Procurement cost: (The revenue cost of selling goods includes the procurement cost from merchants and inventory depreciation, which is not considered here for the convenience of analyzing inventory depreciation). The basic business model of Vipshop is to clean up the inventory of brands. To do this business, we must first find a supplier to get the goods, that is, purchase. In 2009-20 1 1 year, the purchasing cost of vipshop was 2.576 million, 29.374 million and 65.438+83.8 million dollars respectively, accounting for 9 1.8% of the revenue. In the early days, Vipshop did not form a word of mouth, with fewer users and fewer orders. It is reported that Vipshop mostly gets goods from brand agents and can't directly contact brand vendors, resulting in its high procurement cost and low gross profit margin, which was 8.2% and 9.8% in 2009 and 20 10 respectively. Such gross profit margin is difficult to make money. Of course, the gross profit margin of Vipshop has been gradually increasing, reaching 20 1 1 year 19. 1%.

Operating expenses: The operating expenses of Vipshop include warehousing and logistics, marketing, technology and content, and administration. 2009-20 1 1 is1609,000,1574,000,76331000 USD respectively.

1. Warehousing and logistics cost: After the goods are purchased, they need to be stored in the warehouse according to the order and delivered to the users, which constitutes the warehousing and logistics cost of e-commerce. The warehousing and logistics expenses of Vipshop include three items: transportation and loading and unloading expenses, packaging expenses, logistics center rental expenses and personnel expenses of this department. In 2008-20 1 1 year, the warehousing and logistics expenses of vipshop were 6 1 0,005.809 million and 45.478 million dollars, respectively, accounting for 2 1.8% and 17.8% of the total revenue. Among them, the distribution and sorting expenses are 300,000, 4.3 million and 29.4 million US dollars respectively. Before 20 1 1, the company had only one warehousing and logistics center in Guangdong. In September, September,1and February of 201,warehousing and logistics expenditure was the bulk of Vipshop's operating expenditure, which increased with the expansion of revenue scale and remained at 20.