The TMTPOST story reported the rising market of nearly expired food in China.
Data showed over 2.1 million people search for nearly expired food on Taobao each year. Potato chips, instant noodles and drinks are the most-sought products when they are close to 50%-80% percent of the expiration period.
It’s said that stores selling products nearing expiry have a gross margin of 50%, much higher than traditional supermarket.
A discount grocery developed by a Shanghai-based company, HotMaxx has raised found in several series and expanded its presence also Beijing’s crowded Wangjing area.
Alibaba also invested 110 million yuan in Haoshiqi.net that attracts customers willing to pay less for quality products. Lei Yong, founder of the start-up, said many consumers are white-collars and university students who don’t just buy for lower prices but out of great cost-effectiveness.