There are many hot topics in the technology circle recently，The recently rumored winter in the technology world is brewing，The storm is about to come and the building is full。actually，Not only in the country，In Silicon Valley, USA，Also starting to talk about bubble bursting。Nick Bilton (Nick, a writer on the American technology industry Bilton) recently wrote a long article discussing the technology bubble problem in Silicon Valley，He believes that there is a bubble in the current technology industry，But it won’t be as tragic as in 2000。

American Cowboy Aileen, founder of Ventures Lee) is accepting Nick Bilton (Nick Bilton) said in the interview: She invented the term "unicorn company"。“But a lot of them are paper unicorns，So their valuations may be artificially high for a period of time。”And some other unicorns may never fill enough zeros in their balance sheets，To prove that they are truly unicorns。These companies will get a new nickname: "unicorpse"。

In China，The controversial Meituan financing incident continues to ferment，Among many comments，Including the author, I have expressed concerns about Meituan’s continued cash-burning model，This worry is obviously not unfounded。Compared to the Internet bubble in 2000，15 years later in 2015，I have also experienced such a roller coaster market from extreme to decline，Especially in the O2O industry，The turning point has really arrived。

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A situation similar to the bursting of the Silicon Valley bubble in 2000: the financing amount of many Internet companies in China is 188bet app download very amazing，Many have joined the ranks of “unicorn” websites，The reason why the Silicon Valley Internet bubble burst in 2000 was due to the domino effect caused by large companies selling their stocks aggressively on the stock market，Under the sudden change in market value，Shares panic selling。Reaction to China’s Internet market，Many companies are waiting for foreign capital financing overnight，The capital chain is broken，Had to close。

In comparison，Domestic financing has shrunk，General opinion in the industry，This is due to the decrease in capital liquidity caused by the recent downturn in the domestic stock market，Investors’ income is tied up in the stock market，But due to China’s Internet market，Experiencing an unprecedented expansion phase，Compared to the madness of the US stock market in 2000，This time the stock market changes let the Internet investment market calm down，It’s not a bad thing。

Domestic Internet Bubble，Mainly due to investors’ excessive expectations for the development of the Chinese market，Many websites in order to increase the speed of development and capital realization，Excessive optimism about the market，There may be a big gap between the actual valuation and the actual project commercial value，For example: a goal that can be achieved in 10 years at normal development speed，The invested project is at the request of the investor，Quickly promote the market，Causing false prosperity，This kind of bubble exists objectively。

If you look at the particularity of China’s national conditions，And the country has attached great importance to and policy support for the Internet industry in recent years，The so-called Internet bubble also decreases with the development of the target market，The chain reaction of the rapid collapse in 2000 is unlikely。

What are the O2O problems below the turning point?

The market’s doubts about Meituan，It’s about whether financing is in place，Regardless of capital bargaining negotiation strategy，Still affected by the shrinking capital market，Meituan cannot raise funds，It is not even possible that the capital chain will be broken。Meituan Vice President Wang Huiwen also told the media: Meituan launched its E-round financing on July 27，Intended to raise US$2 billion，Valuation above US$10 billion。This round of financing is expected to be completed at the end of September 188bet app download or October。This argument will soon come to an end，Start 20 billion glutinous rice plan similar to Baidu，Alibaba TaoDianDian merged into Ant Financial，And many competitors are watching with eager eyes，After receiving Series E financing，China’s largest group buying O2O website’s next step after financing has attracted more attention。

bringing the same thoughts，Born from the O2O concept，After several years of development in China，Various Chinese-style O2O sequelae appear。

1. Cash burn: financing money，They are all involved in the money-burning war，On the surface, users get benefits，In fact, not necessarily so。

For example, fast food worth 10 yuan，Due to a takeaway package，Plus delivery fee，price 18 yuan，Five yuan subsidy，Including commission，The profit of a store can only be increased by sales volume，In fact, there are not many star merchants，For example, not every merchant who opens a store on Taobao makes money，The 28/20 rule of Italian economist Pareto is also vividly expressed here。

2. O2O dimension is low

Most domestic O2O competition is still concentrated in catering、Used in simple life scenes such as movies，Because mobile Internet technology is also in its infancy，At present, the technological advancement and reform of domestic O2O projects is still relatively slow，The homogeneity of client products is serious，Background applications are not optimistic either，There will even be virtual coupons from netizens after consumption in the store，Situations that require merchant phone verification。

Involving deeper scene applications，For example, commodity trading、Personalized customization services, etc.，Obviously one application APP cannot include all applications，So it can only be connected to simple life application scenarios，This also means disruptive O2O products，There is still a lot of room for development in China。

3. Low level of online marketing

The first is the rapid development of the platform，There will inevitably be a talent bottleneck，Although each company has standardized products and services，Different cities vary greatly，The talent gap faced by localized O2O product promotion，This is also the reason why the current domestic O2O development is slow。

On the other hand, what is more prominent is the marketing level of merchants on the O2O platform，The platform’s currently standardized 188bet app products and terminal equipment，What can be solved is the problem of accessing merchants，Due to the prevalence of subsidies，The level of online marketing of merchants connected to major O2O platforms is relatively low，Price war becomes the theme，So the netizens have a poor experience，Because of excessive pursuit of cost reduction，He pays platform income，Resulting in insufficient profit for merchants，Except celebrity merchants，Under the twenty-eight rule，It is more difficult to ensure that all merchants are profitable。

4. Violation of normal business rules

On the surface，Currently shallow O2O products，Using the Internet to improve the transaction efficiency of some access merchants，But this efficiency is the result of the platform’s vigorous promotion and traffic introduction，If the platform no longer focuses on promotion，Subsidy Elimination，The efficiency improvement brought about by such dividends is bound to be affected。

Shallow application of domestic O2O，Still focusing on the transformation of delivery methods，Whether it’s takeout、Home service，What has not been solved is the standardization problem of platform merchants, products and service providers，So not all products and services are of high quality。

After the short-lived false prosperity relying on promotion and subsidies，There have been many incidents where service providers connected to home service platforms have demanded wages and defended their rights，And the case of platform deactivation of access service。

How should O2O proceed under the turning point?

If we take Meituan’s Series E financing as an example，Add potential competitors，The money-burning war seems to be continuing，The starting point of peers who have obtained financing is to expand scale，Make yourself the ultimate winner，The only successful platform，Or it may become a state of confrontation between the two powers。For invested capital，Happy to see the return on your key investment projects，But obviously，Similar to Meituan as an example，Financial investor Alibaba Group，It also has Taodiandian O2O business，In addition, he also invested in Meituan’s competitor Dianping project，No matter how the money-burning war is resolved，Investors have found a relatively safe way out。

Other competing projects compared to this，While experiencing another money-burning war，The 188bet app download remaining results are still difficult to determine，But if there are two or three companies left，Similar to the merger of Domestic Tudou and Youku、Didi and Kuaidi、The case of the merger of Ganji.com and 58.com，Similar cases may also appear in the O2O field in the future。

From a micro-operation perspective，In addition to continuing the brutal push、Burning money、Advertising War，For domestic O2O development，We still need to look forward to a further perspective。

1. The dimension of O2O will inevitably increase

O2O model is not just about takeout、Movie、Catering、Hotel、Shallow scene dimensions such as tourism，O2O platforms should develop under Maslow’s hierarchy of needs theory in the future，Meet the needs of users，Human needs, from low to high, shift from the need for food and clothing for survival to the need for self-security to the advanced need to realize self-worth，So，The future O2O application scenarios should even penetrate into the spirit、Psychological and other advanced scene dimensions。

2. O2O mode verification

Because the online to offline O2O closed loop involves all aspects of life，So the O2O model must exist objectively，Although many current O2O projects have problems，We cannot stop eating because of choking，Negate the entire pattern，Not due to strict capital requirements，The cooling of the capital market negates this model，This is a rigid requirement。

3. Improve the efficiency of access services

Voice、Video、3D projection、Multi-dimensional and other means，In the improvement of Internet technology，Will definitely penetrate into the future O2O model applications，Use of technical means，Improve access efficiency，Especially the efficiency of merchants，Is an important symbol of future O2O development，Minimize the model’s dependence on promoters，Especially the irrational competition among local promoters。That is: using Internet means and tools，Improve the efficiency of the industry。

4. Improve the level of online marketing in the industry

The platform is in the process of excessive profit-seeking，Standardized service products，For businesses in different industries，The levels of understanding and acceptance are different，The speed of China’s Internet development，Just solved the cognitive education of ordinary people about the Internet，And for the improvement of merchants’ 188bet online sports betting online marketing level，It should also be an important task of the platform。Similarly, look at the Internet+ currently advocated and the B2C e-commerce field we focused on more than ten years ago，Everything is just emerging。Improvement of online marketing level of access merchants，It will greatly reduce the requirements for platform technology products，It also improves the platform’s transaction efficiency and reputation in a disguised manner，A healthy business model。

In short，The development of O2O，Just emerging in the country，Perhaps there will be an independent O2O access platform similar to BAT companies in the future，Whether it is the O2O model that is currently being questioned，It is still an unreasonable phenomenon in development，The healthy development of the O2O project itself，We still need to move towards normal business format，Just rely on burning money to support it，It’s not surprising to be questioned。And the O2O model itself，will not disappear，And for a long time，After market experience，will definitely become an important part of the Internet model，So，O2O turning point debate in the second half of 2015，It is also a new beginning for O2O！