India’s BuyMore signed agreement with HK company to boost sales
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Indian e-commerce aggregator BuyMore has partnered with retail consulting firm Hong Kong Circle Tech to assist Chinese retailers seeking to sell their products in India.
The deal will see Circle Tech’s Chinese retail clients listed on BuyMore’s 10 e-commerce websites, a move anticipated to significantly boost e-commerce trade in both countries.
The partners will initially introduce 450 Chinese brands and US$5 million worth of products to India, which replaced China as the most promising retail market in the world last year.
BuyMore’s MD & co-founder Sidharth said that more than 80 per cent of lifestyle and electronic products used today originate from China. “This shows that the market has a lucrative opportunity we can enact upon.”
CEO & co-founder Abhinandan 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.”
BuyMore will provide free warehousing, listings and cataloguing services to participating Chinese brands.
Questions & Answers
Q.What is the main objective of BuyMore's partnership with Hong Kong Circle Tech?
What is the main objective of BuyMore's partnership with Hong Kong Circle Tech?
The partnership aims to assist Chinese retailers in selling their products within India. This will involve listing Circle Tech's clients on BuyMore's e-commerce websites to boost trade between the two countries.
Q.Which specific product categories are expected to benefit most from this new deal?
Which specific product categories are expected to benefit most from this new deal?
The agreement is expected to significantly impact the lifestyle and electronic products market. BuyMore's MD highlighted that over 80 per cent of these goods used today already originate from China.
Q.How will BuyMore support the Chinese brands entering the Indian market?
How will BuyMore support the Chinese brands entering the Indian market?
BuyMore plans to offer free warehousing, product listings, and cataloguing services to the participating Chinese brands. Their AI technology will also help factories streamline production and reduce costs.
Q.What benefits do BuyMore expect Indian consumers to gain from this partnership?
What benefits do BuyMore expect Indian consumers to gain from this partnership?
Indian consumers are expected to benefit from lower prices and quality products due to reduced brand monopoly and production costs. BuyMore aims to cater to India's price-sensitive market.
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