On December 20th, a reporter from Beike Finance of the New Beijing News noticed that Mogujie announced its performance for the first half of the 2024 fiscal year. During the six months ended September 30, 2023, the company's total revenue was 83.3 million yuan, a decrease of 27.5% from 115 million yuan in the same period last year; The net loss was 35.4 million yuan, and the operating loss was 52.1 million yuan.
Mogujie CEO Fan Yiming said, "In 2023, competition in China's online retail industry intensified, and the focus of various platforms shifted from customer size to customer value. Against the backdrop of saturated network traffic and rising user acquisition costs, Mogujie's new user acquisition failed to meet expectations. In the first half of fiscal year 2024, the total value of Mogujie's products decreased by 22.3% year-on-year to 2.196 billion yuan."
To cope with industry competition, Fan Yiming stated that Mogujie is adjusting its product categories and supply chain. In the past few months, we have transitioned from traditional e-commerce platforms to professional service platforms for beauty and personal care, health, infants, food, and other categories. We provide differentiated services such as procurement supply chain, product selection, and brand extension to merchants on the platform, which have driven user growth in certain product categories. In the future, we will further strengthen our e-commerce live streaming service capabilities and channels to Generate new business growth points
"Looking ahead, we will continue to focus on reducing costs and improving efficiency, and continue to seek new revenue growth opportunities. We believe that these measures will contribute to the overall financial resilience and sustainable growth of the platform," added Qi Feng, CFO of Mogujie.