The Chinese e-commerce giant has launched Jing Zhi, a new resale platform app.
Sellers can use the platform to host second-hand products and pay a 6 percent commission to Jing Zhi, or sell their used goods directly to JD.com’s AiHuiShou second-hand division.
Currently, products on the new platform skew heavily towards electronics, but there is a small range of luxury, fashion and beauty products available.
Earlier this year, Chinese Investment Bank Shenwan Hongyuan released a report estimating that China’s total 2020 resale market exceeded 1 trillion yuan ($154.78 billion), with the e-commerce resale market reaching 374.55 billion yuan ($57.97 billion).
The latter market is currently dominated by Alibaba’s Xian Yu, along with Tencent and 58.com’s Zhuan Zhuan, these two JD.com rivals combined currently have a 90.9 percent share of the e-commerce resale market.
According to Alibaba’s fourth quarter earnings report, released in May, Xian Yu’s gross merchandising volume (GMV) exceeded 200 billion yuan ($30.95 billion) for the period, up 100 percent year-on-year, with 30 million daily active users.
(Except for the headline, this story has not been edited by The Technology Express staff and is published from a syndicated fee)
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