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Four characteristics of China’s retail industry development in the first half year

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Linkage News: on 3rd, July, “Linkage Network” was informed from the Ministry of Commerce website that the Ministry of Commerce Department of circulation industry development department introduced the relevant situation about China retail development in the first half of 2017.Since the beginning of this year, China economy has been stable, and the income of residents has been steadily increasing. All localities have actively implemented the Opinions of the General Office of the State Council on Promoting the Innovation and Transformation of Entity Retail. The development of retail industry has achieved good momentum, accelerated sales growth, improved business efficiency, The innovation and transformation of enterprises continued.

 

The person in charge pointed out that the first half of 2017 China retail industry presents four characteristics:

 

First, industry sales growth speed. 2300 typical retail sales rose 4.1% year on year growth rate, speeding up 3.3 percentage points over the same period last year. Among them, the second quarter sales rose 4.7%,speeding up 1.2 percentage points.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

Second, corporate profitability increased. Retail business operating profit and profit increased by 7.6% and 6.6% respectively, increasing by 7.8 and 14.3 percentage points compared with the same period last year, recovery trend highlights. Main business income growth rate is 2.1 percentage points higher than the cost, respectively, 5.3% and 3.2%, cost reduction achieved some success.

 

Third, the physical format generally improved. exclusive shop, specialty stores, markets, supermarkets and department stores increased by 8.8%, 5.7%, 3.6%, 3.4% and 1.2% respectively. The growth rate was 9.0, 5.1, 2.7, 2.6 and 1.1 percentage points respectively. Convenience store growth slowed 0.9 percentage points year on year, but still reached 7.2%.

 

Fourth, the intention to shop of companies enhances. Retail enterprises develop shop plan actively, taking into account the transformation of the old shop, vigorously promote the “physical + Internet” integration development model. Suning Yun business plans to open 1,000 outlets and 100 cloud shops, Jiajiayue plans to open 73 new stores, transform 116 stores.

 

The person in charge said that the first half of 2017 China retail business innovation and transformation should be mainly focused on three aspects:

 

First, the depth of online and offline integration has come into the normal state. Physical retail and network operators gradually from the independent, confrontation to the integration of cooperation, complementary advantages, to achieve win-win development direction. Such as Alibaba, Jingdong, etc. through the traditional shares of retail enterprises, to build offline physical store and other forms of integration development.

 

Second, multi-format cross-border development has come into the mainstream. Retail enterprises transform towards multi-format, multi-domain aggregation, synergistic type around the diversified, personalized consumer demand. Such as DSG, Yonghui etc. They actively try to diversify on the basis of diversification involved in catering, entertainment and other life service formats, they actively adapt to consumer demand, improve business matching.

 

Third, information technology driven dominated. Large data, Internet of Things, face recognition, mobile payment and other information technology has become increasingly mature, providing technical support for enterprise innovation and upgrading. Such as Wu-mart “free purchase”, high intelligent unmanned convenience stores and other emerging technology applications, more and more enterprises try to use large data technology to portrait the user’s consumption habits, demand-oriented, to achieve accurate marketing.

 

  • The official said that with the supply-side structural reform and gradual recovery of the global economy,the macroeconomic environment of the retail industry will continue to sound good. Under the guidance of the new consumer demand, Retail enterprises actively promote new technologies, explore new models, adapt the development of diversification, the whole channel management, reduce costs further, improve efficiency,  better service, continue to deepen innovation and transformation.

Post time: Jul-11-2017

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