What: The Chinese e-commerce giant has launched Jing Zhi, a new resale platform app.

Why it is important:  Earlier this year, Chinese Investment Bank Shenwan Hongyuan released a report estimating that China’s total 2020 resale market exceeded USD 154.78 billion, with the e-commerce resale market reaching USD 57.97 billion.

With the platform, sellers can host second-hand products on the site and pay Jing Zhi a 6% commission or sell their used goods straight to JD.com's AiHuiShou second-hand division.

Currently, the new platform's offerings are mainly oriented toward electronics, although there is a modest selection of luxury, fashion, and cosmetic items accessible.

The resale market is currently dominated by Alibaba’s Xian Yu, along with Tencent and 58.com’s Zhuan Zhuan, these two JD.com rivals combined currently have a 90.9 percent share of the e-commerce resale market.

Alibaba's Xian Yu's gross merchandising volume (GMV) for Q4 was more than USD 30.95 billion, up 100 percent year on year, with 30 million daily active users.

JD.com Launches New Resale Platform