Chinese online grocery-delivery platform, Missfresh, is to expand its Intelligent Fresh Market business to 20 cities across the country in partnership with Nanchang’s Wangjia Market Management.
Missfresh said the partnership will enable it to grow into a mature business unit and further diversify its position in China’s US$1.9 trillion neighbourhood retail market. Intelligent Fresh Markets will be rolled out by the two companies in Yingtan and Shangrao, two cities in China’s Jiangxi province to transform traditional fresh markets into digital-focused models.
Missfresh reconstructs and optimises the layout of traditional fresh markets, providing merchants with SaaS tools that help them with online payment, marketing, CRM, and omnichannel support. Launched in the latter half of last year, Missfresh’s Intelligent Fresh Market is available across several cities, including Qingdao, Changshu, Huangshan, Hefei and Yunfu.
According to Iresearch, the overall penetration rate of Intelligent Fresh Markets in China will rapidly grow from 0.4 per cent last year to 14.6 per cent by 2025, while the scale of these markets will skyrocket from US$2.166 billion (RMB13.8 billion) to US$94.2 billion (RMB600.4 billion) over the same period.
President, founder and CEO of Missfresh, Xu Zheng, said the Intelligent Fresh Market business will become a mainstream consumption channel among consumers in China’s third and fourth-tier or small- and medium-sized cities.