YIWU, China, Aug. 29, 2019 /PRNewswire/ — Yiwugo.com, the official website of the Yiwu Commodity Market, which is the largest commodity wholesale market in the world, recently announced that the registered buyers on the platform had exceeded 3.3 million. Since Yiwugo was launched in 2012, it has seen increasing brand influence and attracted the attention of buyers worldwide, with more than 2,000 new buyers registering every day and nearly 100,000 daily active buyers on average. Its active overseas buyers are mainly from Indonesia, the United States, Malaysia, Thailand, Russia, India and Africa.
Yiwugo always builds its core competitiveness by focusing on and promoting the development of the physical market, thus continuously attracting the attention of buyers around the world.
“Setting up stalls according to the categories of commodities” makes it easier for buyers to find the commodities they need and lays a solid foundation for the development of Yiwu’s physical market
As the world’s largest physical market for small commodities, Yiwu has attracted buyers from all over the world to pay visits and make inquiries over the years. In the 1990s, Yiwu’s physical market adopted a managerial approach of “setting up stalls according to the categories of commodities”, i.e. commodities of the same category are arranged for sale in the same block. This method has boosted the agglomeration effect of commodities, made it easier for buyers to quickly find their desired commodities, and allowed them to shop around. Besides, this managerial approach has also further promoted the specialization of industries, led industrial competition into a virtuous circle, and laid a solid foundation for the expansion of Yiwu market in a large scale.
The specialized physical market has entered the “Internet+” era, and convenience in finding commodities has become an important mission for Yiwugo
Today, “Internet+” has brought about profound changes in the physical operations of Yiwu’s small commodity market. Many transactions can be completed through online inquiry and communication without the need for the buyer to make a trip in person. Therefore, to help buyers find commodities easily online has become a core mission of Yiwugo. To this end, Yiwugo “moved” the tremendous small commodity market to the Internet, displaying the physical stores in every aspect. This has brought great convenience to global buyers, allowing them to find suitable suppliers without leaving their homes. In addition, Yiwugo has invested tremendously in the R&D of the intelligent search, which marks that the specialized market has progressed from the 1.0 era of finding commodities by category in the physical market to the 2.0 era of “Internet+” intelligent search. Today, 80% of buyers visiting Yiwu’s physical market has installed the Yiwugo APP on their mobile phones, which makes their commodity search easier.
New opportunities brought by the “Belt and Road” Initiative
As the “Belt and Road” Initiative progresses to deeper levels and the “Yiwu-Xinjiang-Europe” train becomes a regular service, many vendors in Yiwu have started to exploit the markets in countries and regions along the “Belt and Road”. In the first half of 2019, Yiwu’s import and export volume totalled RMB 133.17 billion, up 7.4% YoY. In the same period, Yiwu’s import and export volume from/to countries along the “Belt and Road” totalled RMB 65.72 billion, increasing by 4.8% and accounting for 49.4% of Yiwu’s total foreign trade value. Statistics show that the potential for trade cooperation between Yiwu and countries along the “Belt and Road” is continuously increasing, which has become a new driving force for Yiwu’s foreign trade. In such a macro context, the Yiwugo platform has also attracted more and more attention from buyers around the world.