In Faddish China, Even Glorified Vending Machines Raise Billions
Fear of missing out grips Chinese investors in unmanned retail.
About a score of startups have attracted at least $1.7 billion.
Chinese offices aren’t known for cushy perks. So imagine Ben Jiang’s surprise when he showed up one morning to find a bright pink kiosk in the lobby, laden with fruit, yogurt and steamed buns. The brainchild of Mr. Fresh — one of Beijing’s buzziest startups — its free-standing shelves don’t lock away or even tag its wares, just ask that shoppers scan smartphone codes to pay for whatever they grab.
Unsurprisingly, a mini free-for-all ensued.
“I know people in the office have taken away stuff worth 5 yuan but just pay 1 yuan,” said Jiang, who works in the Beijing technology hub of Zhongguancun. “They have these open shelves that have no way of monitoring what people are doing. It’s so unreliable to just base a business model on people’s good behavior.”
Some of China’s most powerful corporations and investment houses disagree. Names from Alibaba Group Holding Ltd. and Tencent Holdings Ltd. to Walmart Inc. and Sequoia have poured more than $1.7 billion into startups such as Mr. Fresh and Xingbianli (Gorilla Convenience) that for now offer little more than tricked-out vending machines or kiosks.
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— With assistance by Lulu Yilun Chen, and David Ramli
Bloomberg News
May 21, 2018, 1:30 AM GMT+5:30
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