Yunji Inc., a Chinese membership-based boutique e-commerce company headquartered in Hangzhou, Zhejiang province, launched their new “Premium Product Plan” to create 100 New High-revenue Super Brands targeting annual sales exceeding 100 million yuan (approx. US$14 million) on the platform. Yunji launched the new strategy with a promotional event and kick-off meeting for China’s upcoming Double Eleven shopping festival in Changsha on October 21, 2019.
The new strategy, launched under the slogan “Selecting Premium Global Products for Your Family”, aims to use Yunji’s upgraded 3.0 supply strategy to empower global supply chains through joint ventures, investment and original design manufacturer (ODM) arrangements, to create 100 new super brands for sale on the platform.
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“Looking back on the development process of both the e-commerce sector and the company, ‘the only constant is change’. Therefore, in response, Yunji has decided to upgrade its supply chain strategically once again to support the launch of our new Premium Product Plan,” said Xiao Shanglue, Founder and CEO of Yunji.
Yunji’s Premium Product Plan to Give Consumers More of What They Want
Research published in Deloitte’s Consumer Review shows that consumers are becoming more discerning over their purchases and are increasingly demanding more personalized and diversified shopping experience. At the same time, a highly efficient supply chain system is needed to satisfy the growing popularity of e-commerce, international products and the small business community.
In line with the two major trends, Yunji upgraded its supply chain strategy to keep up with the era of 3.0: creating new products that meet evolving expectations of shoppers by connecting the consumer to the supply side via a new retail model. Through the Premium Product Plan – the centre of Yunji’s 3.0 supply chain strategy – the company will incubate 100 new premium, fashionable, cost-effective brands through joint ventures, investment and ODM arrangements, among other forms.
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Yunji’s “Top Seller Incubator” is ready for Double Eleven shopping festival
Yunji currently boasts several top sellers with sales equaling or surpassing 10 million units per day. For example, on 4 September sales of the famous “hairy crab”, a delicacy in China, reached 23.6 million yuan (approx. US$3.3 million), while Guanxi Honey Pomelo, a speciality from Fujian province posted sales exceeding 11 million yuan (approx. US$1.5 million) on September 8. Both items set a record in the e-commerce sector in terms of daily transactions for a single product.
“Since its founding four years ago, Yunji has been known as a leading incubator for top sales leaders. The continuous emergence of top sellers on the platform is attributable to the company’s ongoing commitment to a process that assures the selection of products with the most likelihood of success,” stated Yunji COO Zhang Jun, during the launch event of the Premium Product Plan
“Yunji selects premium products through a socialized screening system centered on privately-owned small businesses and based on consumer and influencer reviews,” said Mr Zhang. “Only products that have gone through the process and received positive reviews from influencers will be made available on the platform. Current products are also subject to an on-going screening process, which introduces similar products to create a dynamic environment of positive
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