth of “Life Market”, it is natural to start from the early days of “Map Diary”, which is also a past event that left a vivid impression on me. At that time, their office was still in the Science and Technology Service Building on Minsheng East Road. I witnessed with my own eyes how this group of people made good use of public relations and marketing resources to gain a huge reputation even with extremely limited resources.

Of course, I have also seen Map Diary gain 1 million members in just three and a half years, but the reality is often extremely cruel. Because there is no monetization model, it is difficult to make a profit even with the number of members and traffic. Transforming into group buying, and later being acquired by Groupon on December 1, 2010 (https://ec.ltn.com.tw/article/paper/448665), it was naturally a big turning point for the Guo brothers.

After being acquired, the operation of the group buying website gradually entered a smooth road. However, as time passed, the Guo brothers’ entrepreneurial ambitions revived, so they locked in the e-commerce field and started anew. As we enter May 2013, Taiwan’s e-commerce market has been divided up by giants such as PChome, momo shopping network and Yahoo!, not to mention the rising star Shopee, which has not yet emerged at this point in time, and is a respectable opponent in the future. The Guo brothers’ choice to invest in the e-commerce market can be said to be a difficult and bold bet.

General Manager Liao pointed out that the traditional e-commerce model is “people looking for goods”, while “[Lifestyle Market] (https://www.buy123.com.tw/)” is a newcomer to the market. It has chosen to make good use of the characteristics of modern people who like to use mobile phones to shop and buy, and play the innovative value of “finding goods from people”. Having said that, with extremely limited resources such as manpower and capital, they can only make good use of their “asset-light” advantages and focus on the core product of daily household products.

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Unlike other e-commerce websites that often have millions of SKUs (stock keeping units) (PChome’s number is two million), “Lifestyle Market” has only focused on a small number of items since its inception. Their three strategies are:

2. Intelligent product selection: Give full play to the quantity-based pricing strategy and reduce the number of products to about 10,000 items to create a price advantage.

3. Technology-driven: Introduce data scientists to provide suggestions on company operations, and also make extensive use of artificial intelligence traffic and product matching technology. This part is also like what Guo Jiaqi shared last year, [Driving performance growth through data and advertising] (https://www.contenthacker.today/2018/12/andy-kuobrothers.html).

4. Free shipping on the entire site: There is deliberately no shopping cart to shorten the user’s decision-making path. This also echoes the site’s slogan “Your brain tells you to keep buying.” When everyone develops the habit of buying whenever they want, it will naturally increase the conversion rate.

General Manager Liao also shared their trilogy of low-cost customer acquisitions. In addition to the aforementioned focus on focusing resources on a few strong products, she also specifically mentioned the second step, that is, when the traffic dividend is no longer available, it is necessary to make good use of the help of marketing technology (MarTech). To put it simply, it is gradually evolving from various artificial attempts to large-scale delivery. Through programmatic purchasing, “everyone is the same” (the concept is [birds of a feather flock together] (https://www.woshipm.com/pd/800569.html), that is, the recommendations are similar and relevant to the current products. Or other dimensions of products, the product recommendations that everyone sees are actually exactly the same) turned into “thousands of people, thousands of faces” (according to the characteristics and preferences of different consumers, the e-commerce platform will display different products). [](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTKbOWpbuOzQxiwJsfNHQ7BtENody1_l4Dtbs-NhxvFJnChepXrW69tZgY4qj9K3ntlLni1iXoUx rXpRswWCwnJatHMyRQjGfbIm2WGoH-MsJ71E-PRToHrUq5jIDSutSeLuZ4WAM01Y12/s1 600/%25E9%2581%25B8%25E5%2593%2581%25E8%25A6%2581%25E6%25BA%2596.jpg)

As for the third part, it uses machine learning models to intelligently select products, breaking the traditional [product thinking] (https://wiki.mbalib.com/zh-tw/%E6%B6%88%E8%B4%B9%E8%80%85%E6%80%9D%E7%BB%B4) (artificial rule algorithm), and making extensive use of artificial intelligence and long-term accumulated data models to achieve profit growth.

As we all know, the formula of e-commerce is “[traffic x conversion rate x Price per customer](https://atm70000.com/%E5%8F%B0%E7%81%A3%E9%9B%BB%E5%95%86%E8%B3%BA%E 9%8C%A2%E5%85%AC%E5%BC%8F%EF%BC%9A%E6%B5%81%E9%87%8Fx%E5%AE%A2%E5%96%AE%E5 %83%B9x%E8%BD%89%E6%8F%9B%E7%8E%87%E6%A5%AD%E7%B8%BE/)”, but in the era of rising traffic costs, “Life Market ” can only change course and start optimizing the conversion rate instead, giving full play to the spirit of lean entrepreneurship and the advantages of the new online team!

Overall, the growth mindset of “Life Market” is nothing more than:

2. Artificial intelligence must be grounded, and it requires the full cooperation of teams including marketing, product managers, and data scientists.

3. The company’s performance growth is important, but it is even more important to provide the team with sufficient room for trial and error, innovation and a high degree of autonomy.

4. Accurately recommending something to a user that “he will buy” is more important than accurately recommending something that “he is looking for”.

Regarding this lecture by the general manager of Liao Jiaxin, interested friends can also refer to Ying @ Taiwan’s Organizing Notes.

Perhaps because I have some connections with the e-commerce community in the past few years (I previously co-founded Taiwan E-commerce and Entrepreneurship Association/TeSA with some friends), after listening to [Liao Jiaxin](https://www.face book.com/kellyliao2009) General Manager’s sharing. I learned a lot after hearing [Guo Jiaqi’s sharing] (https://www.contenthacker.today/2018/12/andy-kuobrothers.html) last year, and I also have a lot of feelings.

For example, if a machine can do something better than a human, then boldly let the machine do it! It sounds reasonable, but I think not every boss really dares to let the machine do it. Another example is when it comes to selecting “accurate” products rather than “too many”. The reason sounds simple, but I believe friends with e-commerce experience will know that this is not easy to do. Speaking of “Lifestyle Market”, it has previously relied on LINE stickers to obtain a large number of customers and orders. However, this may be a double-edged sword. How to resolutely change the company’s operational decisions after tasting the benefits, and even quickly keep up with the pace of the e-commerce market that changes day by day, really requires the collective efforts of the entire team.

There is no shortage of vitriol in the market, and there seems to be a lot of talk about entrepreneurial brothers in the past few years, but I really admire the Guo brothers and their significant other for having such a good understanding and not forgetting their original intentions along the way. At the same time, it can also quickly create a workplace atmosphere suitable for a learning organization, even recruit data scientists, and form a marketing technology team that can keep up with market trends.

It is also mentioned that the company should give members enough room for trial and error to find opportunities for innovation… This point is very simple to explain, but it is not difficult for me to see the clues from the previous video of TK visiting the entrepreneur brothers. If you haven’t seen this video before, take some time to watch it!

Well, there is one last thing worth mentioning. That is what Mr. Liao specifically mentioned in the lecture: It is necessary to accurately recommend to the user something “he will buy”, not just something “he is looking for”… From this simple conclusion, I saw some new opportunities. I wonder if you feel it too?

Friends who are interested are welcome to leave a message to discuss with me!

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Further reading

• 2018 Taiwan Growth Hacker Annual Conference: “Pinecone Shopping” has suddenly emerged, and the key to success lies in the introduction of artificial intelligence
• Taiwan Growth Hacker Annual Conference 2018: Guo Jiaqi reviews his entrepreneurial journey and drives e-commerce growth through data and advertising
• Taiwan Growth Hacker Annual Conference 2017: Can inbound marketing bring Taiwan’s e-commerce industry back from the ashes?

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