Alibaba Group’s second-hand digital marketplace Idle Fish upgraded its authentication feature last week to help consumers verify the goods they trade on the platform.
The upgrade allows consumers to double the number of brands they can authenticate on the platform. Consumers can now verify over 18 million goods on the platform and collect a detailed report within eight hours.
“We want sellers and buyers to have real confidence when trading on Idle Fish,” said Li Yong, the merchants and service center general manager at Idle Fish.
Over 180 million people used second-hand trading platforms in 2020, reaching a market size of RMB374.5 billion ($54 billion), according to iiMedia Research.
The research also showed that the lack of trust and the risk of buying counterfeits stopped over 30% of internet users from using the platforms, making it the biggest concern among consumers.
Idle Fish said it is bolstering its authentication capabilities to build trust in second-hand trading. It reduced the time required to complete the transaction from an average of five days to at least three by cutting the time in the authentication.
Idle Fish also works with authentication institutions to make the authentication report more accessible. In the past, consumers could only check if the goods they trade were authentic or not. Post the upgrade, they can see a detailed description of the goods’ condition in high-resolution photos, including signs that would indicate a counterfeit.
Idle Fish said that consumers could get a refund if they receive a fake item even after using the authentication service or if the item they buy gets lost or is delayed during shipping.
Young consumers in China have embraced sustainable consumption, and they are also keen bargain hunters. Over 40% of consumers on Idle Fish are from Generation Z, born after 1995, with many coming from Chinese first-tier or second-tier cities, according to the platform.
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