In the past two years, the changes in the general environment have made great changes in people's consumption habits, and online consumption has increased significantly. Domestic cross-border e-commerce enterprises have changed from "barbaric growth" to "intensive farming", the market scale is also expanding, and the new foreign trade format is in a stage of vigorous development. According to the data released in 2022, cross-border e-commerce has increased by nearly 10 times in 5 years, and last year it still maintained double-digit growth. In the process of industry transformation, many domestic companies have identified opportunities to seek gold, but there are also industry giants that have fallen down. Not long ago, the cross-border e-commerce giant Global Tesco suddenly entered the bankruptcy procedure and caused concern and heated discussion in the industry.
The following is a brief review of the development process of the enterprise. Public information shows that Global Tesco has been established for 15 years and still has a certain influence in the industry. In the era of global integration, the company focuses on cross-border foreign trade B2C e-commerce. It involves electronic 3C products and computer peripherals. Clothing and apparel, home and outdoor, children's mother and baby and other products. The platform adopts the business mode of simplifying complexity, taking customer needs as the guide, integrating the upstream, deeply cultivating the midstream, serving the downstream, compressing the circulation link and reducing transaction costs while improving the company's operating efficiency. In the overseas market has established a broad sales network and a number of overseas warehouses, has been recognized by customers in Europe and the United States and other places. The annual turnover of the platform exceeded 12 billion yuan in its heyday.
When the founder of Global Tesco studied in the United States, he noticed the potential of China's cross-border e-commerce industry, and did not choose to find a job in the United States after graduating from the University of California, Davis, but returned to China to establish Global Tesco to embark on the road of entrepreneurship. With the help of the power of capital, the platform was slowly built, and a number of overseas warehouses were built in Europe, the United States, Japan and other places.
With the advantages of overseas warehouses, the platform has developed rapidly and won the title of "cross-border e-commerce platform trusted by suppliers". In addition, it has also created its own product brands such as Langria, Excelvan, and Floureon to enhance the company's comprehensive premium capabilities. On the occasion of the tenth anniversary, the company broke through the turnover of 10 billion yuan for the first time, leading most of its peers to enter the 10 billion club for many years, and the scenery was unlimited for a time, and the market value of the parent company was nearly 40 billion yuan at the highest. Unfortunately, the good times were not long, and the business situation of Global Tesco suddenly took a sharp turn for the worse.
With the instability of overseas markets, coupled with the rise in logistics and warehousing costs, the arrears of all parties, as well as internal operation and management problems, resulting in a sharp decline in corporate business, financial pressure has become very tight. About three years ago, global Tesco executives made a wrong estimate of the peak season stock, so that the company fell into the quagmire of losses, after the disclosure of the situation, Global Tesco has tried to do remediation, although it has made a cut off excess business, personnel reduction and other moves, but the company's losses have further expanded, the top management has left one after another, and the platform operation problem has dragged down a number of partners and suppliers.
Industry insiders believe that eating the dividends of the barbaric development of early cross-border e-commerce is the reason why Global Tesco can quickly rise and emerge. However, in recent years, cross-border e-commerce competition has become white-hot, in order to pursue book data, Global Tesco will not hesitate to fight a price war with its peers at a loss. Coupled with blind expansion, the sudden change in the market environment has led to inventory problems. In addition to the strategic deployment of mistakes, the internal management chaos of the enterprise is the last straw that overwhelms the camel. To borrow a comment from a netizen: "Cross-border e-commerce is on fire, but Global Tesco is cold." ”