As Internet giants invade each other's hinterland, second-hand e-commerce seems to have set off a new war. Last year, Kwai Yu, an Jingdong idle trading platform, was listed in the US. The new business force, the new voice of the new business, also entered the tiktok market with the platform. Compared with the increasingly hot track of second-hand e-commerce, it is still unable to get out of the downturn in the capital market. According to orange it data, the amount of financing in the field of domestic second-hand e-commerce has shown a downward trend since 2015. This can be explained as fewer and fewer new players, or it can be considered that it is no longer a good business. Even though the cold winter of financing has warmed up last year, compared with the peak period of 48 financing in one year, the number of track financing has remained in single digits in the past two years, and the attraction of second-hand e-commerce tracks is no longer what it used to be. What are the new stories behind the influx of giants? Second hand e-commerce chaos started At present, the era of Internet dividend gushing is fading. When the stock market comes, the business of giants seems to have come to an end. Under the dilemma, all players have been struggling to find the so-called second growth curve. While Ali has entered the sinking market with taote and benchmarked JD's self-operation with "cat enjoyment", pinduoduo and JD are also counterattacking Alibaba's market and going to each other's main track has become a common strategy of all players. AI media consulting data show that from 2015 to 2020, the transaction scale of second-hand e-commerce in China increased from 4.59 billion yuan to 374.5 billion yuan. According to the 2021 report on carbon emission reduction of China's idle second-hand transactions, the transaction scale of second-hand idle goods has exceeded trillion in 2020 and will reach 3 trillion in 2025. At the moment when the Internet dividend has peaked, the overall environment is relatively friendly to second-hand e-commerce. Based on this, a group of enterprises deepened their layout, entered the battlefield and tried to carve up this huge market that has not been fully developed. However, coveting belongs to coveting. The business of second-hand e-commerce is not as easy as expected. An insider pointed out: "there are two main reasons behind the cold in the capital market. One is that the head of the industry tends to solidify, the other is that it is difficult for the idle trading market to grow explosively, and there are still uncertain factors such as business model." This is true. According to Analysys data, as of April 2021, the industry penetration rate of the number of active idle fish was as high as 86.8%, while the second ranked revolving penetration rate was only 12.4%. Idle fish has a large number of users, which is a huge gap from the players behind. According to the data of idle fish, the number of users has exceeded 300 million and the monthly life has exceeded 100 million. Although there is still a huge gap between the volume of 300 million users and the population of generalized e-commerce, the special nature of second-hand e-commerce is different from the sinking market with a huge user gap. Even if a group of players work hard, it is difficult to recreate the business miracle of "encircling the city from the countryside". Therefore, as the absolute head of the industry, idle fish has basically eaten the domestic idle trading user population. However, this does not mean that it is difficult for many players to have opportunities. Although the user volume is important, making money is the last word for the second-hand e-commerce track that has repeatedly fallen into the dilemma of commercialization. At present, the business models of domestic second-hand e-commerce platforms are different. Idle fish focuses on C2C mode, which provides basic services such as platform and certain guarantee for both parties. The specific transaction details are negotiated by the buyer and the seller; Zhuanzhuan focuses on the c2b2c mode. As an intermediary, the platform will detect the authenticity and quality of goods - very Yao Jinbo. In addition, the C2B mode of recycling and redistribution from the C-end market and the B2C mode of looking for beautiful machines are also the main methods of second-hand e-commerce. With the increasingly fierce competition and so many commercialization modes, the second half of second-hand e-commerce has fallen into chaos. The end in the shadow In the chaotic war, it is worth talking about the turn that has ranked second to the track all year round and the business model has almost changed. At the beginning of its establishment, Zhuanzhuan, like idle fish, mainly focuses on C2C mode. At the end of 2018, Chu Duan, the founder of idle fish, once said: "it is inconvenient to disclose the specific profit model of idle fish, but there will be no transaction commission." Obviously, the idle fish backed by Taoxi e-commerce has the "confidence" of not taking Commission. The former can not only provide a huge user base and flow for the idle fish, but also supplement the source information of second-hand goods. In a sense, this is also a closed loop. Obviously, all players in the track do not have this "father". The "rules" of not pumping commission are established, and other players have to bite their teeth and abide by them. For the latter, how to make profits has become the first problem to be solved. Based on this, although Zhuanzhuan also has huge flow advantages, it always lacks a stable realization path. Therefore, from platform machine inspection to recycling and self operation, we have been walking on the road of realization, among which there are many barbaric moments. Around 2019, Zhuanzhuan launched the qualification of "professional seller" to attract C-end sellers to join in the way of increasing exposure. Once it becomes a "professional seller", Zhuanzhuan will draw 15% of its transaction order. This move aims to explore the profit entrance of C2C mode, and there is nothing wrong with the way of pumping for exposure. However, with the development of time, users can choose whether to become a "professional seller" and gradually change to compulsory authentication led by the platform. If users do not authenticate the "professional seller", they will not be able to release idle goods in some categories, and everything seems to have changed. Although at present, "professional sellers" have been offline, this somewhat ugly past seems to reflect the difficult situation of C2C second-hand e-commerce platforms except idle fish. It is also natural to escape from the dilemma. Therefore, few players have dared to challenge the C2C field occupied by idle fish for several years. Looking at the platform of second-hand e-commerce that has entered the Bureau in recent years, whale purchase has combined shooting and love recycling, focusing on reselling jd.com orders, recycling, help selling and other businesses; Buffeting second-hand e-commerce relies on the high traffic of its own short video platform to find exports in a cooperative way. Everyone seems unwilling to fight with idle fish in the C2C battlefield. Breaking away from C2C mode means that the second-hand e-commerce of the same comprehensive type is gradually moving away. Without the C-end self trading market with a wide range of categories, each platform can only choose the vertical category as the path and realize the commercialization by relying on c2b2c, C2B and other modes. However, due to the characteristics of idle goods, there are not many vertical categories available for second-hand e-commerce platforms. At present, the mainstream second-hand vertical e-commerce is mainly concentrated in 3C digital, luxury, fashion and other aspects. The above categories generally have two characteristics: one is that the cake is large enough, and the other is that the customer unit price is relatively high, which has enough profit space. Therefore, although there are endless discussions on sub-cultural fields such as trendy play and Hanfu, the minority attribute also determines its natural disadvantages in terms of user volume and non-standard products to standard products. Therefore, it can only be included in the category of Xingqu e-commerce differentiated from comprehensive second-hand e-commerce such as leisure fish. Taking 3C digital products as an example, its C-end market volume is huge, and the platform does not have to worry about the lack of users. The brands of electronic products are relatively concentrated and there are few fakes, and the quality inspection cost borne by the platform as an intermediary is also relatively low. The same logic is also established for the second-hand luxury racetrack, but the problem of fake goods in the luxury field is serious, and the platform needs to consolidate key scenes such as identification and detection. In May 2021, the "second-hand luxury e-commerce" completed tens of millions of dollars of round C financing; In June, the second-hand luxury e-commerce "panghu technology" completed a round C financing of US $50 million, and this track seems to have warmed up last year. However, at this stage, the high-quality vertical track of second-hand e-commerce always exists only in individual fields, and the cake is not enough for hungry players. Moreover, the leading idle fish of the track has begun to consolidate its moat through "idle fish superior products" and "recycling treasure". The second-hand vertical track will also usher in a breakthrough. In the second half, "heart attack" Entering 2022, the second-hand e-commerce track seems to show signs of recovery. In January this year, the seven departments of the national development and Reform Commission and the Ministry of Commerce jointly issued the "guiding opinions on accelerating the construction of recycling system of waste materials". The "Internet plus second-hand" mode has been encouraged by the national level. However, at this stage, the domestic consumer market still lacks user education, and the fundamentals have not changed. Among the many factors that affect the mind of the consumer market, the trust problem is undoubtedly the key to the competition among players. As we all know, most of the idle goods are non-standard goods, and the information between the buyer and the seller is difficult to be symmetrical, which leads to disputes among users in the process of second-hand transactions. For lightweight C2C e-commerce, the mode characteristics lead to its failure to provide quality inspection for goods as an intermediate link in the transaction. Take idle fish as an example. At present, the main way to improve user trust is to increase authentication channels. As a seller of idle fish, it can endorse its own credit through the dimensions of authentication sesame credit, transaction evaluation system and binding personal microblog. Obviously, idle fish has greater advantages in this regard by relying on Ali's rich, mature and multi-level trust system. However, standing in the chaotic second-hand trading market, even if the idle fish has a strong endorsement channel, it will inevitably fall into a crisis of trust. Taking the post transaction scenario as an example, the path selected by idle fish is entrusted to the "idle fish small court", which mainly solves the possible disputes in the process of second-hand trading through the voting of users outside the platform. However, as the saying goes, one foot is higher than the devil. Experienced fraudsters can easily reduce the dimension to attack ordinary users through the understanding of the mechanism, which leads many users to complete the user education that idle fish should have undertaken in the way of "paying tuition fees". For the second-hand e-commerce platforms that follow the c2b2c and C2B modes, as part of the transaction link, the platform is born with the ability to screen out scams. However, in this mode, the platform itself is deeply bound with the credit system. Once there are problems in the transaction process, the platform will face a greater goodwill crisis than the C2C platform. Wang Rui once bought an iPhone on Zhuanzhuan, but because he didn't adapt to the apple system, Wang Rui planned to sell it in the form of consignment after a short experience. However, as a quality inspection platform, the evaluation reports issued by Zhuan before and after its purchase consignment are very different. Even if it is recycled, the final recovery price of Zhuan is seriously depressed compared with the estimated price, which makes Wang Rui miserable and vows not to transfer again. Wang Rui's experience is not alone. At present, no matter the idle fish and Zhuanzhuan on the head platform, or the subdivision of vertical love recycling and temple library, they have been criticized on the black cat complaint platform. As of October 2021, the total number of idle fish complaints has been close to 30000, and Zhuanzhuan is close to 40000. Questmobile data show that from May 2019 to may 2021, Zhuanzhuan dau continued to decline by nearly 40%. The decline is so serious, which may be related to its own credit crisis. Also caught in the double crisis of business and credit, there are Temple library and other vertical e-commerce platforms. Recently, there were rumors of bankruptcy in the market. At the end of last year, the temple library also announced that it had received a NASDAQ delisting warning. This dilemma may be fuelled by many fake goods storms. In recent years, the offline pace of second-hand e-commerce platform layout seems to have accelerated. Free fish joint recycling treasure launched a free fish station for offline scenes, and love recycling accelerated offline expansion in the mode of heavy assets. In this regard, he Cong, founder of Qiwei technology, once told the media: "second hand Ping