Internet-Fired Minority Industry Auctioned as a New Favorite of E-Commerce Business

 Internet-Fired Minority Industry Auctioned as a New Favorite of E-Commerce Business

Han Chengxin, general manager of auction Department of Jingdong Retail Group Living Business Group, revealed in an exclusive interview with First Financial Journalist that the auction company was established to better explore more auction scenarios for 2B and 2C.

Online auction market is now interesting enough, auction is no longer the traditional asset auction, treasure auction as simple. Houses, islands, purebred horses... You know, during this years 618 period, Jingdong also auctioned 102 kilograms of frozen and wet sea cucumbers confiscated by the customs. The 102-kilogram frozen-wet sea cucumber has set a new premium rate for fresh bulk commodities auctioned by the customs since 2019.

Many Jingdong auctioneers also watched the sea cucumber auction. At first, the sea cucumbers starting price was less than 15,000, but it attracted more than 3,000 people to watch it. After 96 bidding records, the sea cucumber was finally traded at a price of more than 86,000, with a premium of up to 504.2%.

But as far as the transaction amount is concerned, more than 80,000 sea cucumbers are not enough.

In recent years, several islands have been photographed by Jingdong Auction.

Last year Rowa Islands, a coral reef archipelago in Vanuatu, South Pacific island nation, went on sale in Beijing East at 618. Eventually, the island was photographed by a mysterious buyer for 12.5 million yuan, attracting more than 40,000 people to watch.

According to Han Chengxin, a large part of the staff structure of Jingdong auction business is the traditional talents of the original off-line auction houses and other auction agencies. These professional auction talents are now distributed in all regions of the country. They need to dock with sellers to find more high-quality auction products.

Equity transfer, bankruptcy auction and other businesses require professional lawyers to provide professional services. Han Chengxin explained.

According to public information, Jingdong officially launched the judicial auction platform in May 2016. In November of the same year, it became one of the first five national judicial auction platforms recognized by the Supreme Peoples Court and qualified to provide judicial rackets to all courts in the country.

Prior to this, a big list was also sold on the platform of Beijing East Judicial Auction. At that time, the Land and Real Estate No. 91, Hexincun, Hanyang District, Wuhan City, Hubei Province, which was taken by the Second Intermediate Peoples Court of Beijing, was successfully sold for 241 million yuan at a premium rate of 40%, after 135 round bids by two local tyrants.

During Shuang11 last year, another buyer bought 146.05 million shares of Anshan Bank at an auction in Beijing East for more than 265 million yuan.

Although for the general public, auction seems to be a minority game, but the current online auction market volume can not be underestimated.

During last years 618 period, Jingdong published sales data of auction business. During the period from June 1 to June 16, 2018, the total sales volume of Jingdong auction, including treasure auction, customs auction, judicial auction, asset auction and bankruptcy auction, reached 1.338 billion yuan, which was 335.8% in the same period of last year. Among them, the Customs auction performance is eye-catching, 13.85 times the same period last year, becoming the departments strongest growth category; while the total volume of judicial auction is 331% of the same period last year.

Unlike most employees in Jingdong auction, Han Chengxin had no previous background in the auction industry.

As an old employee in Jingdong, Han Chengxin confessed that when he first took over the auction business, he only knew that the auction of this cake was very big, but he had no idea how big it was.

These people may not have been users of Jingdong Mall, but because they were interested in auction, they eventually became users of Jingdong. Han Chengxins user portraits show that most of the users are older, generally after 60 or 70 years. They have preferences for specific collections, have certain economic basis and social status. Most of these people come in the mindset of picking up leaks. They do not have specific needs, but some photos can trigger demand.

Online auction market may even counterattack offline Ali auction has joined traditional pawnbrokers to open the first offline store.

For the future of online auction business, Han Chengxin repeatedly emphasized the concept of auction without boundaries to First Financial Journalist, but he insisted that the current Beijing-East auction is still running fast, and the maturity of the whole market will take several years.