YIWU, China, October 1, 2022 /PRNewswire/ — Yiwu is the world’s commodity capital, Yiwugo.com is the official website of Yiwu Commodity Market, which is the largest commodity wholesale market in the world. Yiwugo hosts 50,000 traders and 10 million registered buyers, of which 10% are foreign buyers. It has 800,000 average daily visits and an average daily PV of 15 million. According to the latest Yiwugo statistics and feedback from merchants, the number of European buyers buying hot water bags has increased significantly, with regular water injection type being the mainly purchased product.
Sales doubled over the previous year at the start of the high season.
Jingyang Daily Necessities is an established international trading company with a history of over 30 years. 12 years ago, Chen Jianping took over the business from his parents. For businesses in Yiwugo, there are usually two peak seasons every year. The first starts from July and lasts until October as it is driven by northern hemisphere buyers, and the second from the end of the year until next spring as it is driven by buyers from the northern hemisphere. South America. This year is unusual. Although the first peak season is only halfway through, the sales volume of enterprises has already doubled compared to last year.
Chen explained that due to the impact of repeated Covid-19 outbreaks at home and abroad, most of the orders have been placed by long-time buyers instead of new ones in the past two years. This year, however, the number of new customers, especially end customers, suddenly increased. Most of them come from Europe, looking for water injection hot water bottles. As electric heating hot water bags were previously popular exports to countries such as Indiait is unusual to see the type of water injection gaining popularity in Europe.
In fact, this is closely attributed to the rising price of energy in Europe. The price of natural gas in Europe would have reached more than 10 times that of the same period last year; the price of anthracite was three times that of the same period last year; the price of electricity was multiplied by 12 compared to the previous year. The German government has announced that it will levy a “natural gas supplement” from October, and Italy shortened the heating period by 15 days for this winter.
Soaring energy prices this year have pushed up heating costs, especially for Europeans living in frigid high-latitude regions. As such, affordable traditional water-injected hot water bags have suddenly become their preferred choice. Even though Europeans also started using water-injected hot water bottles, they never lost their aesthetic sense and pride. According to Chen, European consumers prefer fashionable and high-quality hot water bags with high rubber content and European architectural style of decorative imprints.
The popularity of hot water bags in Italy and other European countries aroused Chen’s curiosity. Later, she realized that a large number of buyers came by searching the Yiwugo English site. Although many orders placed were small or medium, they were always “fresh blood” and all buyers were overseas wholesalers. This encouraged Chen and made her confident about her decision last year to continuously launch new products and establish an international location in Yiwugo.
Some of the new customers were referred to Chen by merchants of home textiles, quilts and other warm-keeping products in Yiwu market. There are also merchants in other industries that customers entrust purchases to, or those who recommend Jingyang Daily Necessities to buyers after finding the business in Yiwugo. Buyers will then have intermediaries such as international trading companies to make their purchases directly from Jingyang.
Chen explained that there have been signs of this buying spree since the first half of the year. From April to May, some well-established buyers, including those from European countries such as Italy, already stocked a large quantity of water injection hot water bottles. But that wasn’t common practice at the time, so it didn’t attract much attention from merchants.
Companies focused on the domestic market generated more export sales than domestic sales this year.
Yu Fengchao, owner of Yiwu Junma Hot Water Bottle Factory, runs an established international trade factory of water injection hot water bags. The factory was established more than 30 years ago, receiving orders mainly from Spain.
As a second-generation business executive, Yu took over the company exactly ten years ago. As of now, his factory has been a member store in Yiwugo for five years. A new customer from Spain contacted Yu on Yiwugo in July. After communicating for a while, the customer, without meeting Yu in person, placed an order for more than 100,000 RMB for high-quality hot water bottles, most often in the shape of cartoon characters and covered with insulating fabric.
Yu explained that the water injection hot water bag, which is a local product, was once sold in the domestic market. Since July, however, many new buyers have emerged from European countries such as Spain and Italy. Driven by the recent trend towards original design, new models are launched in the second half of each year. In this peak season, export sales exceeded domestic sales.
It was mutual trust that led a new foreign customer to place his very first order for more than 100,000 RMB. Apart from faithful communication between the two parties, Yiwugo, a third-party platform, also played a vital role as a guarantor for them to establish trust. As companies divert more resources to Yiwugo in recent years, the platform has also given them better results, forming a virtuous circle of win-win cooperation.
2022 brands the 40e anniversary of the Yiwu market, as well as the 10e Yiwugo’s anniversary as the largest e-commerce platform in China. As the market enters the second generation in the past decade, more and more young traders choose Yiwugo as their partner. Likewise, Yiwugo will join them in embracing a better future.