58.com is a Shinning Example of What Chinese E-Commerce Can Do
When people in the west think of Craigslist, they don’t think of an economic powerhouse. In China, this is a different story. China’s Craigslist, 58.com (WuBa), earned over $650 million USD of revenue in 2015. That figure is impressive considering 58.com was founded in December 2005, a full 10 years after Craigslist. The company is headquartered in Beijing and is trading on NYSE under the ticker symbol WUBA – pretty good for a company you have never heard of.
“So many of us completely discount the achievements of the Chinese Internet,” says Ryan Cordoni, Marketing Manager at Richway Tech. “The fact is that 58.com turned a very unglamorous classified website into one of the most profitable e-commerce platforms in the world.” Craigslist earns a small profit on certain items like job postings, but 58.com makes money on a wider variety of services and post types. They also make a significant amount of money from advertising, something their audience isn’t bothered by.
58.com CEO Jinbo Yao is coming to Vancouver, Canada to speak at The Canada China Trade Conference. The CCTC is taking place on August 23rd of this year at the Vancouver Convention Centre with talks starting at 9:00AM. The event presents an opportunity for Canadian businesses to network with Chinese e-commerce companies as well as learn digital marketing strategies from the people who built China’s Internet from the ground up. Tickets start at $300.