Connie Chan 🍒
@conniechan
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♬ whistle while you work ♫ General Partner @a16z, YGL of @WEF. I like sharing cross-border trends and learnings from China.
Joined August 2007
12 yrs ago, this brought me to a16z, transforming my life. Along the way:. ▫️ I introduced new tech ideas from East to West.▫️ Was promoted to GP, breaking the firm’s rule of no GP promos.▫️ Invested in bold founders. It’s been a great ride, yet it’s time for a new beginning…
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The next Amazon competitor is likely going to look like a social or video app, not a shopping app. Thread👇.
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“If you’re depressed, you’re living in the past. If you’re anxious, you’re living in the future. If you are at peace, you’re living in the present.”.— Lao Tzu.
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Face recognition commercialization:. 1. Upload a selfie to wechat official account. 2. Run Shanghai half-marathon. 3. Within hours get back photos of yourself (from 000's of pics by freelance photographers). 4. Pay $1 to buy unwatermarked images. (c/o Neil Nand)
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1/Last month I wrote about multi-modal biz models --> how companies don't have to rely on just ads or transactions for revenue. Take Tencent for example (WeChat), ads are only ~20% revenue and they limit ads on WeChat Moments to less than 2 per user per day!
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Tencent Credit has been rolled out nationwide in China: a score of 300-850 points based on historical data from WeChat and QQ. A good score gives users access to credit, installment payment shopping, and deposit free rentals of bikes and apartments.
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Now that Twitter has a separate app to test new ideas, here’s a list of 10 feature ideas from "China’s Twitter" (Weibo) that push forward the user experience. 👇.
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-In the future, we will binge-watch stores, not shows.-We'll shop from new, video-first sellers.-Shopping and entertainment will blur. I call this shopatainment. It’s not a trend, it’s a game-changing movement. Here's what you need to know (Thread👇)
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How many people actually know what they want to do post-college when they choose their major? I’ve always found it nuts that we have to pick our majors with so little information, and sometimes we’re forced to decide even before college begins.
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New blog post — We're only starting to see the beginning of Consumer AI apps, including TikTok and more, all of which I go into here:
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Image recognition commercialization in China:. License plate scan so you can pay and exit a parking garage in SECONDS. No paper ticket, dongle or anything. In SF, half the time my arm is too short to reach the machine.
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Meanwhile in China — Tencent founder/CEO just shared, “we believe that the first stage of the mobile internet, the consumer internet, is drawing to a close and the second stage, the industrial internet, is kicking off.”.
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The next big trend in consumer tech is subscriptions and paid memberships. Twitter Blue is just the beginning. Thread👇.
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It’s a misconception that China doesn’t allow crypto. On Friday, Shenzhen’s tax bureau and Tencent announced that China's first blockchain-based invoice was issued to a local restaurant. Government experimenting with blockchain and WeChat payment to fight tax evasion. #chinaspeed.
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Superapp design lets high-frequency low margin businesses lead gen for low-frequency high margin businesses. It's about low/no CAC for follow-on revenue streams.
Uber’s quest to become the west’s first super-app
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New blog post -- How Chinese companies are using mainstream messaging apps and group chats in creative ways. A new kind of conversational commerce that just might work, and it has nothing to do with bots. Group messaging unlocks new biz models:
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One of my most favorite business models coming out of Asia finally has a name: Real Time Retail (per @mbrennanchina). Right now, SHEIN is the poster child of this new biz model. If you don’t know what SHEIN is, ask a teenager -- it's the most downloaded shopping app in the US!
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App version notes are the last place I expected to lol. This is for a $9.5 billion company 😎
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An app where you can chat with merchants in real-time, watch livestream product pitches (aka mobile HSN), read content from influencers, play social games to win coupons, order Starbucks on-demand delivery -- oh, and shop. That's Alibaba's Taobao.
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Spotted in China — self driving…. Retail store end caps. 🛒
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Thought of the moment: To avoid mental fatigue, figure out what replenishes your energy -- whether it's more work, hobbies, family, friends, quiet time, working out. The answer is different for everyone.
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What if self-checkout and less friction wasn't the point of Amazon Go?? Knowing which aisle a customer lingers on and what he/she picked up but did not buy is of huge value. More data on buyer intent = better recommendations = more sales. That would be the China play at least.
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1. social = followers = built in distribution.2. social = user intent is discovery and inspiration (perfect for product recs!).3. video = a great way to sell things (unboxing, demos, context).4. live = limited time offers, interactive q&a.
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The brilliance of TikTok is that its video memes makes it so that people without "talent" can experience self expression and create something they're proud of sharing. And to Evan's point, talent based content is indeed different to status based: for one thing, it's evergreen.
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For Amazon to fight against this shopping revolution, it's going to need to change from a text-centric, search driven platform to one that delivers on discovery -- users have to want to open the app without a specific intent to buy. Imagine going to the mall with no agenda. .
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One day we’ll see startups provide teachers with the best (potentially big budget) curriculum, we’ll better track student effort and progress, we’ll lower the price point of extracurriculars and tutoring, and we'll see teachers become influencers (some already are!).
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I'm excited to announce our Series A investment in Run The World, alongside Founders Fund @rabois, GGV, Pear Ventures, Green Bay Ventures, Will Smith of Dreamers Fund, and Kevin Hart’s Hartbeat Capital! (fun fact, it’s Keith’s first investment where he hasn’t met the founder IRL).
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Tencent's resilient and balanced revenue mix for Q1 2020:. 23% social networks.35% online games.16% online ads.25% fintech & biz services.
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“To be nobody but yourself in a world that’s doing its best to make you somebody else, is to fight the hardest battle you are ever going to fight. Never stop fighting.” — e.e. Cummings.
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1/ What’s possible when we go beyond advertising-only based models? (or in other words what happens when advertising isn't enough??) Too many consumer-facing tech co's rely on singular business models whether it's advertising, subscriptions, or one-time transactions.
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New investment! -- Excited to announce our investment in Run The World, a whole new way for like-minded people to gather online (and even make money!) 🤩
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Thread: This is without a doubt, the most creative and impactful movie trailer/promo video that I have seen in decades, one that brought me almost to tears. aaannnd it’s for a Peppa Pig full length movie. Let me explain….
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New blog post -- Commerce as video's killer app. For the longest time, video has been monetized with just ads (or a monthly subscription). That's all about to change.
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TikTok hit 1B users in half the time as YouTube, Instagram, FB. TikTok also represents the 3rd big era of video: interactive. This era is going to upend social, how we shop, how we learn, and everything in between. Thread 👇 .
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I'm excited to announce our Series A investment in Kobold Metals! When software eats mining.
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One year from now, I predict every consumer will have been exposed to the power of liveshopping and I hope collectors of all types will love buying and selling on Whatnot. Congrats to the entire Whatnot team on raising their $150M Series C from a16z, YC Continuity and Capital G!.
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And WeChat reaches yet another milestone:.800 million MAUs for WeChat payments in June 2018. Q2 stats:.- WeChat payment average daily volume up 40% YOY.- WeChat MAUs reached 1.085 billion.- DAUs growth rate > MAUs growth rate.
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The 2021 a16z Marketplace 100 list is out and among the many interesting trends is the excitement around collectibles.👇
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👇 How Tencent diversified it's revenue stream in just 3 years --> Multimodal biz models are coming to the West, with Instagram checkout being the latest example. Our blog post on it here:
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1/ Conversational commerce is unproven, even in Asia. If texting takes more time than clicking a button on a webview, why is it better?.
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News to share, I’m stoked to be leading a $20M Series A in Whatnot, a livestream collectibles marketplace! 👇
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7-11’s in Taipei are so convenient. You can pay bills and speeding tickets, mail packages, drop off dry cleaning, top up your phone, buy clothing basics and a full meal, renew your driver’s license, buy concert tickets. #originalsuperapp.
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Face recognition commercialization: . 1. Install camera in classroom. 2. Use camera to track attendance. 3. Give teachers analytics on who is falling asleep in class. 4. Give schools analytics on teachers. (this is already live in a high school in China)
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The shopping revolution will COMBINE ecommerce and entertainment, where both are equal in importance. Toss in gamification and boom. We may see waves of new brands and more pricing transparency for everything. products and services, alike.
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Fun fact, usage of Taobao Live (livestreaming commerce from Alibaba) peaks around 10PM. This is how you know it's entertainment!.
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Shopping is fun in real life. You can go with friends, treasure hunt for bargains, discover new products, better understand a brand’s vibe, ask store reps questions, and also touch and feel items so you have more confidence you’re going to love it.
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Instant Apps is a very, very big deal. Future ads may be priced and measured against real transactions, installs and logins won't be enough.
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New blog post - The rise of Stories and Tiktok tell us short video is here to stay. We love bite-sized content, it's perfect for snacking. But is this trend at odds with our traditional model for monetizing video: long YouTube vids interspersed with ads?
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So why are social companies getting into shopping?.1. it makes their ads worth a lot more.2. users spend more time in the app (more ads).3. saved payment credentials = the KEY to superapps.4. influencers making $$ keeps them committed to content and growing their audience.
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Livestreaming ecommerce actually comes close to replicating all that fun. You shop with other viewers, ask questions and get real time answers, and experience FOMO with limited time promotions (buy in the next 30 minutes! Only 20 left!).
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New blog post - I've written a lot about the widespread use of QR codes in China, sharing 16 neat use cases here:
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3/ We look at how short videos help people fall in love with products, buy things, find things to do, and even make reservations. It's just the beginning of commerce + video:
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Why are the words "borrowing" and "following" used when West mimics East, but "copying" used when in reverse? 🤔
Curious about Apple's emoji-heavy iMessage upgrade? Here's why its going to be wonderful.
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She is a sharp businesswoman. With a mahjong set.
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New blog post - 4 product principles from WeChat's creator that challenge the status quo. Happy Chinese New Year! .
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For those of you who read my blog post on the four key product principles from WeChat creator, Allen Zhang: WeChat just released a full translation of his speech here:
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Really big deal. Expect more authentic, informal commercials.
TikTok invests in social commerce via new Shopify partnership by @sarahintampa.
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6 hours = how long TikTok users use the app per week. Also, WAU has grown 27% since early March (appannie). Why does TikTok grow in lockdown? Fast entertainment, feeling of togetherness (memes), positive content that leaves you feeling good (which we could all use right now).
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A decade+ ago, when music streaming went online, it seemed like not having ads or radio hosts were a feature. We had full control over the songs w/o interruptions. But I kind of miss talk show radio, listening didn't feel as lonely. So what happens if we merge music and podcasts?.
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I've written a lot about China leapfrogging to be mobile first. Here are the big themes in 30 mins:
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4/ In any case, I hope spending 30 minutes on this talk provides you with some business model and product inspiration -- for whatever you're designing, wherever you are!.
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Another change has hit cross border businesses. This time impacting all marketplace companies that rely on cheap shipping of goods from China to the US (Wish, eBay, etc.).
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I could talk about consumer companies all day. Every single company – consumer or not – needs distribution and a business model. In the past few years, consumer companies have been hit hard on both fronts. Distribution got harder as CAC increased – it didn’t just increase for.
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New field notes -- Huawei's founder gave a 2 hour interview with Chinese media last week. Translation of the highlights here:
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Interestingly, livestreaming commerce in China isn't winner take all (influencers aren’t exclusive either). More on this topic: . Please note that the foregoing should not be taken as investment advice; see for more important info
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Two recent WeChat changes:.-Removed the 5k cap on # friends. However, only 5k friends will be able to see your social feed (the rest will only be able to chat with you). -Creators will be able to charge for articles! Ranging from $0.15 to $30 per article view. Apple takes 30%.
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Mobile, social, messaging, platform, advertising, e-commerce friends, here's why I'm inspired by @WeChatApp in China http://t.co/LtrI7aRwk2.
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Excited to announce our seed investment in Knowable. We can't wait to see more audio-first startups change how we learn, manage our time, and absorb new information! @knowablefyi .
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In China, livestreaming shopping works best for lower price points, say <$30, where it’s somewhat of an impulse purchase. But big items can work too, like cars and appliances during promotional events. Categories that work best are clothing, cosmetics, food.
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Social's not dead,.Video shopping is new,.Where do we think it's headed?.Well, here's a preview!. We're excited about social. So many problems to solve: meeting new people outside of dating, group learning, different identities, interactions beyond likes.
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Art? Capitalism? Humor? I don’t know. but that is an expensive roll of TP.
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Clothing can make you feel confident, and the perfect, unique special dress is no exception. Queenly is a new startup that helps everyone purchase both used and new formalwear -- starting with prom, wedding, pageants, and special occasions.
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I wrote about what happens when @Tiktok_US becomes a search destination, overtaking @Google @Yelp and Maps searches. There's no need to guess what it will look like -- just look to China to see what happened there.
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I just learned Baby Shark was created by a Korean company that adds the "K-pop" factor to kid songs. And now it all makes sense.
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A few US universities now accept the China college entrance exam (gaokao) in lieu of the SAT/ACT. The gaokao is a 9 hr. test over 2 days and covers a range of subjects such as Chinese language, math, *English*, politics, chemistry, physics, history and geography.
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DingTalk, Alibaba's messaging app for companies is launching a hiring tool -- applicants submit 30 sec videos in addition to text resumes. Recommendation algorithms push videos of talent to recruiters. No one has cracked video recruiting yet, this is a start.
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11/Even if ads or transactions remain the dominant source of revenue for your business, I think it's 100% worth the exercise to brainstorm what NEW sources of revenue are possible. It may just lead you to create a better user experience!. Full essay here 👇
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New video - The evolution of O2O and what all this new retail/smart retail really means. What does it mean to "log in" to a physical space just like we log in to a website? A speech I gave last month at @WSJ DLive
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1/ The two biggest product learnings from Asia's mobile revolution are: 1) the rise of the Super App, and 2) mobile first.
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What does livestreaming commerce mean for the passion economy? Influencers have a better shot of launching and selling their OWN branded products. In China, many influencers have their own lines of cosmetics or clothes, it’s no longer just for the Kylie’s of the world.
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Ridesharing battle isn't over in China. First, Meituan. Now the maps unit of Alibaba, AutoNavi, is launching a ridesharing service in 2 major cities, Chengdu and Wuhan, and will charge drivers *$0* in commissions. ZERO. Drivers will get 100% of what customers pay.
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Can you imagine a newsfeed, instagram & twitter feed where the total # of likes and # of comments was HIDDEN, only shown to the content creator? That's what it's like scrolling through WeChat Moments. It feels different.
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6/ THIS is what a WeChat transaction actually looks like (ordering McDonalds); not a chat but an app-within-an-app.
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Excited to announce our investment in @Createra_, a UGC metaverse engine for anyone to build games! Imagine not needing to download anything, being able to jump in and play a metaverse game on your computer or phone all with just one click. Low friction = easier to go viral.
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New post → We translated a few mainstream apps in Asia that are trying to help with COVID-19 information. We hope it inspires tech companies to innovate for this time of crisis: to find new ways to use their platform and reach in the fight against the virus. Thread 👇.
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QR codes are the secret link connecting China's offline to online. Take this beggar for instance, "sorry I don't have change" is so 2011.
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Apple is an expert in getting consumers to open wallets. Google and FB are experts at getting companies to open wallets. Cross over not easy.
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The official 2016 WeChat Data report is out (in English!). 100m video and voice calls per day
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Multi-modal podcast biz models coming to a phone near you! Straight out of the China playbook, I expect more audio platforms to follow suit and add the tipping and one-time transaction models that have worked so well in China.
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Online concerts need to rethink what celebrity and performance even means. When you attend a concert IRL, you’re opting in to be part of something that feels much bigger than yourself -- a moment, a group of people, a belief. It's not just about seeing the artist.
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