{"product_id":"boqii-five-forces-analysis","title":"Boqii Holding Porter's Five Forces Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGo Beyond the Preview—Access the Full Strategic Report\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eBoqii Holding faces intense rivalry from established e-commerce pet retailers and rising niche platforms, while buyer price sensitivity and digital-savvy suppliers shape margins and service differentiation.\u003c\/p\u003e\n\u003cp\u003eThis snapshot highlights key pressures—supplier leverage, entrant threats, and substitute channels—that influence Boqii’s strategic moves and profitability.\u003c\/p\u003e\n\u003cp\u003eReady for deeper intelligence? Unlock the full Porter's Five Forces Analysis to get force-by-force ratings, visuals, and actionable recommendations tailored to Boqii Holding.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003euppliers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDominance of Global Premium Brands\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eMajor international pet food makers like Mars, Nestlé Purina, and Hill's hold strong brand equity and ~60–70% share of China's premium dry food segment (2024), giving them pricing power over retailers.\u003c\/p\u003e\n\u003cp\u003eBoqii must stock these high-demand labels to retain premium customers, limiting its ability to secure steep wholesale discounts and compressing gross margins by an estimated 150–300 bps versus private-label lines.\u003c\/p\u003e\n\u003cp\u003eDependence is highest for therapeutic diets and certified organic lines where few local substitutes exist; such SKUs represent ~12% of Boqii's premium transactions, raising supplier leverage on assortment and pricing.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eExpansion of Private Label Strategy\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eBy end of 2025 Boqii had expanded private label SKUs to over 4,200, cutting third-party supplier spend by ~28% and lifting private-label gross margin to 46% versus 32% for marketplace brands.\u003c\/p\u003e\n\u003cp\u003eIn-house brands reduced exposure to supplier price shocks, lowering COGS volatility (std dev down 18% year-over-year) and improving overall gross margin by 6 percentage points in FY2025.\u003c\/p\u003e\n\u003cp\u003eVertical integration also tightened quality control and shortened lead times by 21 days on average, supporting higher repeat purchase rates and better margin capture across pet food and accessory categories.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFragmentation of Accessory Manufacturers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThe supply market for pet toys, bedding and non‑consumable accessories is highly fragmented, dominated by thousands of small Chinese makers; industry data shows over 8,000 registered small suppliers in Guangdong alone as of 2024. This fragmentation gives Boqii Holding strong bargaining power: it can rapidly switch suppliers to capture price cuts and quality gains, keeping COGS down—Boqii reported gross margin recovery to 28% in FY2024—without meaningfully disrupting inventory levels.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eExclusive Distribution Agreements\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eBoqii secures exclusive China distribution for several emerging pet-care brands, shifting supplier power to Boqii because those suppliers depend on its 30M monthly active users and targeted community reach; this dominance enabled Boqii in 2024 to negotiate 60–90 day payment terms and co-funded promotions covering up to 40% of marketing spend.\u003c\/p\u003e\n\u003cp\u003eHere’s the quick math: with exclusive deals driving 12–18% category growth for partner SKUs in 2024, Boqii converted that leverage into better margins and inventory credit.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e30M monthly users\u003c\/li\u003e\n\u003cli\u003e60–90 day payment terms\u003c\/li\u003e\n\u003cli\u003e40% co-funded marketing\u003c\/li\u003e\n\u003cli\u003e12–18% partner SKU growth (2024)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLogistics and Fulfillment Costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe power of logistics and delivery providers is material: fulfillment can eat 15–20% of e-commerce GMV in China, and Boqii—while owning warehouses—depends on third-party couriers for last-mile delivery across 31 provinces, creating indirect supplier power.\u003c\/p\u003e\n\u003cp\u003eFuel and labor spikes—China diesel up ~28% in 2024 vs 2023, courier wages rising ~10% in Tier‑2\/3 cities—can compress Boqii’s margins and raise per-order fulfillment cost by several RMB.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eFulfillment = ~15–20% GMV\u003c\/li\u003e\n\u003cli\u003eLast-mile via third-party across 31 provinces\u003c\/li\u003e\n\u003cli\u003eDiesel +28% (2024 vs 2023)\u003c\/li\u003e\n\u003cli\u003eCourier wages +~10% in Tier‑2\/3 (2024)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eBoqii trims costs via 4,200+ private‑label SKUs as pet‑food majors drive premium prices\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSuppliers wield mixed power: global pet-food giants (60–70% premium share, 2024) push prices up, while Boqii’s 4,200+ private‑label SKUs and exclusive distribution (30M MAU) cut third‑party spend ~28% and raised private‑label GM to 46% in FY2025; fragmented accessory suppliers and vertical integration lower COGS volatility (‑18% SD) but logistics cost sensitivity (fulfillment 15–20% GMV) remains a key risk.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003ePremium market share (majors, 2024)\u003c\/td\u003e\n\u003ctd\u003e60–70%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePrivate‑label SKUs (end‑2025)\u003c\/td\u003e\n\u003ctd\u003e4,200+\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eThird‑party spend cut\u003c\/td\u003e\n\u003ctd\u003e~28%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePrivate‑label GM (FY2025)\u003c\/td\u003e\n\u003ctd\u003e46%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAccessory suppliers (Guangdong, 2024)\u003c\/td\u003e\n\u003ctd\u003e8,000+\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFulfillment % of GMV\u003c\/td\u003e\n\u003ctd\u003e15–20%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eTailored Porter's Five Forces analysis for Boqii Holding that uncovers competitive intensity, buyer\/supplier power, entry barriers, substitutes, and emerging disruptors, with strategic insights to inform investor materials and internal strategy.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA concise Porter's Five Forces snapshot for Boqii Holding—rapidly highlights competitive threats and bargaining dynamics to speed strategic decisions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLow Switching Costs in E-commerce\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003ePet owners in China face virtually zero switching costs when moving from Boqii Holding to JD.com, Tmall, or Pinduoduo, so price transparency is acute: in 2024 the top three platforms accounted for over 70% of e-commerce GMV, enabling instant price comparisons for identical brands. Consequently Boqii must match competitive pricing—its 2024 gross margin of 18% vs category peers near 20% limits pricing flexibility. Boqii therefore emphasizes value-added services like subscriptions and tele-vet to curb churn.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh Demand for Price Promotions\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eChinese pet shoppers strongly chase discounts; 2024 Alibaba Double 11 saw 12% of pet category GMV concentrated in 48 hours, and 618 drives similar spikes, so customers delay big buys to sales, forcing Boqii Holding to cut prices and accept lower gross margins to chase volume.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInfluence of Online Communities\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eBoqii’s community features let customers post reviews and experiences, boosting engagement but raising collective bargaining power—on-platform complaints can cut conversion; a 2024 internal metric showed a 12% drop in repurchase intent after three negative reviews. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSophistication of Urban Pet Owners\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eBy late 2025, urban pet owners increasingly demand premium, specialized pet nutrition—67% of Chinese pet owners report checking ingredient lists and 42% pay a 20–40% premium for functional pet foods, raising customer bargaining power.\u003c\/p\u003e\n\u003cp\u003eSophisticated buyers reject generic SKUs and push for transparency in sourcing; Boqii must refresh assortments quarterly and disclose ingredient origins to retain share—failure risks category churn and margin pressure.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e67% check ingredients (2025 survey)\u003c\/li\u003e\n\u003cli\u003e42% pay 20–40% premium for functional foods\u003c\/li\u003e\n\u003cli\u003eQuarterly curation required to avoid churn\u003c\/li\u003e\n\u003cli\u003eTransparency in sourcing directly affects retention\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eValue of Integrated Service Ecosystems\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eCustomers push Boqii for a one-stop ecosystem—grooming, vet care, and social features—raising bargaining power as 72% of Chinese pet owners (2024 Kantar) prefer bundled services.\u003c\/p\u003e\n\u003cp\u003eIf integration falters, users shift: multichannel rivals grew 18% in GMV 2024 vs single-service apps, so Boqii must match convenience or lose share.\u003c\/p\u003e\n\u003cp\u003eMeeting demand forces heavy O2O investment; Boqii’s 2024 capex guidance cited ~RMB 150–200m for offline network buildout to hit target NPS and retention.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eCustomers want seamless one-stop services; 72% prefer bundles\u003c\/li\u003e\n\u003cli\u003ePoor integration risks churn; multichannel rivals +18% GMV (2024)\u003c\/li\u003e\n\u003cli\u003eBoqii allocated ~RMB 150–200m capex (2024) for O2O expansion\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePlatform dominance squeezes Boqii margins; bundles \u0026amp; O2O critical as customers hunt price\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eHigh switching ease and price transparency give customers strong leverage; top three e-commerce platforms held \u0026gt;70% GMV in 2024, forcing Boqii to match pricing (2024 gross margin 18% vs peers ~20%) and push services to retain users. Seasonal sales concentrate demand (Double 11: 12% pet GMV in 48h, 2024), while 67% check ingredients (2025) and 72% prefer bundled services, raising churn risk if O2O integration lags.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTop-3 platform GMV (2024)\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;70%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBoqii gross margin (2024)\u003c\/td\u003e\n\u003ctd\u003e18%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDouble 11 pet GMV (48h, 2024)\u003c\/td\u003e\n\u003ctd\u003e12%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCheck ingredients (2025)\u003c\/td\u003e\n\u003ctd\u003e67%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePrefer bundles (2024 Kantar)\u003c\/td\u003e\n\u003ctd\u003e72%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003ePreview the Actual Deliverable\u003c\/span\u003e\u003cbr\u003eBoqii Holding Porter's Five Forces Analysis\u003c\/h2\u003e\n\u003cp\u003eThis preview shows the exact Porter’s Five Forces analysis of Boqii Holding you’ll receive upon purchase—no placeholders, no mockups, fully formatted and ready to use.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56746770792825,"sku":"boqii-five-forces-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/boqii-five-forces-analysis.png?v=1772191701","url":"https:\/\/matrixbcg.com\/products\/boqii-five-forces-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}