Our mission is to help every family enjoy quality grocery at their fingertips.
Our vision is to become the largest platform to drive digitalization of China’s neighborhood retail industry.
Missfresh Limited (NASDAQ: MF) is an innovator and leader in China's neighborhood retail industry. It is our steadfast endeavor to make grocery shopping more efficient, enjoyable, affordable, convenient, and trustworthy.
As a leading player in the neighborhood retail market, we have accurately anticipated and captured consumer demand for fresh produce and fast-moving consumer goods (FMCGs) in first- and second-tier cities, and effectively transformed the industry with our extensive market know-how and pioneering technological innovations. We have also launched differentiated business models to drive digitalization of traditional neighborhood retail market segments in different cities. Our innovative business model comprises of our on-demand Distributed Mini Warehouse (DMW) retail business, intelligent fresh markets business and retail cloud business initiative.
We invented the DMW model by building and operating DMWs in May 2015, bringing products closer to consumers before any other DMW player. We operate an integrated online-and-offline on-demand retail business that focuses on offering fresh produce and FMCGs, both of which tend to be high-frequency purchases with regular and universal demand. Through our “Missfresh” mobile application and Mini Program embedded in third-party social platforms, consumers can easily purchase quality groceries at their fingertips and have the finest products delivered by our riders to their doorstep. We appeal to a new generation of consumers who are willing to pay for a seamless, convenient, and overall exceptional experience in grocery shopping.
Our DMWs are strategically located in local neighborhoods, undertaking the functions of cold-chain enabled warehousing and last mile logistics. Stocks at DMWs are replenished quickly, bolstered by our smart supply chain. Convenient DMW locations and our state-of-the-art technology-enabled DMW management system allow us to deliver an order to a consumer in 36 minutes on average in the third quarter of 2021.
We are spearheading the intelligent fresh market business model, as fresh markets remain the go-to place for fresh produce shopping. Leveraging the core capabilities built on our self-operated on-demand DMW retail business, we launched our intelligent fresh market business in the second half of 2020. This innovative business model is dedicated to standardizing and transforming fresh markets into smart fresh malls.
We have effectively reshaped the neighborhood retail value chain end-to-end, from managing the supply chain operation in an intelligent way to digitalizing the business operation process. At the same time, by harnessing our significant data insights to constantly optimize our algorithms, we have developed an end-to-end intelligent operating system – the Retail AI Network (RAIN) – which consists of smart supply chain, smart logistics and smart marketing, among others. RAIN significantly enhances automation levels and overall efficiency of the entire operation process by using data analytics and AI to replace human decisions in areas such as inventory replenishment, procurement and turnover management. RAIN empowers us to continuously improve on multiple fronts, including consumer satisfaction, operational efficiency and business expansion.
We have also started to platformize our pioneering business model and RAIN technology platform through our retail cloud business initiative. This initiative is designed to empower a wide range of participants in the neighborhood retail business, such as supermarkets, fresh markets and local retailers to jumpstart and efficiently operate their business in a digital way via smart omni-channel marketing, smart supply chain management and store-to-home delivery capabilities.