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Suning cements ties with vendors to beat rivals
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China's largest home appliance retailer, Suning Commerce Group, yesterday signed partnership deals with dozens of vendors as it shifts its focus to serving independent sellers and hopes to attain 1 trillion yuan (US$161.3 billion) in sales turnover by 2020.
"We hope to build Suning into an open platform that covers all categories and we want to attract as many vendors as possible," said Sun Weimin, vice chairman of Suning.
In June, Suning announced that it would carry out the same pricing policy for its online and offline stores to combat strong rivals like 360Buy and Taobao.
Suning could use its brick-and-mortar stores to promote vendors' products, something that Taobao and other online shopping sites couldn't offer, industry watchers pointed out.
According to Sun, external vendors' sales volume is expected to account for about 60 percent of its overall transaction size.
It will offer incentives such as free service fees and discounted commission rates for external vendors to catch up with the rivals.
Last month the company also filed to launch a private bank to offer financial products and solutions to customers, which could also bring value-added service income.
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