How is China organizing the Canton Fair online?

Work is getting online, yes this statement makes sense in the aftermath of the coronavirus pandemic but something strange is happening in China, China import and export fair i.e. the canton fair is getting online.

This year from 15th June 2020 to 24th June 2020, the 127th edition of China import and export fair which is also popularly known as Canton fair is getting online. This will be the first time in it's entire history of 63 years that it has to be organized virtually. Now, some say the fair should have been postponed or cancelled as the world has stopped travelling and assembling at public places. But China decided that they would go ahead with the fair in its virtual avatar this time around. 

This fair started in 1957 and hence grown into a comprehensive trade fair for buyers and exhibitors throughout the world. This has played a very important role in promoting China's exports throughout the world. Not only has it bridged the gap between the buyers and exhibitors but also helped form lasting business relationships.

This year coronavirus has played havoc with lives and businesses all over the world, this has caused the e-commerce sector to clock significant growth, since most parts of the world is under lockdown and people have no option but to shop online through e-commerce. Sales from online marketplaces have been increasing even before the pandemic hit us. In 2019, online marketplaces accounted for 58% of global web sales. This year it has just skyrocketed , even Facebook is creating online selling tools to leverage this boom.

Canton fair has always given buyers a lot of options, both to increase width & depth in their supply chain and get upgrades in existing product ranges. The costs are also really competitive at which the retailers and other service providers can make money. All this packaged into one is the selling USP of this fair. The fair caters to big and small retailers and traders alike, while giving exhibitors the platform to showcase their creation. It is a one stop shop for all kinds of sourcing needs.

This edition of "cloud canton fair" will cater to people at home and abroad and will try to live up to its expectations as earlier. This edition marks a major push towards going online and is seen as a step towards more innovation in global trade. China's recent development in new technology like high speed internet and big data etc, has given a fillip to online commerce as well as emerging trading models such as cross border e-commerce and live streaming fairs etc.

The exhibitors have been preparing for the live streaming sales pitch for some time to accelerate their digital presence in this fair. Some are displaying their collection while others are showcasing assembly lines etc. The fair includes 50 exhibition areas in 16 categories, attracting 25,000 domestic enterprises. Tencent is providing all the technical support for this cloud canton fair from registering the exhibitors and buyers to live streaming, online conferences, videos, voice, text, graphics and scheduling appointments in different time zones. All the exhibitors have been exempted from paying exhibition fess to promote this transition towards taking the fair online and bolstering its image.

This time around, China aims to to tap into trade opportunities in countries that are along the "Belt & Road" initiative project. They have stepped up invitations for firms in these countries. They will continue to encourage imports from these countries as a part of their strategic policy.

Conclusion:

China since economic liberalization has been a symbol of industrialization and trade promotion. With time it has tried to move towards big tech and high end manufacturing etc. The shifting of 127th Canton fair toward online cloud based platform is a step towards this direction of projecting a different China to the world. People used to say China has great hardware but poor software, this is a step towards showcasing their new avatar i.e. software that is second to none. We don't know if this virtual fair will succeed or not but it has certainly created a buzz and is helping in showcasing China as an innovation powerhouse.