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Suning Yigou aims for 10-fold online retail rise by 2020
By Ding Yining |
July 5, 2012, Thursday
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Online Edition
Online Edition
SUNING Yigou, the online arm of the country's largest home appliances retailer, today signed a contract with more than 1,000 suppliers to increase its product inventory as it strives for a bigger share in the online retail sector.
Yigou said it expects its online sales to grow 10 times to 300 billion yuan (US$47.6 billion) by 2020. Its online retail revenue is estimated at about 30 billion yuan this year.
Yigou will allow its suppliers, including dealers of apparels, books and other consumer goods, to open stores on Suning.com and use Yigou's existing delivery and payment systems to save costs.
Li Bin, executive vice president of Yigou, said Yigou will establish 60 regional logistics centers by 2015 to let online shoppers receive their goods faster.
Yigou is a crucial platform for Suning to increase product categories beyond home appliances and electronics, said Suning vice chairman Sun Weimin.
Suning currently has around 1,800 physical stores in the country and the number of offline pickup points will double by 2020, Li said.
Yigou said it expects its online sales to grow 10 times to 300 billion yuan (US$47.6 billion) by 2020. Its online retail revenue is estimated at about 30 billion yuan this year.
Yigou will allow its suppliers, including dealers of apparels, books and other consumer goods, to open stores on Suning.com and use Yigou's existing delivery and payment systems to save costs.
Li Bin, executive vice president of Yigou, said Yigou will establish 60 regional logistics centers by 2015 to let online shoppers receive their goods faster.
Yigou is a crucial platform for Suning to increase product categories beyond home appliances and electronics, said Suning vice chairman Sun Weimin.
Suning currently has around 1,800 physical stores in the country and the number of offline pickup points will double by 2020, Li said.
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