Tapping Growing Interest In Wine, Wine Education Among Chinese Middle Class#
Launched in October 2008, the Chinese e-commerce site YesMyWine has rapidly emerged among the country's most successful online wine merchants, tapping the growing interest in wine among the Chinese middle class by combining a competitive pricing strategy with educational offerings. With a massive array of wines available, from US$10 entry-level reds to “sky’s the limit” bottles like a $4,126 Château Pétrus, YesMyWine has been effective at stocking something for everyone, though recently intensified competition from the likes of Yangjiu.com and Moooton mean the site must constantly innovate in order to stay on top. According to a company release this week, one way YesMyWine will look to keep the head of the pack is via more educational content and online retail segmentation through a new partnership with Wine Enthusiast magazine.
As the Grape Wall of China blog details today, YesMyWine and Wine Enthusiast are set to team up on a two-phase project that includes a digital Chinese-language magazine and a wine accessories website, with the digital magazine coming first. As the blog notes, the digital magazine will include:
1. International content for Chinese wine consumers to enjoy about wines from the United States, China, France, Italy, South America, Australia and other parts of the wine world where Wine Enthusiast Magazine has journalists and editorial offices.
2. Educational articles about wine to expand the knowledge of YesMyWine’s customer base.
3. Tens of thousands of wine ratings and reviews based on the famous 100 point scale which will help provide the YesMyWine customer direction for their wine purchasing needs.
Slated to launch "within the next two months," an annual subscription to the digital magazine will cost around 80 yuan (US$12.65), though top YesMyWine buyers will receive free access. The publication is expected to have both translated material from the global Wine Enthusiast magazine as well as specific content written for the China edition.
As for the Chinese-language wine accessories website, Wine Enthusiast and YesMyWine plan to offer "thousands" of wine-related accessories and wine refrigerators that YesMyWine "will link to and WEC (Wine Enthusiast Companies) will ship directly to YMW's customers in China." This would mark a significant expansion of YesMyWine's online offerings. Speaking of the new partnership, this week Wine Enthusiast Companies Chairman Adam Strum said, “I predict YMW in the next five years will become the first multi-billion dollar Internet wine company." Remarked YesMyWine CEO Jared Liu, “We look forward to exposing our 4.5 million YMW consumers to the ratings and reviews that Wine Enthusiast’s authoritative journalists will provide.”