Renamed "Oriental Selection", New Oriental has always been selling goods in live streaming!

After the popularity became popular, they all changed their names one after another.

What is the situation, why do we need to change our name? Who has changed our name?

1. New Oriental Online is renamed to Oriental Selection

On January 5, Hong Kong Stock Exchange New Oriental Online issued an announcement, and the company's board of directors suggested changing the company's name from New Oriental Online Technology Holdings Co., Ltd. to Oriental Selection Holdings Co., Ltd.

The reason for the name change is also very direct. The current name of New Oriental Online does not fully cover all the company's business lines and the brand that the company is well-known to customers in mainland China.

New Oriental Online said that shifting its business focus to live e-commerce and the growth potential that the field can bring to the group's long-term growth.

It is said that the board of directors believes that the name change is more in the overall best interests of the company's shareholders, and believes that the new name will better reflect the company's current and future business direction, allowing the company to better establish relationships with customers.

However, the name change is only a suggestion. According to the plan, New Oriental Online will hold a shareholders' meeting on January 31, 2023 to review the name change proposal.

The answer will be revealed then!

As we all know, Oriental Selection is a brand established by New Oriental to plan live e-commerce at the end of 2021, and New Oriental Online is a company under New Oriental, mainly engaged in online education business.

New Oriental Online has many new businesses, covering live e-commerce, intelligent learning products, STEAM (education, technology, engineering, art and mathematics) education and vocational education.

In June 2022, Oriental Selection became popular because of the anchor's bilingual sales, and then the attention and number of fans soared. The GMV of the live broadcast room soared, and it ranked first in the Douyin live sales monthly sales list for many consecutive months.

Seven months have passed, and all online names and all New Oriental people have seen the power and charm of Oriental Selection, and have also recognized more anchors other than Dong Yuhui.

At this time, New Oriental Online's stock price has also been rising, and its current market value has exceeded HK$50 billion.

Perhaps changing the name is a matter of knowing the current affairs.

2. ByteDance has been renamed to Douyin Group

In the business world, name change seems to be a very common operation.

As early as May 2022, the website of the Hong Kong Company Registration Office showed that ByteDance (Hong Kong) Co., Ltd. had been renamed Douyin Group (Hong Kong) Co., Ltd., and the effective date was May 6, 2022.

Tianyan Check information shows that ByteDance Group's main company has been renamed from the original "ByteDance Co., Ltd." to "Tik Tok Co., Ltd.", and the approval date is displayed as May 7, 2022.

At the same time, many companies under ByteDance, including Beijing ByteDance Technology Co., Ltd., have also been renamed "Tik Tok", and other companies affiliated to ByteDance Group such as Feishu, Toutiao, Volcano Engine, Quantum Yuetung have also been changed to "Tik Tok" Holdings.

Five months later, ByteDance's official account updated the group's logo on platforms such as Douyin and WeChat public accounts, and the new logo removed the Chinese character elements of "ByteDance".

This series of actions represents the improvement of Douyin's internal status in ByteDance, and also means that Douyin is the top priority in the future.

3. Inspiration to e-commerce

In the past six months, Oriental Selection’s sales volume has been in a state of continuous growth, which is the confidence of New Oriental Online’s name change.

In the past three years of the outbreak of the epidemic, Douyin has saved many companies that are wandering around life and death, which is the confidence of ByteDance to change its name.

Whether it is Douyin or Oriental Selection, they have changed their names one after another. What kind of inspiration does it have for e-commerce?

There are only two things, one is the trend and the other is the content to be filled in the trend.

The trend is that live streaming and short videos have become the mainstream channels for sales, which is obvious to everyone. Of course, everyone wants to do Douyin , but the number of things that cannot be made is far greater than what is made.

Content is that Oriental Selection provides thoughts and inspiration for content production, and you can even follow the appropriate topics in their live broadcast room to do your own live broadcast.

Oriental Selection provides two differentiated values:

First, continuous, high-quality and innovative content

The second is to select, rich and highly repurchased products

E-commerce people who want to make Douyin can follow these two paths to think about their Douyin layout strategy, such as the most basic reflection on whether they have continuous and high-quality content to provide fans in the live broadcast room. Are the products in your little yellow car good products? If you were a consumer, would you buy it yourself?

Currently, there are more than 25 anchors in the Oriental Selection team, and the monthly live broadcast time of the account matrix exceeds 1,000 hours. A new account has been broadcast on the just-passed New Year's Day - Dongfang Selection Watch the World.

Oriental Selection has not been popular for so long, which is enough to show that Oriental Selection is not just a temporary phenomenon, but has occupied the minds of some core consumers.

Then e-commerce bosses can also think about whether they have occupied the minds of consumers. If not, then what should be done in the next 2023 to occupy the minds of users. What did Oriental Selection do right to occupy the minds of users, and what underlying logic can be used to learn from.

After all, in 2022, when the company is turbulent, New Oriental still has more than 50,000 employees. They did not owe employees a penny salary, did not owe employees bonuses, and no more employees were eliminated by New Oriental, but entered a stable layout. So there must be traces to follow.

E-commerce entrepreneurs should not work hard. They can look up at the starry sky. There are all the experts around them. Everyone can become their own teacher. I hope that everyone’s Douyin will be very exciting in 2023!