Amway plans China expansion
Amway has said it will continue to tap the growing demand for health and wellness by Chinese consumers.
More product categories will supplement existing ones, which include food and nutritional supplements, skincare and beauty, personal care, home care and hygiene and home appliances.
China has been Amway's largest market for the past 16 years.
Amway has introduced new products since the CIIE last year. It now offers 10 nutritional supplements compared to only four in 2016. Combined sales of imports in the past four years totaled 3.22 billion yuan.
It also plans to invest US$200 million in China in the next five years to drive digital innovation and set up a digital innovation center.
With the "Health China" a national strategy, Amway sees great potential in the nutritional supplement market.
"We will be seeking cross-category new offerings in the future with a core focus on healthy lifestyle, and it's also exhilarating and encouraging news that Chinese government are encouraging overseas investors and Amway has already made "China First" a global strategy," Amway China president Yu Fang told an interview during the CIIE.
“We'll offer more tailor-made products and solution for local consumers as we noticed the trend that consumers are paying more attention to health and wellness and are showing greater interest in quality, traceability and the transparency of the products and we will continue our efforts In these areas," she added.
"Our biggest opportunity is the booming Chinese consumer market," explained Yu Fang.
"Moreover, Amway's "China First" strategy means we'll invest more resources and effort here, and at the same time we're also driving internal structural upgrade to fit latest market trends.”
“The successful hosting of the Expo has demonstrated the continued optimization of China’s business environment, allowing companies to see the broad prospects and unlimited potential of the Chinese market, and Amway continues to increase its investment in the Chinese market,” she added.
Thanks to China's leading position compared to the average level of other economies in the world in terms of mobile social e-commerce, mobile payment, and logistics infrastructure, Amway also expects that successful experience and best practices of the Chinese market would be brought to other parts of the world.
Yu Fang explained that it wants to enhance China's market position in three strategically important sectors, including digitalization, supply chain optimization and product research and development.
