转转关停自由市场，闲鱼稳坐“一哥”宝座？

Core Viewpoint - The company, Zhuanzhuan Group, announced the gradual shutdown of its "Free Market" business, marking a strategic retreat from direct competition with Xianyu in the second-hand e-commerce sector [1][2]. Group 1: Business Transition - Zhuanzhuan's CEO, Huang Wei, described the shutdown as a "strategic retreat," indicating a shift towards a C2B2C model that has been in motion since 2019 [2]. - The C2C business, which was the foundation of Zhuanzhuan, now accounts for less than 3% of the company's total share, highlighting the need for transformation [3]. Group 2: Financial Performance and User Engagement - Zhuanzhuan has invested heavily in advertising, particularly on platforms like Bilibili and Douyin, but the effectiveness of this investment appears limited, with monthly active users only increasing from 24.73 million to 35.88 million, a year-on-year decrease of 5.3% [3]. - The company has generated over 25 billion yuan in revenue since its establishment, with registered users exceeding 400 million by the end of 2024 [3]. Group 3: Quality Assurance and Trust Issues - The shutdown allows Zhuanzhuan to focus on its "Official Verification" business, which has seen significant investment, including 1.5 billion yuan for quality inspection centers and over 2 billion yuan planned for 2024 [4]. - Despite these efforts, trust issues persist, with over 110,000 complaints on the Black Cat Complaint platform, primarily related to discrepancies in product descriptions and quality verification [5]. Group 4: Competitive Landscape - Xianyu, as the leading player in the second-hand market, has surpassed 200 million monthly active users, growing nearly 20% year-on-year, and has established a unique ecosystem combining transactions and community engagement [6][8]. - The market is expected to polarize, with Xianyu dominating the C2C segment while Zhuanzhuan and competitors like Wanwu Xingsheng compete in the B2C quality market [9].