Yiwugo Celebrates its 7th Anniversary with Enhanced Market Agglomeration Capability

YIWU, China, Oct. 22, 2019 /PRNewswire/ -- On October 21, on the occasion of its 7th anniversary, Yiwugo appeared at the 25th China Yiwu International Commodities (Standards) Fair and showcased its path of development based on the physical market and in-depth online and offline integration in the past seven years.

Back on October 21, 2012, a launch ceremony of Yiwugo was held during the opening ceremony of the 18th China Yiwu International Commodities Fair, signifying the beginning of e-commerce explorations for specialized physical markets in China.

It is the foundation of e-commerce platforms of physical markets to overcome the difficulty in locating target products in major specialized markets by means of information technology

Yiwu is the world's largest small commodities market. It was never easy to find the desired products in such an "ocean" of small commodities. In this context, to put the market online and use information technology to solve this problem has become a consensus. However, given the millions of commodities in tens of thousands of stores, informatization is an enormous project that consumes time and labor. To help the physical stores go online as soon as possible, Yiwugo launched 360-degree panoramic display, which sped up the informatization process of the physical stores and laid the foundation for the start of the Yiwugo platform. Then, Yiwugo focused its efforts on developing intelligent search and map navigation functions, enabling buyers to find products online or offline more conveniently. Following the informatization of the physical market, information was instantly connected to the whole world. As a result, merchants came into contact with buyers that they were not able to reach, or were contacted by the buyers, leading to expansion in the scope of the market.

Market service functional module was introduced based on the business format of merchants in the physical market

Most of the merchants in Yiwu's physical market are engaged in wholesale business. Aiming to serve the merchants, Yiwugo has launched many product functions. For example, in March 2015, Yiwugo and the regulatory authorities in Yiwu jointly launched the online business license. The online business license, which is based on the account number of the merchant on Yiwugo, is a business license issued by the regulatory authorities following the certification of the online merchant. It is aimed at incorporating the certification and regulation of online business entities into the government regulatory system. Another example is the "sublease and transfer" section. For any e-commerce platform without a physical market, it would be impossible to have such a section. The reason Yiwugo launched this section was that it found that merchants need to adjust the size and location of their stores when they adjust their business scale and scope, and this section has been recognized by the merchants.

The next goal of Yiwugo is to constantly upgrade its market agglomeration capability and build an intelligent market

The world is deep. We go from "flat" to "fast", "intelligent" and "deep". For Yiwugo, the direction of its future efforts is to carry out in-depth study of market services, build an intelligent market and enhance its market agglomeration capability. Recently, the online invoice function has been officially launched for merchants on Yiwugo. They can now issue electronic invoices online through the Yiwugo app, saving them the trouble of going to state taxation bureaus and lining up to print out the invoices. Based on the electronic invoice function, in-depth services such as online tax declaration can also be developed. In addition, the "Kan Dian Bao" function, which is now in trial operation on Yiwugo, integrates technologies such as face recognition, big data processing, and collection of mobile phone app data to analyze the statistics on store visits by online and offline buyers, thus providing better customer analysis for the merchants and establishing a scientific customer service system.

SOURCE Yiwugo