City food vendor's revenue to hit 20b yuan
Dingdong Maicai, a Shanghai-based online fresh food vendor, expects revenue to hit 20 billion yuan (US$2.86 billion) this year, thanks to surging demand, expansion in other cities and booming development of the digital economy.
The company, which was launched in 2017, says it can deliver online orders, including fresh fish and shrimp, within 29 minutes.
The firm's revenue was 5 billion yuan last year. In February, when the country was in lockdown due to COVID-19, its revenue hit 1.2 billion yuan.
Customers are currently making 5.8 orders a month on average and the company is confident about expanding its business nationwide, said Zhang Yi, its vice president.
Dingdong expanded in South China last year and it plans to operate in Beijing this year. It has 600 warehouse centers in about a dozen cities including Shanghai, Suzhou, Hangzhou and Shenzhen.
For Shanghai’s Double Five Shopping Festival, Dingdong offered coupons worth 200 million yuan.