BUSINESS World's largest small commodity hub goes digital


World's largest small commodity hub goes digital


10:29, October 22, 2020

A worker unloads two containers of red wine imported from Europe at the Yiwu Bonded Logistics Center in Yiwu City, east China's Zhejiang Province, Dec. 20, 2019. (Photo: Xinhua)

Yiwu China Commodities City, the world's largest small commodity market, launched an online platform on Wednesday, a key step toward digital transformation.

The website relies on resources of 75,000 physical stores in the Yiwu market and serves 2 million micro, small and medium-sized enterprises in the upstream industrial chain.

The platform has attracted more than 50,000 market entities and over 500,000 registered buyers since it was launched for testing in April.

"The platform digitalized the trading activities of the Yiwu market," said Zhao Wenge, board chairman of Zhejiang China Commodities City Group Co., Ltd., adding that it integrates multiple functions including online display and transactions, intelligent warehousing and logistics, convenient customs clearance and global supply chain services.

Yiwu, a city dubbed the "World's Supermarket" in east China's Zhejiang Province, is home to over 2 million micro, small and medium-sized firms, and sells commodities to about 200 countries and regions every year. It has been seeking new opportunities through digital transformation amid the COVID-19 pandemic.

In the January-September period, Yiwu saw its exports grow 5.1 percent year on year, while the city handled 4.73 billion consignments of parcels, ranking second nationwide.

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