DUBLIN, Oct. 23, 2020 /PRNewsCentre/ — ResearchAndMarkets.com published a new article on the food retail industry "COVID-19 Lockdowns Led to a Huge Increase in Demand for Online Food Orders in China"
Alibaba Group has announced that it will spend $3.6 billion to take a controlling stake in Sun Art, one of China’s largest hypermarket chains. After the transaction is completed, Alibaba will own 72% of Sun Art. Alibaba first invested in Sun Art in 2017 as part of its “new retail† strategy which aimed to blur the lines between online and offline retail through measures like turning stores into pickup points for online orders, integrating supply chains and allowing shoppers to use the same digital payment methods on ecommerce platforms and in physical stores.
COVID-19 lockdowns led to a huge increase in demand for online food orders in China and even though lockdowns have been lifted many still prefer to buy their groceries online. Sun Art operates 481 hypermarkets and three mid-sized supermarkets throughout China. All of its physical retail locations in China are now integrated into Alibaba’s Taoxianda and Tmall Supermarket platforms and can provide one-hour and half-day on-demand delivery. Other companies taking a similar approach to integrating offline and online shopping include JD.Com Inc which operates the 7Fresh supermarket chain, Meituan Dianping and Tencent Holdings which has invested in Yonghui Superstores and delivery startup Missfresh.
To see the full article and a list of related reports on the market, visit "COVID-19 Lockdowns Led to a Huge Increase in Demand for Online Food Orders in China"
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SOURCE: Research and Markets