In this article, we share with you the key points of the platform's new strategy and the major changes that are relevant to all merchants.
Merchant Onboarding Policy
We're closing the registration for merchants. Two years have shown that attracting new sellers does not promote market competition and reduces the sales of existing merchants. New merchants keep registering on Joom every day, and all we know is the KYC information they fill out. We are not aware of the quality of their products or the timing of their order fulfillment, and this can negatively impact the user experience.
Merchants selling on the platform are now required to have high-quality, hot-selling, and competitively priced products in their vertical categories. In other words, merchants selling in a wide range of categories will no longer be able to join the Joom platform. Follow the link to check out the criteria for registration.
Merchant Operation Strategy
Over the past 7 years, we have gained a lot of valuable experience in different countries and markets. It helps us to understand our strengths and weaknesses more clearly, and use them to prosper in the future market competition. Joom's future position is to be an e-commerce platform for selling quality, affordable, popular and EU-compliant products from a small group of merchants who can guarantee high-quality products and services.
To sum up, the key points of Joom's merchant strategy are as follows:
- High-quality, safe, and EU-compliant products;
- High level of merchant service, running stock, and fast shipping;
- Small profits but high volume. Helping sellers achieve large-scale economy in exchange for the best prices.
In the nearest future, we will strengthen the control on the platform, gradually disabling inactive and underperforming merchants; removing inactive, duplicate, low-quality, high-priced products; tilting resources to trusted products and merchants, bringing scale advantages to merchants, reducing excess supply in the market and lowering disorderly competition. Thanks to this, the platform's operating costs (such as data storage, moderation, categorization and post-promotion) will also be reduced, and our support team can provide you with better service.
We believe that with these changes, the Joom platform will not only grow in the short term, but will be able to achieve a significant position in the EU in the future. Our vision and strategy have never been clearer, and our team has never been more motivated and confident. We are eager to share our thoughts with the loyal merchants of the Joom platform and to express our sincere gratitude for your continued support.
In September, we'll be hosting the 2023 Joom Merchant Conference in Shenzhen. We're looking forward to meeting up with old merchants and getting to know better new ones. During the conference, we will also share a more complete version of our growth strategy, provide more details, and announce new plans. There will be only practical information, and all plans will be accompanied by clear deadlines.
The exact time and location of the conference, as well as the link to the online live stream, will be announced by August this year. Stay tuned!