POP MART-Revolutionizing Collectibles with Blind Box Sales by

Hazel_ZhangYuxin — 2024-11-06 15:39:19 UTC

POP MART mainly adopts differential pricing and psychological pricing. The price of its products mainly ranges from 50 to 200 yuan. Most of the products are priced below $100. The prices of its products are often set at a number ending in 9, such as 49, 59, 69, 79 and 89. This type of pricing gives consumers a sense of relative cheapness.POP Mart's blind box products are usually divided into fixed models and hidden models, of which the hidden models are fewer in number and have higher scarcity and collector's value. As a result, hidden models are usually priced higher than fixed models on the secondary market to reflect their unique value.

Interview 1

Hazel_ZhangYuxin — 2024-11-06 15:41:06 UTC

Emotional experience refers to the positive psychological tendency that consumers develop when they are in contact with a brand. According to Linzy's answer, consumers' emotional experience is mainly reflected in two aspects. First, the affinity and human touch of Pop Mart itself. The second is the strong emotion that consumers feel towards the brand during the consumption process. As a combination of product and experience sales model, the blind box can not only bring substantial functional value such as product viewing and collection. It can also stimulate consumers' deep emotional experience. The fulfillment and satisfaction brought by this emotional experience, for many consumers, is far more than the functional value of the product itself. Therefore, this is one of the reasons why many consumers choose to buy and experience the same brand of blind boxes over and over again.

Interview 2

Hazel_ZhangYuxin — 2024-11-06 15:42:05 UTC

Aesthetic experience is a subjective measure of the beauty of a product. That is, it depends on the color, shape, texture and other aspects of the product's attractiveness. At the same time, it is also consumers in the shopping process, from the overall shopping environment in the sense of the environment. The aesthetic experience is also influenced by the consumer's personality traits and purchasing motives. For the blind box consumers, their consumer groups show the trend of youth and network. Therefore, aesthetic needs are one of the most important needs of contemporary young people in their growth. The aesthetic demand is one of the important needs of contemporary young people in their growth, which implies their psychological demands and emotional motives. Through the aesthetic experience of Blind Box, one can obtain sensory and spiritual enhancement, and fully realize the liberation of one's own personality. During the interviews, my friends believed that the Blind Box, as a typical representative of trendy toys, is a highly visualized product. Its appearance design is naturally given a high value and expectation. As a typical hedonistic product, the overall shopping environment is an important factor in attracting blind box consumers to appreciate the product. For most of the addictive consumers, the overall shopping environment is also one of the most important factors that attracts them to enjoy the product. For most of the consumers, picking and opening in a blind box store, surrounded by a warm and exquisite shopping atmosphere is a very important shopping experience in their life.

Interview 3

Hazel_ZhangYuxin — 2024-11-06 15:43:38 UTC

For most loyal blind box consumers, blind boxes have become a special social item. And using the blind box as a means of socializing, it has become a gift option for friendship and holiday celebrations. It was mentioned that they have had the opportunity to utilize the convenient means of communication on social platforms to discuss with each other information on blind boxes of common interest. Alternatively, they have been able to exchange blind box styles and continue to strengthen their hobby through second-hand trading platforms. Blind boxes are a popular topic of conversation. As a typical representative of new things, through the understanding of contact and dissemination of more information about the blind box brand, but also can gain a certain degree of social superiority.

Business Model Canvas of POP MART

Hazel_ZhangYuxin — 2024-11-06 15:45:06 UTC

Insights and Future Research

Hazel_ZhangYuxin — 2024-11-06 15:57:38 UTC

As this trend grows, it will be critical to address the complexity of consumer behavior in this new landscape. How can POP MART meet the needs and expectations of an increasingly discerning consumer. This phenomenon represents a significant shift in consumer culture, especially among the younger demographic. It highlights the intricate relationship between social dynamics and cultural consumption patterns. Furthermore, as competition intensifies, potential market saturation may alter the dynamics of the consumer's stickiness. Or perhaps even the novelty value of a blind box. Another area worth exploring is the regulatory environment. The regulatory environment may evolve in response to blind buying behavior to ensure that consumers are protected. Future research should consider consumer fatigue and its impact on the environment. Investigate the sustainability of the blind box market.

POP MART's INTRODUCTION POWERPOINT

Hazel_ZhangYuxin — 2024-11-06 15:57:47 UTC

POP MART‘s Sales Channels

Hazel_ZhangYuxin — 2024-11-06 16:03:05 UTC

In terms of online channels, POP MART meticulously displays product information and brand stories on its official website, allowing consumers to gain an in-depth understanding of the story behind each toy. Meanwhile, the brand has opened its official flagship store on Taobao, Jingdong and other e-commerce platforms, making it easy and convenient for consumers to buy online. In addition, POP MART actively interacts with users on social media such as Weibo, WeChat and Jitterbug, sharing product information and activity dynamics.

As for offline channels, POP MART pays more attention to creating a unique consumer experience. Through the opening of creative brick-and-mortar stores and vending machines, POP MART closely integrates its products with consumers' daily lives. The design of each store incorporates trendy elements to attract the eyes of young consumers, and the product displays inside are even more extensive.

POP MART's 3-Stage Strategy

Hazel_ZhangYuxin — 2024-11-06 16:05:14 UTC

POP MART's business model exemplifies the complex interplay between upstream, midstream and downstream components of the blind box economy.

4P Analysis of POPMART's Blind Box economy

Hazel_ZhangYuxin — 2024-11-06 16:12:57 UTC

To do list

Hazel_ZhangYuxin — 2024-11-06 17:07:01 UTC

literature review

explanation

annotated bibliography

one PowerPoint

one image

one business model canvas

one frame diagram

three interviews

two analytical paragraphs

Explanation

Hazel_ZhangYuxin — 2024-11-06 17:23:03 UTC

The purpose of this project is to guide the readers to understand POP MART, a famous blind box toy company in China. I used the business model canvas and 4P analysis to firstly explain the development process of POP MART. Then, from a consumer perspective, we will analyze the experience that blind boxes bring to us and its effect on our lives.

Hazel_ZhangYuxin — 2024-11-06 19:37:49 UTC

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Hazel_ZhangYuxin — 2024-11-07 15:23:20 UTC

Hazel_ZhangYuxin — 2024-11-07 17:10:14 UTC