What is Joom

Joom is a well-known mobile e-commerce platform in Russia. Since its launch in June 2016, it has experienced explosive growth and has become one of the fastest-growing e-commerce platforms in the world.

Overview

Joom achieved exponential growth in 2017, with sales in November 53 times that of 2016.

As of October 2017, the platform’s daily sales have exceeded 300,000 orders and continue to grow rapidly, and its business has covered more than 20 countries.

Settlement information

1. Scanned copy of business license;

2. Scanned copy of the ID card of the company's legal representative;

3. A photo of the company's legal representative holding his/her ID card;

4. Bank account or Payoneer account information;

5. Daily order volume and total transaction amount of the company's first three product categories;

6. Links to the company’s stores selling the top three product categories on platforms such as AliExpress, Wish, Amazon, and eBay.

Settlement process

1. Click to enter the registration website:

2. Click the Start button and fill in the relevant registration information;

3. After completing all the information and uploading, click the Submit button and wait for the platform staff to review it. The review time usually takes one to two months.

4. After passing the platform review, the platform staff will contact the seller.

Once approved, the seller will need to pay a deposit of $1,000 before opening the account. The deposit amount will be transferred to Joom's Payoneer account, and you can use your company's Payoneer account or bank card to pay the deposit.

Platform fees and requirements

Joom platform will charge a commission of 5% to 15% based on the order amount. The product commission ratio depends on the product category. For specific information, please see the table below:

·Orders need to be processed and shipped within two or three days.

The loan release time is 15 to 60 days, and the loan release time for new sellers is 60 days.

The platform has an automatic price increase function for products on the Australian and South African sites. The price increase ratio is: if the product price is less than 5 USD, the price will be automatically increased by 10%. If the product price is between 5 and 20 USD, the platform will automatically increase the price by a fixed amount of 0.5 USD.

Prohibited and restricted products

Platform prohibition of sale:

Products that infringe third party intellectual property rights or copyrights;

Alcohol (including medicinal alcohol);

Drugs and medicines (topical plasters, bandages, etc. can be sold);

Medical devices;

Tobacco, electronic cigarette products and smoking paraphernalia;

Weapons and cold weapons;

Animals and prohibited animal products;

Items with illegal uses (such as lock picks);

Politically sensitive products (such as products from Cuba, Iran, North Korea, Syria, Sudan, or products with patterns or elements of the above countries);

Human remains or parts of human body (such as ashes, teeth, hair, etc.);

Seeds (the platform prohibits sellers from selling seeds to customers in Russia, and other countries are not yet included in the list of regions where seed sales are prohibited);

Laser pointers (Joom prohibits sellers from selling laser pointers with a power of more than 1mW (milliwatt) or laser pointers with unspecified power on the platform).

Platform restrictions on sales:

·Precious metal products——The picture description must include a precious metal experience certificate, and the shipment must be accompanied by a precious metal experience certificate.

Gemstone products - the picture description must include a gemstone identification certificate, and the shipment must be accompanied by a gemstone identification certificate.

Development History

-In June 2016, Joom was founded.

-In November 2016, Joom began to attract investment from China.

-In July 2017, Joom entered the French, British and Nordic markets. In August, Joom has launched the platform in Ireland, South Africa, Australia, Canada and the United States.

- In 2018, Joom's goal is to achieve 20%, 30% and 50% of total sales in Russia, the United States and the European Union respectively, and has allocated a budget of 30 million for TV advertising.