Product analysis reports are one of the core skills of product managers, but how to write a logical and insightful analysis report? This article will take POP MART, a benchmark in the trendy toy industry, as an example, to take you step by step to disassemble the core framework of product analysis, from market positioning, user insights to business models, and gradually master the skills and methods of writing a perfect score report.
When receiving new product development tasks, there are often competing products with similar functions or overlapping users in the market. At this point, in-depth product analysis can help the team to:1) Comprehensively grasp the functional matrix and advantages and disadvantages of competing products; 2) Identify gap opportunities in the market; 3) Develop a differentiated entry strategy。 As a product manager, systematic analysis and report before starting product design can not only provide a key basis for product positioning, but also establish a competitive advantage for subsequent product optimization and marketing strategies by discovering differentiated innovation points.
POP MART Company Overview
Company positioning
POP MART is a leading trendy culture and entertainment company in ChinaBlind box economyandIP operations, covering toys, digital accessories, exhibitions and other fields.
Core business
- Blind box sales
- IP authorization
- Offline retail stores and vending machines
- Online Mall (Mini Program/E-commerce Platform)
Company Strategy
- Offline is king: Stores are still the largest channel, covered by layers through “large flagship stores + urban pop-up stores”.
- Online refinement: Mini programs build private domain traffic, and Douyin live broadcast opens up new volume.
- Overseas has become the second curve: The goal is to account for more than 30% of overseas revenue in 2024 (European and American markets are the key).
- Robot store optimization: From “quantity expansion” to “precise scene delivery”.
Value proposition
- Sentimental value: Trigger the desire to collect and surprise through blind box gameplay + art IP
- Cultural value: It has become a symbolic carrier of contemporary youth subculture
- Social value: The social currency of youth groups
- Investment value: The secondary market premium formed by the hype of limited editions/hidden models
POP MART User Analysis
Core user groups
Generation Z and the young middle class (18-35 years old) focus on the needs of “social currency” and “emotional companionship”
Age stratification
15-24 years old: Proportion approximately40%-50%
- Young people who are just starting out in the workplacemainly, keen on trendy culture and social media sharing (such as Xiaohongshu, Douyin).
- Prefer blind box “surprise experiences” and IP collections (e.g. Molly, Dimoo, Skullpanda).
25-35 years old: Proportion approximately30%-40%
- white-collar workers and young working people, has strong spending power, and the purpose of purchase includes self-reward, stress reduction or social gifting.
- Pay more attention to limited editions and co-branded models (such as collaborations with Disney and Harry Potter).
Over 35 years old: Proportion approximately10%-20%
- Some parents buy for their children, or senior collectors (such as consumers of high-end series MEGA collector’s models).
- The proportion of male users may be slightly higher in this age group (because large-sized figures are more attractive to adult men).
Under 15 years old: Proportion<10%
mainPurchase through a parent or relative, prefers cute style IP (such as Pucky, LABUBU).
Gender stratification
Women account for 70%-80% (the cute design and collection attributes of blind boxes are more attractive to female users), but the proportion of male users in the high-end line (MEGA) has increased.
What does a product manager need to do?
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Geographical stratification
- East China (Shanghai/Hangzhou/Nanjing, etc.): accounted for the highest proportion (about 40%), and consumers preferred fashion and art IPs (such as Molly and Skullpanda).
- South China (Guangzhou/Shenzhen/Chengdu, etc.): The trendy toy culture is mature, and users are more willing to pay for high-priced collections (such as the MEGA series).
- North China (Beijing/Tianjin, etc.): Prefer co-branded models (such as Forbidden City culture and Winter Olympics theme), and the proportion of gift-giving scenes is high.
- Southwest Region (Chengdu/Chongqing, etc.): Young users are active, and offline trendy toy exhibitions (such as Chengdu CTS) drive consumption.
Demand scenarios
1. Emotional companionship and healing needs
scenario: Young office workers and student parties get psychological comfort by buying trendy toys after high-pressure study/work.
Behavioral performance: Prefer cute IPs (such as Molly, Dimoo), and place blind boxes on desks, desks and other scenes as daily companions.
Drivers: The emotional projection brought by the IP image, the surprise of the blind box opening process relieves anxiety.
2. Social sharing and circle recognition
scenario: In trendy toy communities (such as Xiaohongshu, Weibo Chaohua, and offline exhibitions), you can post babies, change babies, and discuss hidden models.
Behavioral performance：
- post unboxing videos on social platforms to show off rare models;
- Participate in offline box drawers, exhibitions, and interact with other players.
Drivers: Satisfy the sense of belonging and establish a social identity through trendy play (such as “senior baby friends”).
3. Collection and investment value
scenario: Veteran players pay attentionLimited edition, co-branded model, some users buy with an investment mentality.
Behavioral performance：
- track new product releases and snap up scarce styles;
- Trading rare blind boxes on second-hand platforms (such as Xianyu) has a premium of several times that of some hidden items.
Drivers: Value-added expectations brought about by collecting habits and scarcity.
4. Gift giving and ceremonial consumption
scenario: As a friend’s birthday, holiday gift, or self-reward.
Behavioral performance：
- Choose popular IPs or holiday limited editions as gifts;
- Prefer the sense of surprise brought by the “uncertainty” of the blind box and enhance the sense of gift-giving ritual.
Drivers: Light luxury pricing (59-79 yuan per box) is in line with the psychological price of gifts, and the unboxing process increases the interactive fun.
5. Artistic aesthetics and IP identity
scenario: Some users are involvedI love designer style(such as Molly by KENNY WONG) orAn IP(such as Harry Potter) and purchased.
Behavioral performance：
- focus on the artists and design concepts behind the IP;
- Buy large-sized figures or art derivatives for home décor.
Drivers: The pursuit of trendy design aesthetics, rather than simply consuming blind boxes.
User loyalty
1) Repurchase data
- The membership repurchase rate is 63% (2022 annual report), far exceeding the average of 20-30% in the general retail industry
- The average annual consumption frequency of core users reached 7.2 times (2021 prospectus data)
- When the limited edition is released, the scalper auction premium generally reaches 300-500%
2) Community activity
- The monthly active users of the official mini program exceeded 8 million (2023 data)
- Weibo Super Talk #Bubble Mart # has more than 5 billion views and an average of 2,000+ posts per day
- There are more than 2 million notes related to Xiaohongshu, and the average interaction of unboxing videos is 3 times that of beauty
3) User lifetime value
- core users (annual consumption > 5,000 yuan) accounted for 18%
- The median user retention period was 28 months
- The second-hand trading platform shows that old users for more than 5 years are still trading the original products
Consumer behavior
1) Impulse buying
- Short single decision time: The average decision time for offline box drawing < 30 seconds
- Series collection compulsion: 65% of users will make repeat purchases because of “just this one”
- Scene trigger: Store lighting/display stimulates impulsive consumption by 40%
2) Collection consumption
- Pursuit of series completeness: 87% of users said that “a full series of IP must be collected”
- Hidden Hunting: Users can purchase an average of 8.7 blind boxes of the same series to draw hidden models
- Repeat purchase rate: After drawing a duplicate model, 72% of users will choose to buy again
3) Social consumption
- Posting behavior: 63 social platform shares for every 100 purchases
- Baby exchange culture: The frequency of exchanging duplicates between users reaches 2.3 times/month
- Community participation: Core users spend an average of >45 minutes in the community every day
Consumption channels
1) Offline channels (accounting for about 60%)
(1) Brand flagship store
Features: Large experiential stores (average 200-500㎡)
Advantage:
- Immersive scene experience (theme installation + IP image wall)
- Trial box drawing machine accounts for 75%
- The joint purchase rate is 30% higher than online
(2) Vending machines
Features: Covering 200+ cities across the country, more than 3,000 equipment
Advantage:
- 24-hour operation to meet instant consumption
- The average daily sales volume of high-traffic points such as subways/shopping malls is 50-80 boxes
Innovation: In 2023, the “AR virtual box” interactive screen will be launched
(3) Pop-up stores/theme exhibitions
Peculiarity:
- Limited cities (50+ shows per year)
- Exclusive Limited Edition (Premium Rate of 200-300%)
Effect: A single event attracts an average of 3-50,000 people
2) Online channels (accounting for about 40%)
(1) Official mini program
Core Features:
- “Online Box Drawing” simulates offline experience (accounting for 65% of online sales)
- Membership points system (47% higher repurchase rate than non-members)
Data performance:
- DAU exceeded 1.2 million
- The average length of stay is 8.6 minutes
(2) E-commerce platform
Tmall flagship store:
- annual sales exceeded 1 billion yuan
- 70% of set sales (suitable for gift-giving scenarios)
Catch/Idle Fish:
- The average monthly transaction volume of hidden funds is 20,000+ orders
- Premium monitoring affects new product pricing strategies
(3) Social media direct sales
Douyin live broadcast room:
- Limited edition flash sale (50,000 inventory sold out in 3 minutes)
- The anchor unboxed on the spot to enhance trust
Xiaohongshu Mall:
- KOC Grass Planting Direct Conversion (ROI 1:5.3)
Social ecological communication
Bubble Mart has built a social fission system with “user spontaneous communication + precise platform operation” as the core, forming a unique phenomenon of “trendy social currency”.
1) Data performance of the core communication platform
2) User spontaneous communication mechanism
(1) Driven by the sense of unboxing ceremony
- 67% of the videos were filmed “violent unboxing” (close-up of tearing off the packaging film)
- Design a fixed opening line: “Can you draw a hidden one today?” (Forming a meme)
(2) Social comparison psychology
- The number of likes for hidden models is 3.8 times that of ordinary models
- The number of video interactions of “end box show-off” (one-time purchase of the whole set) exceeded the industry average by 200%
(3) Knowledge sharing economy
- The teaching video of “shaking the box to listen to sound and distinguish payments” has been played 240 million times
- The “hidden model probability database” compiled by the people is officially defaulted to as the reference standard
User satisfaction and pain points
POP MART Product Analysis
Product positioning
“Trendy IP operator” – passedBlind box form + social operation, transforming trendy toys from niche collectibles to mass emotional consumer goods. Compared with traditional toy manufacturers (such as Lego) and competing products (52TOYS):
- More emphasisRandom surprise experience(Blind box mechanism)
- HeavierIP personified operation(Molly and other characters have full backstories)
Product Strategy
1) IP matrix strategy：
- Own IP (Molly/Dimoo) accounts for 60%
- Contracted designer IP (such as SKULLPANDA) accounts for 30%
- Co-branded IP (Disney/Forbidden City) accounted for 10%
2) Addictive design：
- Hidden Probability (0.69%)
- Serial updates (2-3 new series per month)
Profit model
Functional and user experience design
1) Core function design
(1) Offline：
- Box drawer (simulated slot machine sound + vibration feedback)
- “Shake the Box” (using auditory/tactile metaphysics)
(2) Online：
- Mini program “3D unboxing animation” (restore offline experience)
- AR posing (virtual display scene)
2) Experience optimization points
(1) Addictive design:
- Hidden models do not announce the image in advance (stimulate curiosity)
- Series number (“3/12” hints at unfinished collection)
(2) Social fission:
- Posting orders and getting back points (1 photo = 10 points)
- Baby Swap Platform (Official Guaranteed Trading)
Technical application
1) Digital technology
- Blockchain: Limited edition digital certificate (to prevent counterfeiting)
- AI recommendations: Recommend a box lottery strategy based on user history
- AR: Virtual box drawing machine (offline screen + mobile phone linkage)
2) Data-driven
User behavior tracking:
- Record the time between each draw/hesitation time
- Analyze the relevance of repeat purchase IP
Price strategy
Psychological pricing techniques：
- 59 yuan = “a meal of milk tea money” light luxury positioning
- Hidden second-hand price anchor (stimulate original price purchase)
Product performance
1. Physical properties
Material: PVC + ABS (cost 8 yuan/piece, but the process of aging/electroplating improves the texture)
Quality control: The defect rate is about 3% (higher than the industry standard of 2%, mainly due to complex coating)
2. Emotional performance
IP Affinity: Molly fans are 91% willing to repurchase
Social popularity: A single hidden order brings an average of 23 secondary disseminations
Growth points and optimization iterations
1) Growth opportunities
(1) IP extension：
- Animated (test Molly’s Daily Day) short video
- Game Linkage (Collaboration Skin with Peace Elite)
(2) Technological upgrading：
- Metaverse Store (exchange digital collectibles for physical blind boxes)
- AI Baby Design (User Input Description Generates Customized Scheme)
2. Points to be optimized
Service shortcomings：
- After-sales response speed (current average of 5.8 days→ target reduced to 48 hours)
- Probabilistic transparency (considering real-time publicity of the remaining hidden amount)
Ecological governance：
- Crack down on scalpers (face recognition purchase restrictions)
- Official second-hand trading platform (appraisal + pricing guidance)
POP MART Competitive Product Analysis
Competitive Matrix
Comparative method analysis
POP MART v.s. 52TOYS
Key differences: 52TOYS has achieved product differentiation through “movable joint” technology, but its community operation is weaker than that of Bubble Mart.
POP MART v.s. Looking for a Unicorn
Key differences: More vertical female market positioning, the unit price of customers is 30% higher than that of Bubble Mart.
POP MART v.s. LEGO
Key differences: Bubble Mart focuses on “emotional value” and Generation Z marketing, while Lego focuses on “functional value” and educational scene penetration.
POP MART v.s. Bearbrick
Key differences: Bubble Mart can learn from its co-branding strategy, but it needs to maintain a popular positioning
epilogue
A product analysis report is not only an evaluation document, but also a strategic guide to drive the continuous evolution of a product. Through this case study of Bubble Mart, I systematically demonstrated the writing method of professional product analysis reports, and also explained from it:Excellent product analysis can penetrate the product appearance and reveal the real behavioral logic and emotional needs of users。
As the case of Bubble Mart shows,True product competitiveness comes from systematic thinking。 Practitioners are advised to think of product analysis as a “dynamic compass” and continue to iterate in the following directions:
- strengthen the combination of data and human insights;
- balancing business interests with user trust;
- Expand the emotional connection scenarios of products.
Ultimately, all analysis should return to the essentials:Let the product not only be a transaction, but also a carrier of the meaning of users’ lives。 This is not only the inspiration of Bubble Mart to the industry, but also the realm worth pursuing by every product person.
