云集：社交电商黑马的崛起之路

With giants like Taobao and JD.com gradually making up most of China's e-commerce market, are there any opportunities left for startups? Startups like Yunji and Pinduoduo, which went public within three to four years of inception, provide an answer — social e-commerce. This case focuses on the development and business model of Yunji, a representative enterprise in social e-commerce. Launched in May 2015 and listed on the Nasdaq in May 2019, Yunji has nearly 10 million members (i.e., shop owners) and more than 20 million buyers. Successful practices like social marketing and S2b2c selected supply chains played crucial roles in Yunji's rapid growth. However, Yunji's ways of attracting members garnered criticism. Some called it a "pyramid scheme" with "team payments" and "entrance fees." Facing criticism, Yunji decisively and rapidly made changes. CEO Xiao Shanglue said that the company now is legal and compliant in all aspects. While there are still risks in the future, Yunji's business model is still evolving. For example, in October 2018, Xiao set out plans for a "membership-based e-commerce" transformation. Can Yunji achieve this goal, and how might it evolve in the future?