The total number of registered members on retail giant Suning has exceeded 600 million. The company was founded in 1990 in Nanjing and is a new-generation B2C online shopping platform. In the first half of 2020, 46.83 million registered users joined Suning and the number of active users in June increased by 22.37% year-on-year.
Despite an increase in users, the company’s revenue decreased in the first half of 2020 by 13% to 118.42 billion RMB, and profit fell even steeper, by 108%.
Suning launched its “10 billion subsidy scheme” across all categories on the platform in September, entitling consumers to 10 billion RMB worth of discounts. The company plans to transition from being a retailer to a retail service provider in the next ten years.
Read about Suning’s partnership with Douyin