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November 25, 2016

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Retailers must shift to tap online buying

RETAILERS need to adapt to new scenarios as consumers go online to buy fast moving consumer goods, a report said yesterday.

Online sales in China continue their decade-long success with consumers embracing online shopping even more fervently than before, Bain & Co and Kantar Worldpanel said in their fifth annual China shopper report.

“China’s massive explosion of online sales growth is being fueled by increasing diversification in the online purchasing categories as well as a boost in imported products, and consumers seeking online promotions,” said Jason Yu, general manger of Kantar Worldpanel China.

The size of online FMCG spending in China jumped 36.5 percent in 2015, with growth in volume compensating for a decline in average selling price.

“To survive and prosper, both online and offline channels need to begin the process of adapting to this new reality, which requires the transformation of their business models to remain competitive,” said Bruno Lannes, partner in Bain China’s Consumer Products Practice.

He said transforming “would have to include online-to-offline services either through their own efforts or partnership.”

Convenience stores and smaller retail shops gave the most to the sales growth of FMCG by adding 13 percent in 2015.


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