SINGAPORE, Nov. 9, 2019 /PRNewswire/ — The second MINISO outlet opened in IMM, the largest outlet mall in Singapore on 26th October, 2019. At the end of last weekend, the sales volume of the MINISO outlet store was 4 times of normal stores, and consumers bought nearly 12 products on average. From 5th October, 2019, the first MINISO outlet opened in HarbourFront mall. After only 21 days, the IMM MINISO outlet’s opening has become the milestone in MINISO’s development history.
The 2SGD Sales Model of MINISO Outlet
On the eve of the opening of IMM MINISO outlet, hundreds of people stood in line outside the store to get coveted items in the first time. Three hours before the opening time, many MINISO fans and loyal consumers waited in a long queue outside the store. Besides waiting to buy products, they were also busy sharing information on Facebook, Instagram and other social media to their families and friends. Ingeniously, the queue situation of the first MINISO outlet in HarbourFront mall’s re–appeared in the IM. Consumers could pay only $ 2 SGD and get limited-edition and cost-effectiveness products. On that day of opening, to prevent a wave of buying spree, the store implemented current limiting ways to ensure each customer have enough time and relaxing environment in shopping. The store limited the flow of people to ensure that every consumer could enjoy shopping in a pressure-free environment, and the management of the goods on the shelf is based on the policy of "no vacancy for one minute" to quickly replenish the goods, so as to ensure that customers can buy whatever they want..
Since 2015, there have been 31 MINISO stores opened in Singapore. While sticking to the life philosophy of "simplicity, nature and good quality" and the brand proposition of "returning to nature", MINISO is trusted by Singapore’s consumers. At present, MINISO has implemented dual operating models of opening IP stores and outlet stores in Singapore, which can serve consumers from different aspects, meeting their requirements of different products and consumption levels. MINISO x Marvel IP store retains the attention of trendy youth with the fast fashion conception and high-quality life. And MINISO outlet offers cost-effective, multifunctional and good-quality products to economically vulnerable families.
In July 2019, the MINISO x Marvel IP store was opened in Singapore. While causing a shopping spree, the MINISO x Marvel IP store had renewed sales records several times. The discussion of MINISO on social media was 10 times over before. The 2SGD outlet store launched in October was another example that showing the high performance of MINISO’s products. People purchase a headset, a power bank or a mini fan for only 2SGD. MINISO is bringing the highly cost-effective, fine quality and limited-edition necessities to Singapore consumer.
Last weekend, MINISO outlet’s footfall increased 5 to 6 times for general stores and the number of customer transaction has almost doubled. Surprisingly, even though the per capita transaction unit price of clients reached a small peak of over 176.7 yuan, there was still an associated purchase rate ranging from 1.3 to 5.0. According to the statistics, the growth of rate of sales of the new MINISO outlet was 3 to 4 times over the normal stores.
With the core values of excellent product design, high cost performance and comfortable shopping experience, MINISO gains popularity among consumers, which sets the personalized consumption trend in the household market. It actively explores the international market and has opened almost 4000 stores to now, with business turnover reaching USD 2.5 billion in 2018. At present, MINISO has reached strategic cooperation agreements with more than 90 countries and regions including the United States, Canada, Russia, Singapore, the United Arab Emirates, Korea, Malaysia, Hong Kong (China) and Macau (China), with an average monthly growth rate of 80 – 100 stores.
MINISO advocates the philosophy of quality life and the brand spirit of "respecting consumers". It has come up with a series of unique management philosophy: good-looking appearance, high quality, high efficiency, low cost, low margin and low price. It strives to provide consumers with smarter, simpler and cozier products, so that consumers can experience relaxed and happy lifestyles when shopping.
Taking product structure optimization and product management as its priority, MINISO insists on selecting materials from all over the world. With the strategy of "official licensing + affordable price", MINISO overturns the traditional mode and pricing standard of animation IP peripheral product development. Meanwhile, with the help of the influence of globally well-known IPs, MINISO further expanded its popularity and reputation around the world, and realized the successful transformation of the brand from a department store to a popular IP store selling cultural and creative products. MINISO cooperated with Marvel, the Forbidden City Culture, KAKAO FRIENDS, Sesame Street and Pink Panther, etc. These peripheral products targeted at a wide range of people and had a complete range of products. Once released, it attracted a lot of attention on social media platforms and became a must-have product for customers.
Photo – https://photos.prnasia.com/prnh/20191108/2637285-1?lang=0
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