PingPong Payments: Canton Fair Goes Live With a Difference as it Shifts the Future of Sourcing Online
With COVID-19 causing severe disruption to in-store sales, the e-commerce landscape is flourishing and looking at fast growth.
SAN MATEO, California, June 10, 2020 /PRNewswire/ -- This June, from the 15th to the 24th, China will be hosting its 127th Canton Fair, continuing from last year's success which recorded a turnover of $29.3 billion and welcomed 186,000 buyers looking to source the best products.
Since 1957, the fair has grown into a comprehensive international trade event, attracting thousands of buyers and suppliers to showcase their products and manufacturing capabilities, as well as build long-lasting relationships. This year, however, will see a new iteration - the very first online Canton Fair.
With COVID-19 causing severe disruption to in-store sales, the e-commerce landscape is flourishing and looking at fast growth. Sales from online marketplaces, such as those operated by Alibaba, Amazon, eBay and more, accounted for 58 per cent of global web sales in 2019[1]. This year, over 36 million Americans have lost their jobs due to COVID-19, whilst companies such as Shopify and Rakuten are seeing increased growth. Even Facebook is now creating online selling tools that leverage the 160 million businesses using its site to create online 'shops'[2] – it's clear that online marketplaces are the next stage in business development.
"The Canton Fair has always represented the opportunity for merchants to upgrade their supply chains," says Kenny Tsang, Managing Director of PingPong Payments. "Global buyers have supplier partners all over China, but it's often difficult to stay up-to-date on new product developments and capabilities. Canton offers buyers the chance to touch base with multiple suppliers, all in a single event, and compare products and technology. They make new connections, discover new suppliers, and are therefore able to optimize their supply chain to best suit their business needs."
"But it's not just about finding the right suppliers or sourcing the right products that professional sellers need to be concerned about," says Tsang. "It's everything that comes after. In a recessionary environment, where moving fast is key, sellers don't want to be spending valuable time on payment issues. The pandemic has pushed the online marketplace into the fast lane, and sellers are in need of both a payments system, the overseas market knowledge and business advice, that can help them break into new markets, at speed, at scale and with confidence. That's why PingPong developed PayAgo."
"Specifically designed with the sellers needs in mind, PayAgo provides a holistic approach to supplier payments – sellers can now pay multiple suppliers, in multiple currencies, from a single platform. When it comes to sourcing new suppliers, sellers can be confident in our vetting services and our commitment to keeping sellers compliant – all of which helps to eliminate risk when diversifying their supply chains. By putting systems in place like PayAgo, sellers know they're able to pay their suppliers on time and in the most convenient currency, leaving them free to focus on what makes their business great, and reach market goals."
Retailers, goods and service providers will need to source top-quality products at reasonable prices in order to sustain profits in the long-term. The Canton Fair provides the means for new and well-established buyers to achieve these outcomes, and create strong supplier networks that will help them realize commercial objectives.
"Those who are nervous about the new online format of the Canton Fair, can breathe easy," adds Tsang. "Yes, it's a new format, but this adaptation in light of the pandemic will actually prove beneficial to buyers and suppliers. Comparisons can be difficult and time consuming at the best of times, but with the new online features, such as live streaming and matching services – and with the confidence of a seamless payments platform backing their decisions – this process is even easier than before."
Notes to Editors
About PingPong Payments
PingPong Payments was founded in 2015 with the mission of delivering agile, customized technology to meet the needs of the fast growth ecommerce seller. In March 2019, the company reached 'unicorn' status and stands as the multidimensional partner of growth to hundreds of thousands of professional sellers. Today, that equates to 600,000 online sellers worldwide. PingPong Payments has processed more than $10 billion in cross-border payments for e-commerce merchants to-date, and transfers more than $100 million per day for international e-commerce sellers. As one of the largest providers on the Amazon marketplace, PingPong Payments continues to work with key investors such as Fidelity and global partners Citibank and J.P. Morgan, to help global merchants save on cross-border payments, VAT & supplier payments, and more.
[1] https://www.digitalcommerce360.com/article/infographic-top-online-marketplaces/
[2] https://tech.economictimes.indiatimes.com/news/internet/facebook-launches-shops-to-showcase-online-stores/75836116?redirect=1
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SOURCE PingPong Payments
