Yunji Inc.
In today's rapidly evolving and highly competitive online marketplace, emerging e-commerce platforms provide another option for businesses to market and sell their products. Fung Business Intelligence has identified some of these fast-growing players, each focusing on a specific area such as group-buying, O2O lifestyle services, social commerce, vertical online platforms and short videos. In this series of articles, we provide an overview of the key business and developments of these emerging player; we also identify their strengths, weakness, opportunities and threats. In this issue, we look at the business model and latest developments of Yunji – a membership-based social e-commerce platform in China. It adopts a S2B2C model to source products directly from suppliers (S) and sells to micro-store owners (B) on its platform; micro-store owners then distribute the products to their social contacts, i.e. final consumers (C). Yunji has been growing fast and was listed on the Nasdaq Stock Exchange in May 2019. In 2018, Yunji’s GMV amounted to 22.7 billion yuan.