Markets must take fresh approach to survive

Domestic wholesale markets are being encouraged to adopt an "Internet Plus" approach to upgrade businesses and improve efficiency amid an industrial slowdown.

"Traditional wholesale markets are facing a great challenge as business began slowing down due to out-dated business models," said Jing Linbo, director of the Chinese Evaluation Center for Humanities and Social Sciences.

Jing's remarks came at an industrial forum in Guangzhou, capital of Guangdong province.

They should introduce more efficient models by adopting an online-to-offline platforms to increase business efficiency, Jing said.

Li Hua, president of Guangzhou-based Zhenhai Science and Technology Co, said an online platform would be helpful to promote growth.

"Traditional wholesale markets are challenged by the booming Internet industry as they are losing buyers and their businesses are slowing down," said Li.

Guangzhou has about 1,000 wholesale markets, with business ranging from garments, electronic products, toys, seafood and stationery to textiles.

Up to 80 percent of the markets reported a decline in business during in the first half of the year, according to Li.

Li's company has launched a comprehensive online platform, zhenhaipifa.com, believed to be the country's first e-commerce platform to promote wholesale market business and help traditional wholesale markets to upgrade business.

Traditional markets will make online deals while the traditional practical markets will be a place to exhibit products and become an after-sale service center, according to Li who said: "The online-to-offline model will also help reduce operational costs for traditional wholesale markets".

qiuquanlin@chinadaily.com.cn