Online transaction festival for industrial products opens next week

An online transaction festival for industrial products is to open in Shanghai next Wednesday, which fuels industrial consumption, boosts business-to-business development and improves industry chain.

The festival, which will be held through July, will cover 10 million industrial SKUs (stock keeping unit) and generate transaction volume over 50 billion yuan (US$7.2 billion) in 2023, according to organizers.

The grand event is organized by the Shanghai Industrial Internet Co and guided by the Shanghai Commission of Economy and Informatization, while several city-level industrial associations covering e-commerce and logistics serve as co-organizers.

The festival was founded in 2020 to clear blocks in an industrial supply chain disrupted by the COVID-19 pandemic and promote integrated development of manufacturing and Internet.

In the recent years, Shanghai has held the festivals three times, creating combined transaction value of over 90 billion yuan and help over 10,000 firms to transfer business online or in cloud networks.

In 2023, the festival will have more than a dozen events and new issues, such as an e-commerce innovation list, a competition on industrial data innovation and a industry supply chain service platform, according to the organizers.

Several events will be held in neighboring cities like Suzhou, Huzhou and Hefei to boost business integration in the Yangtze River Delta region.

In the long term, Shanghai aims to become a global center for online transactions of industrial products and a highland of the online economy.