Fortune backs Huimin’s B2C-B2B switch
Huimin started out in 2012 as an online B2C platform, enabling Chinese consumers to order daily household items from small-scale supermarkets in their neighborhood. The supermarkets took care of the delivery and Huimin got a commission on each transaction. However, after two years the company was still burning cash and generating zero profit.
"They spent a lot on promotion," says Shixiang He, an investment manager at Shenzhen-based Fortune Capital. "Also, when customers ordered products online, Huimin didn't know whether the supermarkets had...
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