Yihaodian.com, a Chinese business-to-consumer shopping website, has announced that it has reached a strategic cooperation agreement with Walmart Stores Inc. to jointly develop services for the Chinese retail market.
The cooperation is recognized as a new attempt for the e-commerce enterprise and the traditional retail giant to seek new breakthroughs in their respective field. The two parties said that the cooperation has important strategic meanings for their development.
Since its establishment in 2008, Yihaodian.com has been developing with a reported monthly growth of 28%. Depending on its innovative business model, strong financial support, powerful supply chain management, and effective distribution system, the website has survived the severe competition in the Chinese market. Yihaodian.com's chairman Yu Gang told local media that the company meets the trends of the market and the demands of customers by creating a better life for users. The website provides one-stop shopping for families and continues to improve the experience of customers.
Yu said that Yihaodian.com's concept is in line with the concept of Walmart, which is serving the customer. This is the foundation for the cooperation of the two companies. He believed that Walmart's global vision and outstanding supply chain will help Yihaodian.com gain advantages in the Chinese e-commerce industry. Meanwhile, its skill and experience in the retail sector will help Yihaodian.com better serve the Chinese customers.
In return, Walmart reportedly selected Yihaodian.com as its partner in the Chinese e-commerce market for its strong leadership, competitive distribution system, and excellent customer service and more important, for the same value concept.
Yihaodian.com provides over 70,000 kinds of products in ten major categories, including food, beauty care, cleaning, maternal products, electronics, household supplies, nutritional products, and gift cards.
Financial terms of this deal have not yet been disclosed.