Starting from 2012, social e-commerce has developed for several stages, including direct and extensive exploration, mode discovery and high-speed development. At present, as the enhancement of new technological and informative infrastructures, social e-commerce is stepping into an explosive growth period. According to the data from China Internet Association, the total revenue of Chinese social e-commerce has surpassed RMB 2 Trillion in 2019, the 63.2% growth demonstrates that it is a hottest in the e-commerce industry. Until 2019, social e-commerce has accumulated more than 50 million practitioners, increased by 58.3% in comparison with the last year.
Because of the prosperous and expanding market, more companies choose to participate in the field, such as JD.com, Tencent and Meituan. However, more enterprises have not increased the market competition due to the lack of professionalism for the industry. At present, there are three companies that have attracted attention in the social e-commerce field, Pinduoduo (NASDAQ: PDD), Yunji (NASDAQ: YJ), and WeTrade Group (US: WETG). They are the leaders of different fields in the social e-commerce market. And they are all listed on the US stock market.
Pinduoduo represents the early stage of social e-commerce, developing group buying and digging social traffic to attract customers; Yunji illustrates the middle stage by distribution and partially open platform, to stimulate everyone’s interest in the community and improve the customer experience; WeTrade Group shows the new industry direction by focusing on how to improve service and customer experience, how to operate the company and community in an elaborated mode, and how to manage the vendors to increase product quality.
Currently, communities are not the basic foundation of social e-commerce, but technology. Because of the tech development, more dimensional issues will be solved. WeTrade Group has aimed at the technological service of social e-commerce in 2019 and exploits new methods with prospective insights and visions.
WeTrade Group provides technical services and solutions as a listed SaaS business to support micro-business online stores and social e-commerce platforms. In 2020, WeTrade Group has developed rapidly with its core revenue management system “WePay” in the Chinese market. To better satisfy the development demand of the Chinese social e-commerce trend, WeTrade Group has finished the technological service upgrade in September, aiming to enhance customer relationship management. Through the updated service, customers will benefit from stabilized user relationships and strengthened partnership cooperation, and the company can also realize cross-selling and up-selling to increase operational revenue for customers.
In the future, the involvement of more companies and the change of customer demands will influence the industry. The commercial logic may also be improved. The only clear trend for the industry is that being tested by the market would be the winner to rewrite the social e-commerce development.