Market hub buzzes despite downturn

In June, 107,600 traders visited the market each day, a rise of 11.8 percent from May.

More than 130,000 newcomers visited the venue in June, most of them domestic buyers from Zhejiang and neighboring areas such as Shanghai, and provinces of Jiangsu, Fujian and Anhui.

Meanwhile, in one store at the market, a female anchor tried various types of jewelry and clothing while interacting with potential buyers in a livestreaming session. During the broadcast, the anchor sold 2,000 items of knitwear.

Such sessions are now commonplace in Yiwu.

Zhu Sufang, one of the first traders at the market to team up with network anchors, said livestreaming sales represent "win-win" cooperation.

Such a partnership has resulted in Zhu's jewelry business making a considerable profit, with 50 percent of its orders now placed through livestreaming. Despite COVID-19, in the first six months of this year, the number of her customers grew by 20 percent year-on-year.

Tapping new channels

Faced with the pandemic, companies and the authorities in Yiwu are striving to find new business paths and opportunities.

Tao Xiaoyan, an administrator with China Commodities City Group, said, "Not long ago, our traders, who were used to the offline wholesale business, refused to cooperate with anchors."

The pandemic prompted the traders to change their minds, and now more than 50 percent of them have benefited from livestreaming sales.

The Yiwu International Trade Market has shown exemplary innovation and vitality during the outbreak.

Responding to the resurgence of COVID-19 overseas, traders in Yiwu have stepped up efforts to expand their businesses globally by collaborating with cross-border e-commerce platforms such as Alibaba and Amazon.

On June 18, Zhejiang China Commodity City Group Co, which is based in Yiwu, and Alibaba Group set up a joint venture on the Electronic World Trade Platform to help more small-and medium-sized companies go global digitally.

The platform is a global e-commerce forum initiated by the private sector, with the participation of various stakeholders.

Local authorities are also playing a vital role in helping enterprises make full use of markets and resources at home and overseas.

For example, on July 1, the Department of Commerce in Zhejiang signed a cooperation memorandum with Amazon Global Selling.

The two sides will jointly promote the transformation and upgrading of traditional foreign trade enterprises in 10 cities in the province, helping them develop export, cross-border and e-commerce business through Amazon's overseas sites.

Wang Dong, general manager of Zhejiang China Commodities City Group Co, said: "The small-commodity market in Yiwu is an important link in the global daily consumer goods trade. Its prosperity is greatly significant in stabilizing foreign trade and boosting domestic demand."

The local government and import and export companies in Yiwu have taken a series of measures to stabilize supply chains during uncertain times.