China's Secondhand Market, Apps + GIANT Secondhand Market in Chengdu! (Channel Member Request)

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We're talking about the secondhand market in China, the top secondhand apps in China, and a giant secondhand market in Chengdu! This is a huge change that's happened in China over the past couple of years, and it's time to talk about it!

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The full article on TechNode: https://technode.com/2020/02/21/second-hand-shopping-takes-off-on-chinese-apps/ These are excerpts:

Consumers in China are increasingly embracing second-hand goods, buying everything from used cars to “lightly used” lipstick. This new habit is reflected in the rising “re-commerce market,” which is predicted to reach RMB 1.25 trillion (around $178 billion) in 2020, rising by 70% from RMB 742 billion in 2018, according to data firm MobData.

MobData includes second-hand car trading as a subcategory of re-commerce, as well as relatively smaller items, such as fashion, beauty and electronic products. The re-commerce market is dominated by two marketplaces: Alibaba’s Idle Fish (Xianyu), a spin-off from Taobao, is by far the biggest, while Tencent-backed Zhuanzhaun is a clear second place.

In a survey of Chinese consumers born after 1985, 60% of respondents said they would buy pre-owned goods to take advantage of cheaper prices, according to CBNData.

China Beijing Environment Exchange estimated that transactions on Alibaba owned re-commerce platform Idle Fish helped to reduce 100,000 tons of carbon emissions between 2014 and 2018, although it does not spell out the methods used to reach the estimate.

Leading apps include Alibaba’s Idle Fish and Tencent-backed Zhuanzhuan, with monthly active users totaling around 24.4 million and 11.4 million, respectively, as of March 2019, according to Bida.

The majority of users on these resale apps are young and from higher-tier cities—around 89% of the users are under 34 years old, and 58% are from tier-1 and tier-2 cities as of August 2019, according to Getui and data firm Jiguang.

Idle Fish
Alibaba’s Idle Fish, launched in 2014, is an integrated C2C pre-owned goods marketplace. It originally designed as a channel on Taobao dedicated to second-hand goods. Now it is a standalone app, but users can search Idle Fish in both Taobao and Alipay.

Users on Idle Fish can exchange ideas and information about pre-owned goods that they are looking to buy, as well as posting pre-owned items for sale. Idle Fish lets users create virtual communities called “fish ponds” to consumers to share ideas among each other. “Fish ponds”—communities based on interests, location or institutions—allow users to mingle, share news, and transact. For instance, a fish pond for fans of traditional Chinese clothing has 48,000 members as of Feb. 20.

The platform shares cross-platform accounts with Alibaba’s other marketplaces Taobao and Tmall. Currently, users can buy or sell on Idle Fish without paying a commission.

Zhuanzhuan
58.com, one of China’s online classifieds and listing platforms, launched the Zhuanzhuan re-commerce marketplace in 2015. Zhuanzhuan works as a marketplace, allowing individual users (C2C) and businesses (B2C) to list and sell pre-owned goods to other users. Zhuanzhuan sells mainly 3C (computer, communication, and consumer electronics) products.

This is going to really change China. I'm excited to see where it goes! Much love -- Austin!!