The Small Commodity Market in Yiwu, China is well known around the world. It features 43 industries with 1,900 product categories and 1.7 million commodities. It is extremely competitive in the world with high quality goods at low prices, more than 90% of commodities are exported to overseas countries and spread to more than 212 countries and regions, sold in Southeast Asia, the Middle East, Europe and the United States. In 2013, the Yiwu Market sold $11 billion USD of goods that includes handicrafts, accessories, hardware, appliances, clothing, and more.
Affected by the pandemic, international trade was severely hampered in the first half of 2020, and many overseas wholesale distributors are restricted by pandemic prevention and control measures. However, through online wholesale channels, they still source their target products and keep their business. Especially in Yiwu, its small commodity market grew faster than ever. According to Yiwu Customs statistics, in the first 8 months of this year, the total import and export value of Yiwu City was $30 billion, an increase of 4.4%; Exports were $28.7 billion, an increase of 3.8%. Toys, furniture and lamps, textile products all maintained double-digit growth.
Mark, a wholesale distributor of daily necessities from the United States, has been engaged in the wholesale distribution business for more than ten years. He wholesaled a large number of products from Yiwu and sold them to consumers in the United States in previous years. Since his business was affected by the pandemic in the first half of the year, his business slowed down immensely. Mark’s business gradually recovered through conducting business through online wholesale channels during the second half of the year. The pandemic caused a surge in demand for safety products, which also enabled his business to develop further.
Manish, an overseas agent from India, sells a large number of hardware tools, home furnishings, glassware, digital products, luggage, and other products from Yiwu every year. He states that“Most of my customers come from the United Kingdom, the United States, India, and Africa. And most customers are currently out of stock and unable to come to Yiwu to wholesale their target products. When I learned about this online wholesale purchase channel, I found my target products through this channel as soon as possible. My customers’ replenishment needs were met in a short time.”
Now with the trend of online wholesale procurement, Yiwu has achieved development through online wholesale channels. Overseas wholesale distributors have moved from offline to Yiwu’s online wholesale channel. This makes their business development stronger and opens new doors. CROV also has opened an online wholesale channel with the Yiwu Small Commodity Market to help the majority of wholesale distributors to source easily.