Cecilia Sun of Miss Fresh: The Economics of Online Grocery in China
This episode is the recording of a private webinar we recently organized for GGV portfolio companies working to improve the supply chain of food in different markets.
Online grocery is one of the most throat-cutting sectors in China. A study shows that with over 4,000 online grocery companies, only 1% is profitable, 4% can break even, and the overwhelming majority is burning money.
Miss Fresh is among the rare ones that have survived and thrived after waves of competition. Miss Fresh is China's leading online grocery retailer that offers 1-hour instant delivery services across 16 cities in China, including first-tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen. The company has 1,000 distributed micro warehouses that fulfill up to 2,000 orders per day with over 3,000 SKUs. Its GMV tripled during the height of COVID-19 in China.
Cecilia is a partner and the COO at Miss Fresh. She joined the firm in 2015. Prior to Miss Fresh, she was a private equity investor at Baring Asia, an investment banker at Deutsche Bank. She holds dual bachelor's degrees in economics and statistics, a master's degree in finance from Peking University, and is a member of Forbes 30 under 30 list.
On the show, we covered the impact of COVID-19 had on the eGrocer business, the innovative model Miss Fresh came up with, and how it competes and collaborates with tech giants in the grocery delivery business.
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