Tencent’s approach to smart retail as an enabler
Oct 1, 2019
China’s tech giants are moving rapidly to take advantage of opportunities created by the evolving e-commerce sector. No matter whether they call it new retail, smart retail, or boundless retail, the underlying driver is the same—the merging of online and offline commerce via new technologies.
Tencent is a major advocate of the trend. They first ventured into the realm of retail in late 2017, then set up the dedicated Tencent Smart Retail unit in March of last year to lead the company’s charge and focus resources.
After a year and a half of development, Tencent Smart Retail now offers services to around 100 clients spanning department stores and supermarket chains, as well as partners selling apparel, cosmetics, mom-and-baby products, and commercial property. In all, the services have contributed to sales growth of up to 10%, Tencent Smart Retail director Houfer Chen told TechNod