SOFT DATA
Yunji is a membership-based e-commerce platform, which offers an array of products ranging from cosmetics to food. It sources products directly from suppliers and sells to micro-store owners on its plaftorm; micro-store owners then distribute the products to their final consumers. Just like a Costco online, with its strong relationship with the suppliers, Yunji is able to source products at favorable pricing terms and supply to micro-store owners at a discount. Members pay an initial enrollment fee of CNY398 and enjoy discounts of up to 30% on their purchases. Yunji's membership soared 46% to about 10 million in the first half of 2019. Revenue jumped 18% on the year to 6.4 billion and joined Nasdaq in May.
Yunji started its cross-border e-commerce business in Jan 2016 to source popular overseas products via CBEC channels. It has launched a dedicated section Yunji International for diamond members to browse and source CBEC products. In 2018, total sales value on Yunji's CBEC platform is estimated to reach around 5.4 billion yuan. In Nov 2018, Yunji launched a traceablility funciton for CBEC goods on its platform, allowing consumers to verify the authenticity of products and logistics information by just one-click.
