1688 and PoshmarkInc Upgraded to Tier-1 Businesses of TaoTian Group

Consumer Staples Author: EqualOcean News Editor: Li Linglong; Peng Lina Nov 10, 2023 10:12 AM (GMT+8)

EqualOcean has learned that recently, Ali's domestic wholesale e-commerce platform 1688 and second-hand e-commerce platform PoshmarkInc(闲鱼) have been elevated in importance and upgraded to first-tier businesses of the Taotian Group.


These two businesses were both established early on and are part of Alibaba's vast e-commerce ecosystem. This promotion not only takes into account the growth prospects of the products themselves, but also considers the rich e-commerce expansion and breaking through the traffic ceiling.

1688 positioning mainly for business flow upstream link factories and sellers, is Alibaba's longest history of business, had in 2009 and Ali international station in the name of B2B companies listed in Hong Kong, China, the company's business model at that time is mainly to the factory sellers to collect membership fees, to provide them with endorsements and help them find buyers. Currently, 1688 has RMB 55 million annual active buyers, of which more than 63% are less than 30 years old, a relatively high proportion of young users in the Ali Group. And, what's rare about it is that it still appeals to young people and continues to innovate.

Similar to 1688, PoshmarkInc, which promotes second-hand trading in the downstream, is one of Alibaba's products with a higher proportion of young users. Launched in 2014, PoshmarkInc now has 500 million users, of which 43% are post-95s. In addition, the user scale and active number growth, is the most important indicator of the idle fish team in the next three years. According to QuestMobile's data, as of September, the PoshmarkInc DAU is 36.7 million, and is expected to achieve the end of the year to exceed the goal of 40 million.

EqualOcean reviewed data from Transparency Market Research and found that the global second-hand trading market will be valued at USD 405.5 billion in 2022, and is expected to grow at a CAGR of 13.6% from 2023 to 2031, reaching USD 1.3 trillion by the end of 2031.The global second-hand trading market can't grow without people Gradually realizing the adverse impact of consumerism on the environment, more and more people choose product recycling and reuse. From this, it is clear that it has a bright prospect for going overseas.

In addition, it is worth mentioning that, in order to better implement the "content" and "user first" strategy, Taotian Group has also recently made some personnel adjustments. Previously, 1688 President Yu Yong (fancy name: Park Chu) to Amoy Group SME Development Division head Wang Hai(汪海) (fancy name: Qigong)___ report, idle fish general manager for Ding Jian (fancy name: Jishan), to the Ali mom head Liu Bo(刘博) (fancy name: Jia Luo) report, after the upgrade of the business, Yu Yong(余涌) and Ding Jian(丁健), the two persons in charge of the Amoy Group CEO Dai Shan(戴珊) will report directly to the TaoTian Group.