Yifubao Recharges Exceed RMB 500 Mln in Singles Day Promotion

TechWeb, 11/13/12

During Chinese consumer electronics and home appliance retailer Suning's (002024.SZ) Suning.com B2C platform's November 11 "Singles' Day" promotion, its third-party payment platform, Yifubao, processed more than RMB 500 mln in balance recharges from customers, Suning.com announced today. The company also announced plans to invest RMB 15 bln in warehouse and logistics development.

Suning's plans call for Yifubao to play a key role in the Suning.com e-commerce platform. Yifubao will begin offering service to merchants on Suning's open platform in the future, and will gradually introduce additional value-added services. Suning.com said that Yifubao would expand beyond e-commerce to provide a channel between online and offline sales at parent company Suning's retail stores.

Keywords: e-commerce B2C Suning third-party payment 002024.SZ logistics Yifubao Singles Day Suning Yigou

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