Core Viewpoint - The second-hand business has significant potential, but the second-hand e-commerce platform faces challenges, leading to strategic shifts in companies like Zhuanzhuan, which is transitioning from C2C to C2B2C models [2][11]. Group 1: Zhuanzhuan's Strategic Shift - Zhuanzhuan has decided to strategically withdraw from its C2C trading business, closing the "Free Market" feature and focusing on "Official Recycling" and "Consignment" services [2]. - The CEO of Zhuanzhuan, Huang Wei, acknowledged that the "Free Market" has facilitated online fraud and disputes, making it difficult to manage [2][11]. - Zhuanzhuan's C2C business now accounts for less than 3% of its total operations, indicating a significant decline in this segment [2]. Group 2: Competitive Landscape - Zhuanzhuan faces stiff competition from Xianyu, which has over 600 million registered users and daily GMV exceeding 1 billion yuan, making it a formidable rival in the second-hand market [4]. - Despite initial backing from 58.com and Tencent, Zhuanzhuan has struggled to maintain user engagement, with active users dropping significantly after aggressive marketing ceased [6][8]. - The competitive dynamics are shifting as Zhuanzhuan pivots to a model that emphasizes quality assurance, but it still needs to build a reliable "traffic pool" to sustain its operations [11][14]. Group 3: Financial Backing and Investments - Zhuanzhuan has received substantial investments, including $200 million from Tencent in 2017 and an additional $300 million in 2019, followed by $390 million in subsequent rounds [6][8]. - The influx of capital allowed Zhuanzhuan to invest heavily in marketing, but user retention has been a challenge once spending decreased [6][8]. Group 4: Quality Assurance and Trust Issues - Following a trust crisis related to inconsistent quality reports, Zhuanzhuan has implemented a "7-day no-reason return" policy and expanded its quality inspection team significantly [12][14]. - The company has established three major quality inspection centers across the country, aiming to enhance consumer trust in its services [12]. Group 5: Future Competition - Zhuanzhuan's shift to a C2B2C model may lead to direct competition with Aihuishou, which has a strong offline presence and has expanded its business model to include various categories of second-hand goods [15][17]. - The offline market is becoming increasingly competitive, with Aihuishou leading in store coverage, while Zhuanzhuan is also expanding its physical store presence [17].

转转再次转型。9月22日，转转集团宣布逐步关停C2C模式的"自由市场"，彻底告别这一曾为核心但如 今占比不足3%的业务，转向以质检和服务为核心能力的C2B2C模式。当然，这也意味着转转会越来 越"重"，聚焦于重资产运营模式。 转转集团CEO黄炜坦言，"是时候做取舍了"。这份艰难取舍既是转转在业务重心、资源分配、成本投入 等方面的多维考量，也是其对未来二手交易市场竞争方向的综合判断。近年来，闲鱼等平台逐步纳入更 多B端商家，在质检等环节的介入更深，二手电商的竞争导向已从过去的流量转变为服务与效率。获得 更多信任和成交，成为企业更为看重的事情。 关停C2C业务 公告显示，转转集团将逐步下线"自由市场"业务，其他业务线正常运转。对于此次"自由市场"业务下 线，转转集团方面承诺将确保用户交易服务平稳过渡。据了解，"自由市场"业务为C2C模式，个人卖家 直接向个人买家提供商品或服务。同时，公告中称，自今年9月24日上午10时起，转转平台将关闭个人 商品的发布入口；9月29日上午10时起，将逐步下线"自由市场"可浏览和购买的商品，直至次日零时正 式关停"自由市场"交易服务，过渡期间"自由市场"产生的订单，转转的客服和售后 ...