Core Viewpoint - The decision by Zhuanzhuan Group to gradually shut down its C2C "free market" business marks a significant shift in the second-hand e-commerce landscape, leading to two distinct operational models that diverge in their approach to building consumer trust [1][11]. Group 1: Zhuanzhuan's Approach - Zhuanzhuan aims to industrialize trust by standardizing and streamlining the process of second-hand transactions, treating trust as a product that can be manufactured [1][5]. - The company has invested heavily in establishing three intelligent quality inspection centers in Shenzhen, Chengdu, and Qingdao, employing over 2,500 quality inspection engineers to ensure rigorous product checks [3][5]. - The transformation from non-standardized products to standardized ones with detailed quality inspection reports enhances transparency and builds consumer trust [5][9]. - Zhuanzhuan has implemented a comprehensive delivery network with over a thousand offline brand stores across more than 300 cities and a team of nearly 3,000 engineers for on-site recycling [5][7]. - The introduction of a seven-day no-reason return policy and a 365-day warranty for certain product categories is a groundbreaking move in the second-hand industry [7][9]. - By the end of 2024, Zhuanzhuan plans to have participated in the formulation of 30 national and industry standards, further legitimizing its trust-building efforts [9]. Group 2: Comparison with Xianyu - Xianyu adopts a decentralized trust-building model, creating an ecosystem where trust can self-generate and self-repair, supported by a vast user base of over 500 million [13][18]. - The platform positions itself as a community for young people, where transactions are often driven by shared interests rather than mere buying and selling [15][16]. - Xianyu provides a "light governance" approach, relying on Alibaba's robust e-commerce infrastructure to facilitate transactions while allowing community-driven trust development [18][20]. - Despite their differing models, both Zhuanzhuan and Xianyu aim to elevate second-hand consumption to a mainstream lifestyle choice, moving away from the stigma associated with second-hand goods [22][24]. - The two companies are not in direct competition but rather complement each other in a large second-hand market, with Zhuanzhuan focusing on reliability and Xianyu emphasizing the enjoyment of discovery [26][28]. Group 3: Industry Implications - The contrasting approaches of Zhuanzhuan and Xianyu represent a broader industry evolution, with Zhuanzhuan's industrialized certainty versus Xianyu's ecological possibility [29]. - Both companies are contributing to the maturation of the second-hand market, with Zhuanzhuan establishing formal standards and Xianyu fostering community norms through user interactions [26][31]. - The exploration of these models is significant as it enhances the core value of the second-hand industry, transforming it from simple information matching to a more complex value reconstruction process [31].