I owe the money and run the road again.

It is known as the Wenwan e -commerce market with a scale of 100 billion yuan, and the head platform has just collapsed.

This platform is called "Tiantian Jianbao". It is an online community and e -commerce trading platform that focuses on jewelry and jade and Wenwan. It has raised more than 40 million US dollars a year. Favorite and capital injection of byte beating.

However, it was such a star company that seemed to be rising in the e -commerce segment. Suddenly, the founding team was suspected of arrears.

"The director level has been arrears below for three months, and the director and the above level have been arrears for 5 to 7 months." In an interview with the media, the company said that the company had been arrears of salary and even cut 99 % Of employees.

In the online platform and media reports, a number of merchants reported the real name of Tiantian Jianbao in arrears and margin, as small as 800,000 yuan, as many as one million yuan. The payment of tens of millions or even hundreds of millions of yuan.

ZAKER News is also seen in the Douyin account of Tiantian Bao. Although its account name is no longer called "Tiantian Bao", the video review area released by it is almost all "fraud", "repayment", "issuing issuance" "Salary" related complaints.

How can a good head platform collapse?

Ten billionaires, "I don't pay for it steadily", can all be played?

From the data and reports of various industries, Wenwan e -commerce is indeed a rapid development area in the e -commerce market.

According to Fhstan Sandri text, calculated by GMV, the size of the Chinese language played e -commerce market has increased from 23.3 billion yuan in 2017 to 166.2 billion yuan in 2021, with a compound annual growth rate of 63.4%.

According to the MOB Research Institute's report, it is expected that Wenwan e -commerce can grow to an emerging track of more than 400 billion in 2025. In terms of user scale, as early as the end of 2020, market active users have exceeded the 10 million mark.

Wenwan e -commerce has a wide range of coverage, including eight categories such as jade green jewelry, woodcarving plates, calligraphy and calligraphy engraving, flowers and birds entertainment, purple sand ceramics, etc., and with the rise of national winds and national tide, through live broadcasts, short videos, short videos Online appraisal and other methods continue to expand among young generation users.

The MOB Research Institute pointed out that the post -75s of Wenwan e -commerce users are the mainstay, but the post -85s and post -90s young groups are also continuously accelerating the rise. The rapid growth of the market size is also related to the user's circle. Wenta e -commerce users have a high income and strong purchasing power. More than six percent people have houses and seven percent people have cars.

Under such a high -quality market size and development dividends, let's take a look at the business models of Wenwan e -commerce platforms represented by Tiantian Bao.

At present, the mainstream revenue model is mainly to collect commissions, ranging from more than 5% -20%. Because the unit price of Wenwan transactions is often relatively high, the commission income has also become a big head of platform income.

Then there are various types of fees such as margin, merchant deposit, transaction payment, merchant entry fee, technical service fee, and appraisal service fee in the conventional e -commerce model. In your hand.

For example, the payment of the payment alone, the hundreds of merchants mentioned above are discussing the arrears of the payment that Tiantian Bao is required. The amount of amount may have reached tens of millions or even hundreds of millions of yuan.

According to the gross profit margin disclosed by another platform's prospectus, it was showed that 72%, 76%, and 77%from 2019-2019, respectively, are comparable to the liquor industry, which also confirms that the Wenwan e-commerce platform is indeed a capable capability. "Bleeding" business.

Not only that, the venture capital institution also flocked. The head platforms of Wenwan e -commerce companies can often be favored by capital and can obtain financing of tens of millions or even hundreds of millions of dollars.

For example, in addition to Tiantian Jianbao, the head platforms such as the playfulness and the micro -shot hall have also completed multiple rounds of financing. Behind it, there are top investment institutions such as Tencent, Zhenge Fund, GGV Jiyuan Capital, and IDG Capital.

This also makes the head platform of Wenwan e -commerce look rich. Famous artists are hired as spokespersons, advertising in major communication channels, inviting various stars to join their own live broadcast rooms, sponsoring various types of Wenwan related institutions and programs, and so on.

For example, Tiantian Jianbao once invited Wang Gang as the spokesperson. Wang Gang was the host of the well -known Jianbao program, and it was appropriate to the business of Tiantian Jianbao. The playfuls and the micro -shot halls chose the popular stars as the endorsement.

The prospectus of the Weipatang showed that in 2020, it threw over 500 million yuan in advertising promotion, and announced the popular movie star Zhang Yishan as its brand spokesperson.

It was also in 2020 that Pan Yueming invited Pan Yueming as his spokesperson, and then Pan Yueming's various advertisements began to be put in diversified channels and were pushed to users.

Theoretically, the head platform of Wenwan e -commerce such as Tiantian Baobao should be on the right development track of "not bad money" and its own hematopoietic ability. "There are some problems with the company's capital chain. Originally, it was planned to start financing in May. In the earliest July, the latest September, the funds could be available, but some problems also had some problems."

However, as early as the end of 2021, Wang Yi, the founder of Tiantian Bao, attributed the company's mine to a new round of financing.

The market segment is prosperous. The company has become the head echelon. It gathers a large number of merchants and users. It is also the darling of capital. In the end, the reason for the suspected running was not the money? Wang Yi's statement did not persuade employees who owe wages, and suppliers of on -site debt.

By the back of 100 billion, it can make a profit from all parties. Every day Jianbao can play this business, which seems to surpass the category that can be explained by business logic. Perhaps only after the relevant departments can involve the investigation, the truth can slowly surface.

If there is a problem, it is not just a day Jianbao

Even aside the mines, every day, as the head platform of Wenwan e -commerce, there are major problems in business operations.

Xinhua News Agency has released a report on "Tiantian Bao APP: I want to buy advertisements and wants to retire", revealing the chaos of Tiantian Jianbao platform goods.

Behind the name of Xinhua News Agency, there are also consumer disputes such as product quality, online fake sales, false promotions, incompetence of goods, and difficulty in returning goods.

This is also the common problem of the entire e -commerce industry. ZAKER News saw on the Black Cat Complaint Platform that not only every day, but also thousands of various types of consumer complaints and disputes, such as the head platforms such as the micro -shot hall and the game of the game, and the playfuls, such as fraudulentness, difficulty in returning goods, and inaction of the platform, etc. High -frequency keywords.

What is more indignant of this is that after the user sells fakes by the platform to sell fake goods and refuses to recognize the account, it has repeatedly reported to the platform that it has no results. The platform has nothing to do with this kind of malignant behavior.

No matter how beautiful the packaging is, it is impossible to cover up various problems in actual operations. All kinds of bad user experiences, and they continue to consume users' trust in Wenwan e -commerce platforms.

It is reflected at the data level, the decline in transaction scale, the loss of user traffic, and so on. And these will eventually become the "one straw" that crushes the company.

The status of data disclosed from Wei Patang can also be foreseeable. According to the media report, from 2019 to 2019, from 2019, the operating income of Weipatang achieved operating income of 473 million yuan, 1.07 billion yuan, and 978 million yuan. Ultra-high growth emergency brakes suddenly became -8.5%.

At the same time, the net operating cash flow of Weipatang has also turned from positive, and in the past three years, it was 510 million yuan, 310 million yuan, and -210 million yuan.

Regarding the operating status, Weibian Hall has explained that it is more affected by the epidemic, and consumer demand has generally shifted to daily necessities, including the demand for independent consumption such as Wenwan. In addition, the supply chain of some Wenwan (including jade jewelery) has been suspended or closed many times, which also adversely affects performance.

However, such an explanation cannot cover up the fact that platform users and merchants have lost.

In the case of burning money promotion and drainage, the number of users and merchants in the micro -Pattle Hall has been increased year by year, but the number of active users has declined.

In 2021, the number of active buyers of the micro -slap hall was 3.91 million, a decrease of more than 32%compared with the 5.82 million in 2020. At the same time, the number of active sellers decreased by 29% from 110,500 in 2020 to 78,600.

As an e -commerce platform that matches the transaction, effective measures cannot be taken to recover and improve the trading viscosity and activity of users and merchants. It is useless to tell the good commercial packaging stories and concepts.

Coincidentally, many media in September also reported that the play of the game was also exposed to the promotion fee of millions of yuan, and a large number of merchants' payment, which also carried out a scale of hundreds of people. The plot was exactly the same as today's Tiantian Jianbao. At that time, there was a resignation employee told the media that the current financing was not smooth, and the company's business was constantly declining.

In fact, the possibility of Wenwan e -commerce is not just the transaction of goods. In the future, there are diversified extension development spaces including Wenwan appraisal system, enthusiasts exchange community, and Wenwan content services. The imagination of continuous development.

But unfortunately, the head platform that is most hoped to stand out from the segmented track, such as Tiantian Jianbao and Playing Things, fails to stabilize the internal skills after gaining the favor of capital. Some of them are trapped in business difficulties.

The tens of billions of -scale in the Wenwan e -commerce market should not be a drama of owed money and wages and rolls. But now, who can stand out in a chaotic situation and carry the future of this emerging track?

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