Suning rolls out new strategy to support small businesses
Suning has announced a 10-year strategy to upgrade and serve more merchants and brand owners with new investment initiatives in logistics and financial services for small businesses.
It will establish 20 million square meters of warehouse space and infrastructure in the next five years as delivery capabilities have become essential in the shift toward digital services.
Vice President Gu Wei of Suning.com pledges to further enhance support for merchants and enterprise customers. It aims to evolve business based on customer demand and operation efficiency in the next 10 years.
"We will focus on helping small businesses thrive and get closer to consumers. We hope to empower them by beefing up capabilities in supply chain and technology," he added.
Suning will work with financial institutions to offer 300 billion yuan (US$42.2 billion) of new loans in the next three years, with 50 billion yuan worth of interest subsidies for small and micro businesses.
Integrating different modes of consumption has been Suning's key strategy following its 4.8-billion-yuan cash acquisition of an 80 percent stake in Carrefour China last year. The company considers technology and financial infrastructure to be crucial for retailers.
It has also been adding new retail formats such as community stores and delivery services to complement sales at physical shops.
On August 18 it will also stage a show with Dragon TV featuring celebrity livestreaming as part of its annual sales event.
