Secoo is an e-commerce site for luxury products. Unlike traditional Luxury B2C websites, Secoo selected second-hand luxury as main product. Also, Secoo plays not the role of wholesaler, but intermediary, mainly profiting from the consignment fee. Mr. Lee, Secoo’s founder and CEO, defines Secoo as: Personal Consumption Finance.

B2C website usually serves as a merchandising channel, while Secoo is a platform for a consignment. Secoo employs a number of qualified jewelry and luxury goods appraisers, establishing the capability for appraisal and valuation of luxury. Secoo currently allows two ways of consignment: complete the entire consignment process online; or go to the offline flagship store for consignment. Secoo already opens flagship store called “Secoo club” in Beijing and Qingdao. Store in Shanghai will be opened in April of this year.

The entire process of appraisal, valuation and selling can be done online. Before delivery, customer service staff will contact the seller for confirmation. As for the transaction settlement, sellers can realize the value either at the point of appraisal or after completion of final transaction. Sellers can also choose to accept the Secoo virtual currency rather than cash for clearing.

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