30 Things in 30 Years of the Internet | The Rise of the Second-Hand Economy: A New Trend of Green Consumption in the Internet Era
2024-08-07
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Opening remarks
In April 1994, China fully accessed the Internet and became the 77th member of the international Internet family. This year marks the 30th anniversary of China's full access to the Internet, an important milestone.
In just 30 years of development, there are many things worth remembering, such as the turbulent tide and the turbulent wind. In these 30 years, China's Internet has grown from nothing to something, from small to large, and from large to strong, and many objects, applications or platforms have been born. The value of the above objects or applications is not only commercial, but also a kind of sentiment, which embodies the long-term memory of people's lives and emotions.
To this end, Beijing News Beike Finance and China Internet Development Foundation and China Positive Energy Network Communication Special Fund jointly launched the "Internet 30 Years 30 Things" special issue. It hopes to outline the evolution of China's Internet over the past 30 years and see where it will go in the future by telling the stories of objects, applications or platforms that have symbolic significance in the history of China's Internet development.
30 years ago, an Internet cable connected China to the world. Today, half a century after the Internet, China has not only developed the Internet, but also AI.
The Internet has not only profoundly changed our lifestyle, but also spawned many new industries. Among them, the second-hand economy, as a major product of the Internet era, is affecting people's lives and promoting the vigorous development of the circular economy.
Looking back, second-hand transactions are not new. The ancient bazaars and flea markets were their prototypes. However, with the changes of the times, these traditional second-hand transaction methods have gradually been marginalized. Until the advent of the Internet, second-hand transactions have gained wings.
In recent years, young people's lifestyle innovations, such as letting go, minimalism, buying bargains, and reverse consumption, are mostly related to consumption. In the context of young people, "circular economy" is related to "second-hand sales". Buying the things you like at a lower price has become an emerging lifestyle.
Reducing shopping costs effectively promotes resource recycling, and the platform solves the problem of information asymmetry
At the beginning of this century, with the rise of foreign platforms such as eBay, second-hand transactions began to enter the field of vision of Chinese netizens. Subsequently, domestic classified information websites such as 58.com and Ganji.com also set foot in the field of second-hand transactions, providing a convenient trading platform for the people. These platforms not only solved the problem of information asymmetry, but also reduced transaction costs, making second-hand transactions rapidly popular.
Entering the era of mobile Internet, platforms focusing on second-hand transactions such as Xianyu and Zhuanzhuan came into being and quickly rose to become industry giants. These platforms continuously optimize transaction processes and enhance user experience through technological innovation and model innovation. Today, on these platforms, you can find almost any second-hand product you like, from daily necessities to high-end consumer goods.
After years of transformation and development, the second-hand economy has profoundly affected people's lives. It not only provides consumers with more choices and reduces shopping costs, but also effectively promotes the recycling of resources. In this process, the second-hand economy has also spawned a series of related industries, such as appraisal, maintenance, logistics, etc., creating more employment opportunities for society.
More importantly, the development of the second-hand economy coincides with the concept of circular economy. Through second-hand transactions, idle resources are effectively utilized, reducing waste and overconsumption. This is not only beneficial to environmental protection, but also in line with the requirements of sustainable development.
The second-hand e-commerce market continues to grow, and "trade-in" drives industry supply optimization
Huatai Securities shows that in 2023, the transaction volume of China's second-hand e-commerce market will reach 548.65 billion yuan, and the number of users will exceed 580 million. This data reflects the huge potential of China's second-hand e-commerce market and the expansion of its user base.
In general, there are many participants in China's second-hand e-commerce market, and two distinct business model paths have been formed. Platforms represented by Wanwu Xinsheng and Zhuanzhuan are mostly concentrated in the C2B2C (person-to-business-to-person) model, with a relatively heavy operation model, but they try to solve the problems of standardized pricing and information opacity of high-value second-hand items; platforms represented by Xianyu mainly use the C2C (person-to-person) model, with a relatively light operation model, emphasizing community attributes, focusing on the secondary circulation of medium and long-tail non-standardized goods, and trying to meet the diversified and layered second-hand goods purchase needs of consumers. At the current stage where the penetration rate of second-hand e-commerce is still increasing rapidly, the two models have their own characteristics.
In 2023, Xianyu was upgraded to a first-level business of Taobao and launched the official "help to sell" service. Hongbulin added 58.com as a shareholder and connected the live broadcast room and the mall. The second-hand e-commerce market continued to show growth momentum, providing consumers with more diversified shopping options.
The 2024 trade-in has been mentioned in many important political meetings. In March, 14 departments including the State Council and the Ministry of Commerce jointly issued the action plan for this round of "trade-in". Compared with the previous rounds of home appliance promotion in rural areas, Huatai Securities believes that thanks to the development of socialized logistics capabilities and the improvement of second-hand e-commerce platforms in one-stop trade-in and integrated disposal capabilities, online e-commerce channels are expected to play a more significant role in this round of actions. At the same time, the supply of second-hand goods brought about by the demand for trade-in is expected to further promote the optimization of industry supply, and play a certain catalytic role in the construction of user mentality on the demand side.
The main players in China's second-hand e-commerce market have met consumers' demand for second-hand goods transactions through their own unique business models and services. As the market develops and consumer behavior changes, these platforms will continue to play an important role in promoting the circulation of second-hand goods and improving transaction efficiency. The second-hand economy will also usher in a broader space for development.
This event is funded by the China Internet Development Foundation's China Positive Energy Internet Communication Special Fund.
Beijing News Shell Financial Reporter Cheng Zijiao Editor Chen Li Proofreader Liu Baoqing
