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With the rise of e-commerce and the logistics industry and the changing consumer habits, more and more people are no longer fixated on buying brand new products but are opting for more budget-friendly second-hand items. Against this backdro
With the rise of e-commerce and the logistics industry and the changing consumer habits, more and more people are no longer fixated on buying brand new products but are opting for more budget-friendly second-hand items. Against this backdrop, the second-hand trading market is gaining popularity, and the "second-hand economy" is also on the rise.
Second-hand e-commerce has immense potential, and Xianyu dominates.
When it comes to "second-hand trading," most users immediately think of Alibaba's "Xianyu." While there are multiple platforms for second-hand transactions, Xianyu, as one of the pioneers in the second-hand marketplace and backed by Alibaba, has already surpassed 300 million users.
In the 2018 "China Second-hand E-commerce Development Report," Xianyu's penetration rate in the second-hand e-commerce market had reached 70.7%. According to Alibaba's 2020 fiscal year report, Xianyu's platform's transaction volume exceeded 200 billion yuan, marking a growth of over 100% compared to the previous year. It's safe to say that Xianyu is the reigning champion of the second-hand market.
In fact, Alibaba's idle asset trading platform, "Xianyu," originally started as "Taobao Second-hand." After a comprehensive overhaul in July 2014 and rebranding as "Xianyu," it became the largest player in the second-hand marketplace. Today's second-hand market is like a "silent goldmine," with consumers, especially young ones, continuously unlocking the potential of the second-hand economy.
Brand domain names left hanging, the overlooked "Xianyu"?
In line with Alibaba's usual practices, Xianyu should operate independently and have an appropriate domain name, just like Alibaba's other acquisitions: Kaola.com, fully acquired for $2 billion, by Alibaba, Cainiao.com by Cainiao Network, and Xiami.com by Xiami Music. However, this giant brand, Xianyu, surprisingly does not have its own brand domain name. Instead, it uses the second-level domain 2.taobao.com, making it stand out amidst a sea of "zoo domain names." A WHOIS search reveals that the double-spell domain names xianyu.com/.cn/.net are all owned by individuals, while the long-tail domain xianyu.com.cn is already developed. Related brand domain names like "Alibaba Xianyu" alixianyu.com and "Alibaba Second-hand" aliershou.com/.cn are also not in Xianyu's possession.
On the other hand, another brand that competes in the second-hand market, Zhuanzhuan, has a website domain name that perfectly matches its brand: zhuanzhuan.com. Zhuanzhuan belongs to the 58 Group and perhaps due to the influence of domain expert Yao Jinbo, they have been meticulous about their domain name. Moreover, Pinyin domain names are very user-friendly in China, aligning well with the brand and making them easy to remember and type, which is crucial for an online platform.
The saying goes, "Secure the domain name before launching the project." The value of a domain name goes far beyond being just a web address. It plays a vital role in a company's later-stage market promotion, product marketing, traffic improvement, and corporate brand building. Moreover, protecting a brand domain name in advance is essential, as repurchasing a brand domain name can be a costly endeavor, and success is not guaranteed.
For example, in the electric vehicle manufacturing industry, Tesla, besides owning the valuable X.com, spent 13 years and $70 million to repurchase Tesla.com. Wang Xiaochuan's Sogou Search, with the most fitting brand domain name "Sogou" sougou.com, is already developed, making it almost impossible to repurchase.
This should serve as a warning for other companies. For a platform of Xianyu's size, failing to protect its domain name before launching the project is somewhat unexpected. While backed by the Alibaba giant, traffic may not be a significant concern, but for Xianyu to further develop, having a domain name that aligns with the brand is still essential.
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