Yiwugo Embraces 10th Anniversary: Focusing on Core Philosophy and Seeking Continued Development

YIWU, China, Oct. 26, 2022 /PRNewswire/ — Yiwugo.com, the official website of the Yiwu Commodity Market, is the largest commodity wholesale market in the world. October 21, 2022 marks the 10th anniversary of Yiwugo (yiwugo.com). Instead of holding large gatherings, the company organized a wide array of celebrations, including internal ceremonies, live-streaming programs, online and offline distribution of customized gifts to customers and member stores, placement of graphic commercials, as well as downtown advertising light show for its 10th anniversary. These celebrations, together with in-depth media interviews of General Manager Wang Jianjun and coverage, gave exceptional meaning to the 10th birthday of Yiwugo.

The advertisement of Yiwugo in Hangzhou east railway station

In 2012, the e-commerce industry became a powerhouse for social progress and economic development. It is in that very year of e-commerce for Chinese economy that Yiwugo came into bud. Over the past decade, Yiwugo, a market-oriented platform, has always adhered to its corporate culture of “seeking technology-driven development and putting user experience first” and its core philosophy of “easy buy and reliable deal”. With this in mind, Yiwugo has integrated itself deeply with the brick-and-mortar market in the fast-growing internet era, pushed the digitalized transformation of the market at a quicker speed, empowered traditional industries, and relieved the impacts of the Covid-19 pandemic. While helping market entities break through bottlenecks in doing business, Yiwugo has been constantly expanding the scale and extension of its services for the real economy and exploiting its own potential for growth.

Over the decade, Yiwugo has boomed and thrived, forming a virtuous ecology of e-commerce. To date, Yiwugo has hosted 50,000 merchants and 10 million registered buyers, 10% of whom are overseas buyers. It has 800,000 daily average visits and a daily average PV of 15 million. Today, Yiwugo has become the world’s largest commodity market.

Core Philosophy: “Easy Buy and Reliable Deal”

Following the Trend and Supplying Quality Products

Following the trend of development, Yiwugo moved brick-and-mortar stores in Yiwu onto the internet in 2012, with a view to developing an e-commerce platform that integrates online and offline business. The launch of Yiwugo signifies the beginning of e-commerce explorations for specialized brick-and-mortar markets in China.

Facilitated by e-commerce platforms like Yiwugo, the e-commerce industry has played a major role in market transactions and Yiwu has risen strongly as an “e-commerce highland”. Online transactions have outrun offline transactions statistically in Yiwu since 2013.

Over the past decade, the thriving internet industry has given rise to numerous e-commerce giants like Alibaba, JD.com and Pinduoduo, as well as new comers such as Tik Tok and Kuaishou that transformed from short-video platforms to e-commerce platforms. Boosted by digital transformation, the Yiwu market that is hailed as the “supermarket of the world” has embraced a new round of development opportunities. In the process of change itself, Yiwugo complements the traditional market by exerting positive influence and following the trend of development.

For 40 years, the Yiwu market has always adhered to the concept of “doing business with credibility”, which has long taken root among more than 2 million people in Yiwu, whether they are local residents or migrants. After 10 years of development in the Yiwu market, Yiwugo has developed keen insights into the characteristics of specialized markets. Compared with exposure, Yiwugo attaches more importance to the creation of value. Over years of in-depth communication with the users, Yiwugo has established its core edge based on credibility, reliability and quality services. “Easy Buy and Reliable Deal” has been the founding mission of Yiwugo over the years.

Since Yiwugo was founded, the platform has upheld the principle that for each virtual store, there must be a corresponding brick-and-mortar store, and required all merchants to display their business license when doing business. As such, the information of suppliers is more reliable, and each deal is manageable, controllable and traceable, noted General Manager Wang Jianjun.

To constantly improve users’ shopping experience and deliver on its commitments, Yiwugo issued a penalty policy for delayed delivery last year,   so as to resolve such problems from the source by imposing punishments on merchants’ false or delayed delivery. Today, no matter how small an order is, the buyer will always receive the goods in time.

“We are committed to creating transaction scenarios for both the buyer and the seller, providing certainty in our service delivery capability, guaranteeing better shopping experience for the buyer and assured business opportunities for the seller, and ensuring business growth for both sides,” argued Wang Jianjun, “This is where our value lies.”

While optimizing its services, Yiwugo is continuously upgrading itself from “diverse supplies” to “quality supplies”. In recent years, Yiwugo has been exploring ways for the digital transformation and upgrading of specialized markets, while gradually embracing high-quality industry belts and brick-and-mortar wholesale markets across the country based on its online service experience. To date, nearly 3,000 stores from hundreds of high-quality characteristic industry belts in Hebei, Sichuan and other provinces have passed Yiwugo’s stringent screening procedure and settled in its “Industry Belt Section”. These high-quality stores will serve more high-end buyers, form virtuous circles, provide positive feedback, and constantly enhance user loyalty.

Promoting In-depth Application of Technologies

Bringing Immersive Purchase Experiences to Users

Through 10 years’ market practice, Yiwugo has laid a solid foundation for e-commerce in the Yiwu market and become one of the most frequently visited B2B e-commerce platform in China, second only to “1688”. This year marks the 40th anniversary of the Yiwu market. Presently, Yiwu is focusing on new demands and seizing the “ship” and “bridge” of digital transformation to build new systems, reshape novel modes and form new capabilities. This has pointed out the direction of development for Yiwugo for the next decade.

By constantly upgrading the ways and procedures for display, browse, search, recommendation and consulting, Yiwugo is committed to achieving perfection in its online market service. In the context of the Covid-19 pandemic, this service has gained tremendous popularity. According to Yiwugo’s statistics, there were a daily average of nearly 3,000 pairs of buyer and seller engaged in online negotiation before 2020; today, the figure has risen to 5,000.

Empowered by information technology, Yiwugo has launched the “Future City”, an online market based on the metaverse technology, in a bid to create fully immersive purchase experiences and offering more efficient and convenient purchase services.

Today, Yiwugo is penetrating into all aspects of daily life for people in Yiwu, the city of commerce, and at the same time making progress driven by people’s daily needs. As the world, times and industries go through tremendous changes, Yiwugo will make a new start to continue outputting value and navigate the industry.