Investing.com -- Yunji (NASDAQ: YJ ), a major player in the e-commerce industry, reported a decrease in its revenue for the fourth quarter, which dropped 35% year-on-year to 97.1 million yuan from 149.1 million yuan.

The company also reported a decrease in its loss per share. It stood at 1.0 RMB cents, a reduction when compared to the loss per share of 3.0 RMB cents reported in the same period the previous year.

The decline in sales is attributed to soft consumer confidence and the company’s ongoing strategy to refine its product selection across all categories.

The optimization of suppliers and merchants selection also had a near-term impact on sales.

While the company is refining its product selection, it is also working on optimizing its selection of suppliers and merchants.

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