May 7, 2020
On April 22nd, the 22nd Jinjiang Footwear & The 5th Sports Industry International Exposition, China (JIF) drew to a successful close. The JIF, which took an online format for the first time, with 1688.com, an e-commerce platform under Alibaba（NYSE:BABA）, as the main venue, attracted about 3,000 enterprises from countries along the Belt and Road including Russia and Singapore. During the JIF, the volume of online sales reached as high as 1 billion RMB, and the number of online brand impressions exceeded 400 million. On the first day alone, more than 40,000 people watched the online opening ceremony.
At the JIF, 1688.com, the wholesale commercial platform that hosts the largest number of China’s medium-sized and small enterprises, fully illustrated the meaning of “new wholesaling”. Benefiting from its experience and market insights gained as a long-term leader in the online wholesales market, 1688.com has devised a series of digital transformative strategies and long-term improvements that are targeted at each link of wholesaling, including five major elements: Original Manufacturer, Distributing Tools, Financial Services, e-commerce livestreaming, and Post-sale Promises.
Benefiting from 1688’s experience with digitalization gained from its long-term collaboration with major manufacturers and industries, the digitalized Super Origins working with 1688 all play crucial roles in the supply chains across the world. As a consequence, they pledge to have a steady supply of products of the finest quality from original manufacturers for online “new wholesaling”. 1688 also utilizes diversified distributing tools to accelerate online transactions and to increase the turnover rate of inventory for its users. In addition, 1688 provides for enterprises services such as credit guarantees, quick payment, and interest-free loans, in order to alleviate financial pressure on enterprises and accelerate the turnover rate of capital. Besides, 1688 has also created a digitalized purchase experience center that is tailored to the needs of online wholesaling, enabling buyers to communicate with sellers face-to-face and make choices leisurely on live-streaming channels and thus offering authentic and immersive experiences. Last but not least, the post-sale promises by 1688 include quality guarantee, guaranteed shipment time, guarantee of refund/replacement within the time limit, etc., so as to give buyers risk-free experiences.
The successful hosting of the first online JIF is a remarkable case of how the “new wholesaling” scheme of 1688.com helps traditional industries to achieve digital transformations. In this special period when there are increasing uncertainties in the future prospects of the global economy, it is also a piece of collective memory that observes, participates in, and even changes the industrial outlook in the post-pandemic era.