BuyMore, a brand of Counfreedise Retail Services Ltd, India’s leading e-commerce aggregator for the online retail sector in India has tied up with Hong Kong Circle Tech, China’s leading retail consulting firm, in order to pave the way for Chinese retailers’ entry into the Indian market. This association is a stepping stone in providing quantum growth to the e-commerce retail sector in India as well as China.
After a prolonged period of falling exports, Chinese industry is facing extreme pressure as they are struggling to find base in their home markets. Hong Kong Holdings has associated with BuyMore to get their retail clients from China listed on BuyMore’s base of 10 eCommerce websites including Flipkart, Amazon and Myntra catering to Indian market. Chinese enterprises will be able to build their brands by bringing products directly to the consumers with the help of BuyMore and sell products that qualify in terms of quality and price.
In the first wave, the two companies plan to bring in over 450 Chinese brands to India. BuyMore plans to invest more than 1.5 million dollars on duties and taxes for import of these goods over the next few months. The goods being sent are valued at over 5 million dollars and range from mobile phones, accessories, electronic accessories, apparel’s, watches, sunglasses and many more.
As India replaced China as the most promising retail market in the world last year; BuyMore is leveraging this opportunity to let various international brands access entry into India as a global retail market, through them. In addition to other services, BuyMore is also developing the Chinese variation of the BuyMore Seller App and ERP in order to help Chinese factories use BuyMore technology and analytics to understand, manufacture, advertise, ship and slate prices in the country.
Commenting on this association, Sidharth, MD and Co-Founder, BuyMore, said, “Over 80 percent of lifestyle and electronic products used today originate from China. This shows that the market has a lucrative opportunity we can enact upon. This association will help bring in these products at the right price to the consumer and provide better quality as well as provide warranty on their behalf.”
Vivian Chen, CEO, Hong Kong Tech Circle said, “This is just the beginning. Our association with BuyMore can mean much more than this in the future. We are amazed by the kind of service and state of the art technology which BuyMore provides and are hoping to have great sales through them in India as well as in other International markets.”
Speaking about this association Abhinandan, CEO & Co-Founder, BuyMore, said, “We are hoping to reduce brand monopoly that currently exists in the Indian market. With our leading AI technology we will help Chinese factories streamline their production and cut production costs so that the Indian consumers can benefit from the cost cutting. India is price sensitive and we aim to give quality products at great rates by bringing in Chinese brands.”
Subramanya, CFO & Director, BuyMore said, “From a financial stand point, this business partnership is sure to mark one of the most unique partnerships in terms of mode of investment and valuation of technology in the country today.”
To make retailers’ jobs easier, BuyMore has already doubled its warehouse facilities in Delhi and Bangalore as it plans to give free warehousing services to these brands in the initial stages of brand building. It would also be providing free listing and cataloguing services to these brands.