City to promote online trading of industrial products

Shanghai aims to focus on business-to-business online trading as the city prepares to host the second industrial products online trading festival from April 28 to June 30.

This year’s  festival  stresses the digital transformation of industrial transactions and will pilot the use of e-yuan in online trading for industrial products. It is part of Shanghai’s efforts to promote the city’s digital transformation. 

The festival, guided by the Shanghai Commission of Economy and Informatization, is co-organized by Shanghai Industrial Internet Co Ltd and Lingang Group.

“The festival will enhance Shanghai’s advantage in digitalization and further unleash consumption potential,” said He Wei, an official with the commission.

The opening ceremony of the festival will begin at 2:30pm on April 28 and follows a summit forum themed on the industrial Internet promoting digital transformation. During the summit, professionals in industrial internet will share their digitalization experience and discuss how to innovate in digital transformation.

“Unlike last year’s priority to mend the industrial supply chain and expand industrial consumption impacted by the pandemic, this festival will focus on how to enable the industrial sector to trade online,” said an official with the Shanghai Electronic Commerce Association.

“Compared with business to consumer (B2C) online trading, like buying  cloth, B2B online trading is more complex, for example it has a much longer business transaction circle. The complexity mainly lies within the company due to the lack of digitalization of internal process.

“We hope to enable enterprises to move their whole chain business transaction online gradually after this festival."

To serve this aim, the organizer will showcase more than 20 application cases of digitalized trading of industrial products.