YIWU, China, Jan. 19, 2016 /PRNewswire/ -- Yiwugou.com, the official website of the Yiwu Commodity Market, which is the largest commodity wholesale market in the world, announced an annual GMV of over RMB 4 billion, soaring 167% from RMB 1.5 billion in 2014.
The upsurge comes after a 150% leap YOY from RMB 60 million in 2013, which is amazing for a portal launched in October 2012. The continued high-speed growth cannot do without the key initiatives unveiled by Yiwugou.com in 2015 based on its O2O credit transaction guarantee system.
- On March 18th, suppliers on Yiwugou.com were awarded the first online business licenses issued by the Yiwu Administration for Industry and Commerce. The licenses have enabled certification and regulation of e-businesses at the national - rather than enterprise - level, and improved the credit transaction guarantee system of Yiwugou.com.
- April 11th saw the launch of a homegrown brand incubator, "Yi Brands." Boasting a "Front Shop, Back Plant" model, "Yi Brands" offer 100% quality-assured products and put suppliers in a strong position to provide outstanding whole-process services.
- On October 21st, Yiwugou.com rolled out a B2R platform, Yiwubuy.com. The platform provides international buyers with one-stop cross-border wholesale services with a well-run credit transaction guarantee system, a powerful supply chain, and an established system for local e-businesses.
"We focused on teasing out fundamental information in 2013, on uplifting information quality and quantity in 2014, and on developing the platform in 2015. In 2016, 'A Year of Benefits,' emphases will be placed on better services for higher platform value and greater user adhesiveness. In other words, services are the alpha and omega for shining in the Year of Benefits," said Wang Jianjun, CEO of Yiwugou.com. Yiwugou.com will work harder on its WeChat store, industry application, logistics, e-wallet, online business license, and Translation Professional.
As the top priority of Yiwugou.com, Yiwubuy.com will intensify its services across the board in 2016. Real-name authentication will be required for overseas buyers to obtain a rating-based credit line for shopping via the platform. A brand channel will be initiated for suppliers to promote their own brands. A quotation terminal will be open to logistics providers and connected to their bidding system. A third-party inspection system will be adopted to track the delivery of goods to protect the interests of both sellers and buyers. Furthermore, an online foreign trade process allowing deposit and balance payment will be set in motion as a cloned version of offline practices.