Another e-commerce platform crashed, and customers cried, "I lost all the down payment I left for my child

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The first B2B e-commerce platform for refined oil products in China, "FindYou.com," is facing a huge crisis.

Founder Lv Jian was born in the county seat of Anhui, but his oil relationship began in Shanghai. After working at PetroChina, his oil journey began. In 2003, he bid farewell to PetroChina and began to venture into the oil business, then tried his career in a comic book company. However, it wasn't until 2014 that the rise of the internet sparked his entrepreneurial enthusiasm, and he came into contact with the search for steel, which gave him new ideas about the oil industry.

So, in June 2015, FindYou.com was born, aiming to create a comprehensive e-commerce service platform for the entire petroleum industry chain through the Internet, cooperate with gas stations and logistics companies, provide supply chain and IT services, and improve the circulation efficiency of the petroleum industry. At first, the company used diesel as its entry point and gradually expanded to include petrochemicals such as kerosene, gasoline, and fuel. At the same time, it provided diversion for gas stations and reduced the management costs of logistics companies.

The goal of FindYou.com is to simplify the transaction chain, optimize information flow, and provide better services. This new internet model attracted attention and capital investment from both inside and outside the industry at that time, and the company entered an upward period.

However, investment in the internet industry continues to increase, and companies are thriving. In 2016, Xunyou Network comprehensively upgraded its services and began selling to downstream customers. In the fourth quarter of 2016, Xunyou.com achieved comprehensive profitability, and in 2017, its total transaction volume exceeded 500 million yuan, with a total business revenue exceeding 5 billion yuan.

The company has gradually launched business products such as Find Oil Mall, Lao Lv Gas, Find Oil Logistics, Find Oil Finance, and has also increased its investment layout in the oil industry chain. However, even if the company encounters a wave of financing, capital still stops investing after the C-round financing.

The pause in investment became the beginning of the company's nightmare. The company still strives to persist, but capital is no longer injected, and the company has entered a period of stagnation.

The failure of FindYou.com indicates that not all industries are suitable for B2B mode. The unique nature of the petroleum industry, complex pipeline systems, and dispersed market share make it difficult for the B2B model to sustain its development.

In addition, CEOs must have an understanding of the internet and in-depth industry, but it is difficult to have both, which is a huge challenge for companies in traditional industries and the internet. The crisis of finding oil networks is clearly due to taking the wrong direction.

At the beginning of 2021, the company raised 20 million yuan, but in June, the crisis broke out, and a series of issues such as salary arrears, layoffs, and suspension of social security payments surfaced. Small traders were also affected, and the payment for the goods turned into nothing. Many merchants attempted to recover the payment, and the company fell into an irreparable predicament.

The crisis of finding oil websites is a wake-up call for the industrial internet industry, reminding us that not every industry is suitable for the B2B model, especially in complex industries such as oil. This crisis should be a profound reflection on the entire internet industry. Finding oil websites may find a way out, but in any case, this story has become a lesson for the industry.

Author | Hua Ge

The crisis of finding oil websites is a case worth exploring in depth. It reveals the applicability and challenges of the B2B model in different industries. The special nature and market pattern of the oil industry have made oil search websites face enormous resistance when attempting to change traditional business models.

Firstly, the supply chain of the petroleum industry is quite complex, involving multiple links, including oil extraction, storage and transportation, processing, and sales. Moreover, there are powerful giants in the industry, such as Sinopec, PetroChina, CNOOC, etc., which have their own marketing and sales networks. This makes it difficult for new entrants to find a foothold like finding an oil net.

Secondly, the quality and supply of oil are highly regulated and standardized. Petroleum products must meet a series of strict quality standards, and the supply must be stable and reliable. This requires a high level of transparency and traceability in the supply chain, which is a challenge for the B2B model.

Furthermore, customer loyalty and trust are particularly important in the oil industry. Customers often establish long-term cooperative relationships based on trust and stable supply. For new entrants, winning the trust of customers is a challenging task, especially in a market with fierce price competition.

The failure of finding oil websites also reminds us that the B2B model is not a one-time solution. When choosing the B2B model, enterprises need to have a deep understanding of the characteristics of the target industry, find suitable entry points, and establish strong cooperative relationships. In addition, the reform of traditional industries requires more time and resources, and enterprises must have sufficient patience and long-term vision.

Despite the enormous challenges and failures experienced by the oil search website, its story also provides valuable lessons learned. This story tells us that in innovation and reform, it is necessary to have sufficient preparation and understanding of the target market to ensure maximum opportunities for success. At the same time, one must also have the courage to face failure, learn from it, and seek new opportunities and directions. Although the story of Finding Youwang ended in failure, it can also inspire more entrepreneurs and innovators to continue exploring unknown fields and finding the next successful business model.

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