A content-driven shopping guide platform that started as a personal blog and grew into China's largest consumer decision community, going public on the Shenzhen Stock Exchange in 2019.
The moment users discover your recommendations are driven by 'high commissions' rather than 'genuine value,' the entire platform's trust foundation collapses. SMZDM has maintained editorial firewalls and user rating mechanisms to preserve trust. The core of content + commerce is not traffic — it's trust.
Taobao/JD/Pinduoduo have at various times adjusted or even shut down third-party affiliate commission programs. Your entire business model is built on someone else's platform — this risk cannot be eliminated, only mitigated through multi-platform diversification.
Consumer reviews involve advertising law (mandatory ad labeling), pricing law (no false claims), e-commerce law, and multiple regulatory layers. Compliance costs are even higher for listed companies. An OPC entering this space must build compliance awareness from day one.
| Zhihu: Business Model Analysis of SMZDM | Blog | - |
