A Chinese low-cost retailer and variety store chain that specializes in household and consumer goods including cosmetics, stationery, toys, and kitchenware. MINISO is successfully redefining everyday objects in a new kind of retail experience.
2. Chinese entrepreneur Ye Guofu
together with Japanese designer
Miyake Junya founded the low-cost
variety store chain Miniso in 2013.
Inspired from 100-yen shops in
Japan and other similar retail
businesses across Europe and the
U.S., it specializes in household and
consumer goods including
cosmetics, stationery, toys, and
kitchenware.
https://www.miniso.com/EN/Brand/Intro
3. In the last five years, Miniso
emerged as the fastest-growing
retailer in China, now with a global
empire of 3,500 stores in 79
countries with total sales of USD
2.6 billion in 2018. Well as big as it
gets, Miniso plans to have 10,000
stores in 100 countries by 2022
with a sales goal of USD 15 billion.
https://www.foundingfuel.com/article/how-variety-store-miniso-became-a-megasuccess/
4. Before we decode 'Miniso a mega-success,' let me first
introduce you to the concept of marketing myopia. Theodore
Levitt of HBR defined marketing myopia as "the pool of
companies that jeopardized their fortunes by having a very
inward-looking approach to fulfill the immediate needs of
selling the product and not focusing on the consumer.”
5. Miniso studied its consumers well, basing it on intensive
data-driven algorithms that find global trends and
reproduce in as little as three days. Its low-cost, low-priced
business model has worked a charm for it. Low price for
products that are limited in stock, eventually increases the
inventory turnover along with the in-store traffic. And
since, Miniso is a fast fashion retail chain, therefore, new
products are displayed after every 7 days.
7. Partnership and brand collaborations in the retail world
have never really gone wrong, has it? the second major
reason behind Miniso's mega-empire is its smart brand
collaborations. Dealing in stationary, toys, personal care,
etc. primarily, Miniso’s target audience largely includes
Gen Z and Gen X. Hence, it exhibited synergy by
collaborating with brands like The Pink Panther, Hello
Kitty, and of course the Marvel Studios.
https://www.cegid.com/en/studycases/chinese-retailer-miniso-opts-for-cegid-retail-unified-commerce-platform-stores-europe-france/
8. Speaking of store aesthetics, its economical yet good quality
products are shelved and presented in a particular manner. Like
personal care products are placed right in between of cosmetics
and accessories section. Stationery items are found near home
décor and kitchenware products. Miniso follows an American color
palette mostly pastels which is very common in most East Asian
retails.
Miniso’s psychological marketing is the actual MVP of its increasing
sales. It follows the very common psychological pricing pattern
keeping their products at 99 or 299. The personalized touch in its
products like adding sun signs to the perfumes, customizable
notes, cute color compositions speak more to consumers. Another
reason is always ready-to-assist floor staff. Whenever you enter a
Miniso store, there's always a vibrant atmosphere with Billboard
Top 50 tracks playing to give a feel-good experience.
MINISO is the global
promoter of “intelligent
consumer products”.
9. Miniso pays close attention to its store design. Their stores very vividly reflect
the high-quality design of their products, minimalistic and modern.
https://www.indianretailer.com/news/miniso-strengthens-presence-in-india-with-new-store-launch-in-madurai.n10301/
https://www.indulgexpress.com/fashion/new-launches/2018/nov/23/miniso-brings-japanese-kitsch-to-coimbatore-with-everything-from-skincare-to-kitchenware-11226.html
10. While all these make perfect sense, one still can't deny the impact of its
strong social media presence. There are hundreds of 'Miniso Haul' videos on
YouTube, on Instagram, etc. and thanks to the influencer collaborations now
everyone is walking around with those Marvel coin pouches.
11. Its expertise in trend and demand prediction, adaptation to
popular tastes, quick turnaround time, and offering of a wide
range of items make it an easy-on-pocket brand for customers
who cannot afford high-priced yet sustainable items. However,
Miniso a ‘Japanese’ inspired brand which is run by a Chinese
entrepreneur has been criticized for imitating other Japanese
brands like Muji, Daiso, etc. it'd be interesting to see how
Miniso fares in the future. Tell us what do you think.