Four cornerstones for China’s 2nd-hand goods exchange unicorn
China’s shopping extravaganza Singles’ Day finished two weeks ago, but the aftermath of the 24-hour madness is going to span a whole year. Idle Fish, more commonly known by its Chinese name Xianyu (闲鱼), is helping China’s online consumers to cash in their second-hand or idle items online, not only for alieving financial pressure but also for the joy of getting connected with new friends.
Born out of China’s e-commerce giant Alibaba, the three-year-old company is now a top second-hand trading platform. It now claims 200 million users and 16 million active users—on par with the active users of China’s largest online marketplace Taobao. Although the low-profile company has never made it public, local media reported two years ago that its valuation hit $3 billion then.
Idle Fish is often referred to as a second-hand goods exchange platform. Instead of second-hand or used goods, which may invoke negative feelings, especially in China, Idle Fish, as well as its users, tend to shift to a more neutral term—idle items—to emphasize the values in these goods.
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