BOAO, China, April 10, 2018 -- Suning, the leading omni-channel smart retailer in China, has revealed how smart retail will reshape future business development at the 2018 Boao Forum for Asia (BFA). The owner of Suning.com, a Fortune Global 500 company, unveiled its report in a panel session called "Intelligent Industries Serving for Better Life" where a new White Paper of Smart Retail in 2018 was also launched on April 9th.
Taking place by 8-11 April in Boao, a town in south China's Hainan Province, this year's annual BFA conference is themed "An Open and Innovative Asia for a World of Greater Prosperity". Dedicated to China's 40 years of reform and opening up, the key words of the conference are highlighted as "reform", "opening-up" and "innovation". When it comes to business, today's tech-driven transformation has already made these the biggest emerging trends of the retail industry.
Speaking at the event, Mr Sun Weimin, Vice President of Suning.com, said: "The advent of smart retail is about the datamation of all the retail factors including products, logistics, check-out process, and achieving more intelligent sourcing, selling and services, seeing applied technology innovations including omni-channels, internet-of-things (IOT), big data analysis, artificial intelligence (AI), augmented reality (AR) and virtual reality (VR) becoming ubiquitous. The linear model of make-sell-consume will be superseded by one of experience-buy-make. The core purpose is to continuously provide better products and services to boost consumer satisfaction and industry benefits, creating better life experiences for people in the context of consumption advancement."
The White Paper "2018 Better Life - Smart Retail" launched at the event features research into the smart retail practices of the industry's biggest players including Suning, Alibaba and JD. The study shares an analysis of future trends, forecasts, opportunities and challenges for the industry, demonstrating a smart retail ecosystem in China for consumers, enterprises, experts and professionals. The White Paper notes that consumers' increasing pursuit of better lives and quality shopping experiences will be the impetus for further development in smart retail, while tech innovations and the capability to integrate all consumption factors and scenarios is critical.
‘Ji Wu’, Suning’s newly opened physical store features comprehensive consumption experience and ultimate beauty of life has been embraced by the market. “It is a good showcase of how to operate nowadays’ offline retail business in a competitive e-commerce inspired scenario,” according to the paper
As a forward thinking O2O retail company with over 27 years' experience and 600 million registered customers across diversified industries, Suning has taken its own advantages to meet new opportunities of the revolution. Based on the strategy of developing smart retail, Suning brings a number of innovative business practices to meet consumers' advanced demands. These include Suning Cloud Store, Suning.com Direct-sales Store, Suning unmanned Biu store, Suning Ji Wu and SuFresh. Suning's strategy will also provide a smart solution to ushering in a 3D-printing era of the retail industry and drive the efficient development of business. An anticipated 15,000 Internet-connected stores will be opened by Suning within the next three years and the company plans to achieve a total of 20,000 in operation by 2020.