Baozun Releases 2020 Chairman Letter
SHANGHAI, China, April 12, 2021 (GLOBE NEWSWIRE) --
Thank you for your continuing support and confidence in Baozun’s people and leadership.
Demonstrating resilience, flexibility and commitment
The Covid-19 pandemic made 2020 a year of challenge and uncertainty. However, we have been able to offer seamless and uninterrupted, quality services to our brand partners. I am deeply proud of the tenacity and flexibility our organization displayed during the pandemic.
In fact, the pandemic to some degree helped to shift consumer behavior from offline to online channels. Not only does China have the largest number of online e-commerce users in the world with over 750 million people shopping digitally, but online penetration is also deepening, to a record 24.9% in 2020, according to the National Bureau of Statistics of China. These figures reflect that online shopping has become deeply embedded in the daily life of Chinese consumers.
Rooted in our vision of “Technology empowers future success,” we were able to develop systematic, technology-driven business contingency plans as well as innovative tactical solutions to help our brand partners weather the impact of the pandemic, and seize the opportunities of the rapidly evolving e-commerce environment. We have seen our brand partners both achieve success and accelerate their digital transformation. As the leading service partner in brand e-commerce, we believe Baozun played an important role in advancing the market objectives of our brand partners during a complex period, and are ideally positioned to continue supporting them as China’s e-commerce market evolves.
2020: A year of high-quality growth
We prioritized a strategy of high-quality growth throughout 2020. During the year, we optimized our brand portfolio to allocate resources, identified new categories to promote topline growth, and improved operating efficiency by reengineering our processes and streamlining operations.
Digitalization and innovation will continue to play a vital part as we expand our competitive moat. In 2020, our dual focus on innovation and productization was the driver for seamless integration, digitalization and intelligence of our services. We were pleased to see significant progress in our Retail Operation Support System, or ROSS, automation application, in launching a rich portfolio of one-click toolkits, and its integration into consolidated operations, driving overall operational efficiency and optimizing business process reengineering.