A digital boost for local industry

The Online Textile City, an online textile-trading platform located at www.qfc.cn, has been an enormous boon for the textile industry of Shaoxing county, Zhejiang province since it was formally introduced last year, local officials said.

The only online business-to-business platform for textile products in China has reported more than1 billion yuan ($159.5 million) worth of sales revenue to date.

The number of traders registered on the system has grown to 1.7 million, and its base of frequent customers includes more than 58,000 companies. The average number of daily visitors surpassed 2 million.

By combining traditional transaction models with e-commerce, the system will help boost the global trade of locally produced textile products and promote the upgrading of local industry, industry experts say.

"E-commerce has become a must for companies seeking better development in the future. We are confident that the online system will help us achieve bigger success. Our company has reported 100 million yuan worth of sales revenue from online trading to date this year, and we expect to have 200 million yuan for the whole year," said Wang Sanwu, general manager of Kewang Textile Co.

Kewang has hired 10 employees to focus on its online business.

To ensure all information provided online is correct and genuine, the system operators carefully verify what they receive from traders. Operators require all companies that wish to participate in the system to provide all certificates and licenses.

In addition, companies plan to implement a point system to that allows customers to rate traders' credibility. Companies will not be allowed to open businesses online if the points fall below the lowest requirements.

The operators believe the platform will create an environment of transparency and fairness that will benefit buyers and suppliers alike.

To make the experience more convenient for buyers, the online textile city is closely cooperating with banks and other financial institutions to facilitate payment and settlement. In April, the online transaction function was formally introduced.

The system can also be accessed through mobile phones.

Operators have already forged partnerships with globally renowned IT companies, including Microsoft and Google, to provide stronger technical support.

tangzhihao@chinadaily.com.cn

(China Daily 10/22/2012 page6)