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"Influential creator of Baijia 2020, award-winning author of Kunpeng plan", 36 krypton official account, creator of high-quality financial field

36 krypton learned that povison, a home e-commerce platform serving the North American market, has completed a round of financing of nearly US $10 million. The investor is skyline ventures, and Yuanzhi capital acts as a long-term exclusive financial consultant. This round of financing will be mainly used for brand building, supply chain digitization and performance system construction. Prior to this, povison has obtained the angel round investment of Alibaba ewtp science and innovation fund.

Muse technology, the parent company of "povison", was established in 2020, and the platform was officially launched at the end of March 2021. The company takes the indoor furniture serving the largest furniture demand of consumers in North America as the scene to build a one-stop online furniture retail platform.

According to the introduction of Founder Lin Yu to 36 krypton, the North American furniture retail market is extremely dependent on imports, and commodity imports mainly come from the Chinese market. In the North American furniture market demand, 60% of the share is in the hands of local import retailers. These enterprises have been operating goods and channels in the traditional B2B mode for a long time, and they are extremely slow in understanding and meeting the needs of C-end consumers. Compared with the traditional B2B model, the North American furniture consumer market is in the process of rapid online.

POVISON

At the same time, affected by the residential economy under the epidemic, the penetration rate of B2C furniture e-commerce in the United States has exceeded 20% in 2020, far exceeding 14% in 2019, and is still expanding in 2021. Consumers aged 25-44 are the main customers of furniture retail e-commerce. As the millennials will soon become the largest adult group in North America, the trend of online furniture retail will become more and more obvious.

At present, the mainstream products operated by povison are mainly large high brand value-added products such as sofa, dining table and TV cabinet in indoor furniture. In terms of business strategy, it takes scene creation as the core and constructs home consumption scenes for consumers through pictures and video content. At present, the three most important scenes are the living room, dining room and bedroom. The average customer unit price of core products is $900. Due to customers' preference for joint purchase, the customer unit price of the company's products is continuously rising.

POVISON

When talking about how povison brand won the favor of North American consumers, founder Lin Yu said that in addition to providing consumers with high-quality and design products, povison also attaches great importance to the environmental protection and sustainability of products. The solid wood materials used in the products are from sustainable trees, and their plates are certified as EO grade, which are plywood Hardwood plywood and other wood panels are one of the highest formaldehyde emission standards. At the same time, povison is also an enterprise that emphasizes the concept of ESG. At the beginning of its establishment, the company discussed charitable cooperation with the nature conservation in North America.

Although the furniture market is developing rapidly, this category still faces great challenges. For example, the digitization of the supply chain in the furniture industry and the stable and high-quality performance of goods have always been the pain point of the whole industry, and it is also the most important investment direction of povison. In order to protect the rights and interests of consumers, all links of the company are organized and operated by internal teams. Founder Lin Yu said that although the current cost is relatively high and the investment cycle is too long, the company expects to establish a complete supply chain digital channel of furniture categories, making it possible for domestic furniture manufacturers to conduct deeper communication and interaction with overseas consumers with the help of digital tools in the future.

POVISON

At present, povison has independent apps, self built stations and Amazon channels. In 2021, the brand's Omni channel sales will exceed US $40 million. When talking about the focus of the enterprise in the next few years, founder Lin Yu said that the company will focus more on the North American market, invest in local warehousing and localized after-sales service, provide free design consulting and design services for consumers, and help consumers better enjoy excellent furniture products with good quality and design sense.

In terms of team, povison team is located in Guangzhou. Its founder Lin Yu is from Alibaba. Lin Yu, a software engineer, takes system and data as the core assets of the company's long-term development. Other joint ventures of the company come from WAYFAIR, Alibaba, Tencent, vipshop and other domestic and foreign retail enterprises.