India’s BuyMore signed agreement with HK company to boost sales
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.