(Yicai Global) April 24 -- Sim Ann, a senior Singaporean minister for trade and industry, has arrived in China to lead a delegation of retail companies looking to experience innovation in the Chinese retail sector.
Sim visited a Hema Fresh supermarket, run by China’s largest e-commerce firm Alibaba Group Holding Ltd. in Shanghai’s Changning district yesterday, Singaporean newspaper Lianhe Zaobao reported. She hopes to learn more about New Retail and how companies use big data to analyze customer needs.
The amalgamation of brick-and-mortar stores and the online economy has become a raging trend in China, where residents are widely open to new technologies. Jack Ma, founder and executive chairman of Alibaba, pioneered the concept in 2016, dubbing it New Retail and describing it as ““the integration of online, offline, logistics and data across a single value chain.”
Sim’s itinerary, organized by Enterprise Singapore, a board under the Ministry of Trade and Industry, also includes a trip to the Starbucks Reserve Roastery and Raffles City Shopping Center, which opened in the middle of last year.
She will then travel to Alibaba’s hometown Hangzhou, visiting the company’s headquarters and examining storage facilities owned by logistics firm Forchn Holdings Group Co. Sim will also meet with Yuan Jiajun, governor of Zhejiang province, where Hangzhou is located, to reinforce ties between Singapore and the eastern Chinese region.
On April 26, Sim will co-chair the 13th Singapore-Zhejiang Economic and Trade Council meeting with the province’s Vice Governor Zhu Congjiu in Zhoushan city. The last assembly was held in Singapore in December.
Editor: James Boynton