The rapid fire of E-commerce has created a real competitive business situation in Beijing, where the repercussions reflect over one of the oldest electronic market “Buynow” enjoyed17 years of dominance.
However, the rise of e-commerce has soaked the market of retailers and makes them vulnerable to either wrap their businesses or switch their operations to other domain.
The inauguration of Buynow electronic market took place in 1998 in the district of Chaoyang, Beijing. As per Beijing Youth Daily, the market saw its entire vendors move out of the four-story venue in January.”
The market was duly certified by electronic chain named Buynow, though it is not engaged with Buynow organization from any aspect. The market has sighted number of businesses who grew and reached at their peak due to high demand of PCs in China.
There was a time when the market was supposed to jam-pack when the doors were open at early 9.am and it was hard to step ahead during weekends, as a result of booming demand in PC categories.
The sellers of PC have experienced a decade peak started from 1999 and 2009 in China, where the total sales of units were augmented from 1.6 million to 45 million.
However, the entry of e-commerce has transformed the shopping patterns of consumer at significant level, which is an ultimate reason causing serious damage to electronic markets.
The total shoppers of computer and related accessories dropped from 150k to rest between 30k and 40k in Zhongguancun district, which was previously regarded as the capital in terms of selling computer devices.
The businesses are rapidly winding up their operations or transforming their line of business in Zhongguancun district. The most common transformations usually turn into providing office spaces to tech-companies, reported by Sina web portal.
The governmental establishments are planning to convert the Zhongguancun district into incubator for attracting the new ventures and limitize the further development of such business related to food & beverages or which are retailing in nature.
There are number of services engaged in facilitating start-up business who are deeply interested of having strong presence into this area. Moreover, a reputable brand in venture capital, Innovation Works has also its presence in this district.
