What Challenges Will Bubble MartFace When It Enters Overseas Markets?

Not long ago, Bubble Mart held its annual meeting with the theme of "Spring", and its chairman and CEO Wang Ning shared the company's achievements in the past year and its outlook for the future. In addition, at the themed annual meeting, Wang Ning, chairman and CEO of Pao Mart, said: "In the future, we will strive to change from China's Pao Mart to the world's Pao Mart."

 

Since 2018, when Bubble Mart began to deploy overseas markets, it has opened offline retail stores in the United States, the United Kingdom, Canada, New Zealand, Japan, South Korea, Singapore, Australia and other countries. Among them, in 2022, Bubble Mart will accelerate its overseas deployment. On the basis of continuing to deepen the Asian market, it will focus on North America, Europe, and Oceania. store, and opened the first overseas flagship store in Seoul, South Korea.

 

It is reported that in the 2022 semi-annual report, Bubble Mart singled out overseas business for the first time, and released its detailed data, which also proved the importance of overseas business from the side. At present, the proportion of overseas revenue has also increased. According to the financial report data, as of June 30, 2022, the number of Bubble Mart stores outside mainland China has reached 24, the number of robot stores has reached 98, and the number of cross-border e-commerce platform sites has reached 11. indivual. In the first half of the year, overseas revenue was 157 million yuan, a year-on-year increase of 161.68%, and the proportion of revenue increased from 3.4% in the first half of 2021 to 6.6%.

 

In addition, 52TOYS and TOPTOY, a trendy toy brand under MINISO, also planned to expand into overseas markets. Therefore, it is not difficult to see that it is the general trend for Chinese trendy games to go overseas. So what is the dilemma of Chinese trendy players going overseas?

 

1. Localization

Localization is an unavoidable problem for all industries going overseas. All overseas brands must deal with cognitive barriers and differences in consumption habits brought about by cultural differences.

 

Compared with Chinese trendy players, overseas players have higher requirements for the details of trendy players.
The same is the overseas market. Although the national income of Southeast Asian countries is relatively low, young people have a high acceptance of fashion products; but some European and American countries, despite their high national income, are not very accepting of new foreign things. high.

 

Judging from the gameplay of the blind box, there have been "gashapon" and "lucky bags" for a long time. Japanese and Korean cultures are very popular, but they tend to be "deterministic". European and American consumer regions are not very interested in this gameplay.

 

Therefore, going overseas not only means bringing domestic popular products overseas, but also truly creating culturally inclusive products from the product level.

 

2. Insufficient IP content background

The lack of IP story content can be called a flaw in China's trendy games. Overseas game IP stories have long been deeply rooted in the hearts of the people, while Chinese fashion game IPs do not have the ability to tell moving stories.

 

Whether it is Japan's Digimon, Pirate King, American Disney's Mickey Mouse, Donald Duck, or Marvel's Iron Man and Captain America, no matter which IP it is, it has its own worldview and touching stories behind it. This kind of story IP's own story is the source of its vitality and an important reason for attracting countless players.

 

At present, Chinese trendy game brands are still in the IP cooperation licensing mode of overseas popular status, and the creativity of their own IP is weak, which cannot attract overseas players.

 

At present, the trendy culture of the country is rising day by day, the IP of Chinese cultural creativity is rising day by day, and the international influence of the trendy culture of the country is increasing day by day. It may only be a matter of time before the details of the IP content are improved. But it is undeniable that Chinese fashion games need to create a story IP that can tell stories and have story details, so as to give Chaowan more emotional and cultural heritage.