YIWU, China, Sept. 10, 2020 /PRNewswire/ — On the afternoon of September 7, 2020, Wang Jianjun, CEO of Yiwugo, was invited to deliver a speech entitled “Promoting the Development of New E-Commerce Business Modes for Specialized Small Commodity Market with the Engine of Innovation” at the China E-Commerce Convention during the China International Fair for Trade in Services (CIFTIS), where he shared the practices, experience as well as development concept of Yiwugo in promoting the digital transformation of brick-and-mortar specialized market of small commodities by innovation.
As introduced by Mr. Wang, Yiwugo is an online platform for Yiwu Market, the world’s largest brick-and-mortar wholesale market of small commodities. Due to the impact of the global COVID-19 pandemic, e-commerce has become a must for vendors in the brick-and-mortar market. Based on its experience in digitalized trade platform over the years, Yiwugo has been continuously innovating e-commerce business modes, leading to significant reduction of the traffic acquisition cost for its vendors and achieving major development in itself as well.
In his speech, Mr. Wang elaborated on the following points:
Simplifying the platform process and facilitating operations by vendors
Yiwugo has a deep insight into the business modes of the wholesale market of small commodities. Yiwu boasts the best supply chain for small commodities, the requirements for e-commerce functions differ from wholesale business and retail business, and some senior practitioners engaging in the wholesale business are of relatively old age. In view of this, Yiwugo is committed to simplifying the platform process wherever possible so as to facilitate user operations, thereby gaining popularity among the vendors in the market.
Reducing the E-Commerce traffic acquisition cost for specialized market vendors
Given the rich variety and slim profit margin of small commodities as well as the surging traffic cost of e-commerce platforms in recent years, small commodity vendors facing enormous pressure from the traffic cost. To provide low-cost traffic for them, Yiwugo is committed to attracting effective traffic by, for example, promoting itself through channels such as Facebook and Google, researching intelligent matching algorithms, and improving the accuracy of promotion, thereby effectively attracting visits by small commodity buyers. To date, the number of registered buyers on Yiwugo.com has reached 6 million; the daily average visits 800,000; and the daily average PV 15 million. Such effective traffic has been distributed to more than 50,000 quality suppliers of small commodities on the platform, securing a much lower traffic acquisition cost than those of similar e-commerce platforms.
Promoting the clustering effect of small commodity industrial belts and building a global digital platform for small commodities
Through eight years’ development, Yiwugo has provided a digital channel featuring synchronized online and offline development. In 2020, Yiwugo has developed its strategy into building a world-leading digital platform for small commodities. To this end, Yiwugo plans to integrate the domestic industrial belts of small commodities and expand the market scale for the suppliers and buyers of small commodities. In the future, overseas buyers may not only purchase the products of Yiwu market on Yiwugo, but also possibly procure the products from other small commodity industrial belts in China.