背靠腾讯却被围剿10年，转转关了“自由市场”业务

Core Viewpoint - The second-hand trading platform Zhuanzhuan has decided to shut down its C-end business and shift focus to an "official verification" business model, indicating challenges in converting traffic into transactions despite backing from Tencent [4][6][33]. Summary by Sections Business Transition - Zhuanzhuan announced the closure of its C-end business on September 22, 2023, and will gradually shut down its "free market" operations while maintaining other business lines [6]. - The company has shifted its focus to the second-hand luxury goods sector after struggling to compete in the C-end market against rivals like Xianyu and Aihuishou [6][40]. Market Context - The Chinese second-hand market has surpassed 3 trillion yuan, with intense competition from platforms like Douyin and Kuaishou, in addition to established players [6]. - Zhuanzhuan, founded in 2015, has not achieved the same level of success as Xianyu, which boasts over 200 million monthly active users, and Aihuishou, which has surpassed 10 billion yuan in revenue [6][26]. Financial Performance - Zhuanzhuan reported cumulative revenue exceeding 25 billion yuan from 2021 to 2025, with over 4 million registered users [9][40]. - However, the company has not disclosed its profitability, raising concerns about its financial health [10][11]. User Engagement and Conversion - The platform's user engagement metrics, such as active users and transaction volumes, are critical for assessing its viability, yet Zhuanzhuan has not provided these figures [12][13]. - The lack of effective conversion from registered users to actual transactions has been a significant issue, leading to a pivot away from C2C operations [24][33]. Competitive Landscape - Zhuanzhuan has faced significant challenges from larger competitors like Alibaba and JD.com, which have more robust ecosystems and user engagement strategies [30][32]. - The company has struggled to maintain a competitive edge, with its C2C business accounting for less than 3% of total revenue [24]. Strategic Shift - In response to competitive pressures, Zhuanzhuan transitioned to a C2B2C model in 2019, but this has not reversed the decline in its C2C business [23][26]. - The company is now focusing on offline second-hand transactions, leveraging Tencent's traffic support, but recognizes that traffic alone is insufficient for success in the e-commerce sector [38][37]. Industry Reflection - Zhuanzhuan's experience reflects broader trends in the internet startup landscape, where many companies have struggled to survive against dominant players [25][41]. - Despite its challenges, Zhuanzhuan has managed to retain its brand and presence in the market, unlike many other startups that have disappeared [41].