What Occurred: On November 21, Pinduoduo launched the “Italian National Pavilion” wine-focued livestreaming classes hosted in partnership with the Italian Overseas Commerce Fee (ITA). 420,000 Pinduoduo customers ensured the initiative was an ideal success. Over 20,000 wines and meals specialities had been offered throughout the occasion. Wine transactions, specifically, proved to be an infinite success: in keeping with Pandaily, gross sales of Italian wine elevated by 160 p.c throughout the occasion.
This deal preceded an identical partnership between Italy and Alibaba Group signed on November 23 wherein the latter will “construct a digital retailer for Italian merchandise.” The equally titled, “Made in Italy Pavilion,” will function a digital house for Italian exhibitors to showcase their merchandise.
Jing Take: Italy and China have an extended, collaborative historical past. “Italy and China share similarities in terms of culture, and wine and food are ways to share multiculturalism,” Gianpaolo Bruno, Chief Consultant of the ITA in Beijing defined. In March 2019, the nation was the primary developed financial system to hitch the Belt and Street Initiative (BRI), signaling an intention to deepen financial ties with China. Contemplating Italy’s items commerce deficit has been rising, valued at $20.9 billion in 2019, coupled with a continued lower in Italian exports which fell at 6.1 p.c in 2019, this new method to Beijing is hardly shocking. Italy wants China, and it understands {that a} huge market with 1.four billion customers represents a singular alternative.
President Xi Jinping’s newest name to Italy for mutually helpful cooperation in numerous areas has proven that each international locations are outfitted to prioritize and set up main commerce and funding applications. Pavilions that includes Italian items on Chinese language e-commerce platforms will promote commerce between the 2 nations whereas boosting gross sales and revenues for Italian firms. Furthermore, these initiatives will assist to safeguard Italian food-based SMEs in addition to financially perilled artisanal manufacturing strategies because of the COVID-19 pandemic. Regardless of the shortage of consensus between Brussels and Washington D.C. on China, different European international locations will possible decide to bilateral financial offers with Beijing sooner or later. Consequently, we must always count on further nation pavilions on Chinese language e-commerce platforms curated by nationwide commerce commissions.
The Jing Take experiences on a bit of the main information and presents our editorial workforce’s evaluation of the important thing implications for the posh business. Within the recurring column, we analyze the whole lot from product drops and mergers to heated debate sprouting on Chinese language social media.
