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China’s retailer Suning.com to become retail service provider in coming decade

Abstract : Chinese retail giant Suning.com aims to become a retail service provider for small and medium retailers in the coming decade, with more favorable measures to be rolled out, according to Gu Wei, vice president of the company at the 30th anniversary celebration conference on Monday.

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People shops at unmanned shelves in Nanjing, capital of east China’s Jiangsu Province, Jan. 10, 2018. Some unmanned shelves were set up by China’s e-commerce platform Suning Appliance in Nanjing recently, in which payments can be made through QR codes. (Xinhua/Li Yuze)

BEIJING, July 27 (Xinhua) — Chinese retail giant Suning.com aims to become a retail service provider for small and medium retailersin the coming decade, with more favorable measures to be rolled out, according to Gu Wei, vice president of the company at the 30th anniversary celebration conference on Monday.

Suning.com will reduce and exempt logistics warehouse storage fees on the premise of meeting the turnover efficiency in the following three years, and provide subsidized financing services for the small, medium and micro businesses, said Gu.

As of now, Suning Logistics, the logistics arm of Suning.com, has covered 95 percent areas of the country and will further consolidate the logistics infrastructure in the future.

At the conference, Gu said that in 2025, Suning.com will complete a 20 million square meter warehousing infrastructure layout in the domestic core economic zones.

Since its establishment, Suning Finance has granted more than 550 billion yuan in supply chain finance and consumer finance. In the following three years, it will grant an additional 300 billion yuan to partners and provide 50 billion yuan of subsidized financing for small, medium and micro businesses, according to Gu. (Edited by Hu Pingchao with Xinhua Silk Road, hupingchao@xinhua.org)

About Xinhua Silk Road

Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal.China’s silk road economic belt and the 21st century maritime silk road website,includes BRI Policy,BRI Trade,BRI Investment,Belt and Road weekly,Know Belt and Road,and the integrated information services for the Belt and Road Initiative (BRI).

Source: China’s retailer Suning.com to become retail service provider in coming decade

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