As a once-popular cross-border seller, Global Easy Shopping has suffered a series of setbacks in the past six months. In the first half of the year, Global Easy Shopping's revenue and profits both plummeted, and the crisis of suppliers coming to its door to collect debts has not been resolved yet. Some time ago, news came out that its independent website was closed.
All these things put together seem to indicate that this once billion-dollar company is on the decline, and bankruptcy may be a foregone conclusion. However, as it has suffered repeated heavy losses and is unable to maintain operations, the bankruptcy liquidation application for Global Easy Shopping has not been finalized. Cross-border navigation , final ruling! The court will not accept the bankruptcy settlement case of Global Easy Shopping due to insufficient evidence. #跨跨电商#Amazon##跨跨头条视频号▲ Video account focuses on cross-border navigation The ruling is out, Global Easy Shopping’s bankruptcy liquidation application will not be accepted! A MZ123 learned that Cross-Border Link recently released an announcement on the progress of the bankruptcy liquidation application for its subsidiary Global Easybuy.
At the beginning of last year, Global Easy Shopping borrowed 21 million yuan from the Shenzhen Branch of Industrial and Commercial Bank of China. However, after the loan period expired, Shenzhen Global did not fulfill its repayment obligations. Therefore, in June, the Shenzhen Nanshan Branch of the Industrial and Commercial Bank of China applied to the Shenzhen Intermediate People's Court for bankruptcy liquidation of Global Easy Shopping on the grounds that it could not repay the due debts and obviously lacked the ability to repay . ▲ The picture comes from Juchao Information Network Recently, the Shenzhen People's Court of Guangdong Province made a final ruling: it would not accept the bankruptcy liquidation application filed by the Shenzhen Nanshan Branch of the Industrial and Commercial Bank of China against Shenzhen Global Easybuy. The Shenzhen Intermediate People's Court believes that the bankruptcy liquidation application is not accepted for the time being because of insufficient basis . ▲ The picture comes from Juchao Information Network In a previous announcement, Cross-Border Link had clearly stated that if the Shenzhen Intermediate People's Court accepts the bankruptcy application, Shenzhen Global will enter bankruptcy proceedings, the company will lose control of it, and Shenzhen Global will no longer be included in the company's consolidated financial statements. Although the court's current decision is not to accept the bankruptcy liquidation application, it does not rule out that ICBC Nanshan Branch will continue to appeal. If the appeal is successful, Shenzhen Global may become a discarded child. Its largest independent website has been shut down. Is bankruptcy just a matter of time? At present, the bankruptcy of Global Easy Shopping has not been finalized, but the company's operating status and subsequent development situation remain grim.
It is learned that not long ago, according to foreign media reports, GearBest, the largest 3C independent website under Global Easy Shopping, disappeared for more than 10 days, and many people speculated that it may have been closed. It is reported that Gearbest has more than 50 million users and more than 200 million monthly visits, ranking among the top in the global e-commerce website traffic ranking. However, when searching for its website address gearbest.com, only a blank page with the message "URL Ivalid" appears . Initially, relevant people believed that this might be caused by a configuration error in Global Easy Shopping's server, but now this situation has lasted for more than 10 days, and Global Easy Shopping has no solution and has not publicly announced any information about this "invalid URL", so speculation about bankruptcy is rampant. It is reported that Global Shopping has not been active on social media for some time, and there may have been signs that the independent website Gearbest would cease operations. Global Easy Shopping has not had any activity on its Twitter account since 2004; on YouTube, the last post was updated two months ago; on Facebook, the last update was on July 7, and currently customers have been sending messages under the post, but all they get are automatic replies from robots. According to the first half financial report of Cross-Border Communication, the number of monthly active users of its own website Gearbest plummeted to 61,400, less than 1/400 of the end of last year; the average monthly visits were 1.4301 million, far lower than 174.82 million at the end of last year. ▲ The picture comes from Juchao Information Network The quarterly repurchase rate has dropped by two times to only 7.69%, about one-third of the end of last year, and the number of online SKUs has dropped sharply to 396,800. It can be clearly seen that Gearbest's various data have fallen sharply again in the past six months, and its business scale has shrunk significantly. In fact, Gearbest has shown a downward trend since last year. In 2020, Gearbest adjusted its operating route. On the one hand, it modified the seller alliance plan, making it difficult for sellers to recover commissions. On the other hand, it switched to a low-price, high-cost-performance route and raised prices for many products. Since then, a large number of problems have emerged, such as logistics delays, shortage of goods, and declining service quality, which have consumed customers' patience and trust, and the website has continued to lose customers, leading to the current situation. In its first half financial report, Kuaishou pointed out that it would strengthen the brand building of ZAFUL and Rosegal, but did not indicate the future development plan for Gearbest. It is not difficult to see that Gearbest may have become a discarded child of Global Easy Shopping. The fall of the once important independent website also makes its subsequent operation more difficult. Why did Global Easy Shopping fall? In the first half of this year, Global Easybuy's revenue fell by 93.70% year-on-year, and its net profit plummeted by 242.97%. Due to the tight capital chain in recent years, a large number of business talents have left, the company's business operations are heavily in debt, and the main sales of independent stations and third-party platform businesses are lacking in various expenses, resulting in a sharp decline in Global Easybuy's business.
▲ The picture comes from Juchao Information Network It is learned that Global Easy Shopping relies on third-party platforms such as Amazon and eBay, adopts a distribution model, and focuses on low prices and low profits to attract customers. However, due to inventory pressure, many independent site sellers have transformed one after another, and Global Easy Shopping has also made an attempt to transform from a third-party seller to an open platform. The rapid expansion and mass distribution sales model helped Global Easybuy continue to grow, but the drawbacks of this model were gradually exposed. The large-scale distribution of goods led to inventory backlogs and further caused inventory impairment. In addition, Global Easybuy's management system also has problems. Due to the loss of a large number of talents, the management of overseas warehouses is not smooth, resulting in inadequate control of overseas warehouses. At the same time, there is also a lack of refined management of SKUs , and the massive SKUs have increased the company's burden. In addition, the sudden outbreak of the epidemic has also had an impact on the industry and the supply chain. The soaring costs in production, transportation and other aspects have also made Global Easy Shopping face greater financial pressure , resulting in promotion and logistics being unable to meet business requirements. Nowadays, the boutique route and refined operation model have gradually become a trend. For the big sellers who started with the distribution model, they seem to be experiencing different degrees of pain. Global Easy Shopping is on the verge of bankruptcy, and Youkeshu is facing a lot of business difficulties due to a large number of account bans. This also warns sellers to judge the situation and perhaps move closer to compliance and refined operations, which is the way to survive at present.
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