Yintai Invest 100 Million Yuan in E-Commerce

As a traditional retail group, Yintai Department Store is to invest 100 million yuan to builid an e-commerce portal Yintai Online this year.

Yintai Group set up its subsidiary Yintai E-Commerce Co., Ltd. this Feb. in Beijing and the portal Yintai Online is expected to launch in October. Yintai has invested about 100 million yuan for the staff recruit, storage and logistics.

Although it is a part of this group, Yintai Online will be an independent unit to run. It has built a 20,000-square-meters storeroom in Zhejiang.

The quick development of e-commerce spurred the change of traditional business. The old department store had to find new sales channel. Accoriding to latest survey, the market scale of online shopping will be 386.9 billion yuan, 576 billion yuan and 791 billion yuan from 2010 to 2012, and accounting for the total consumer sales at 2.78%, 3.64% and 4.4% respectively.