Japan’s biggest business newspaper, the Nikkei, is reporting that around 100 Japanese companies are planning to participate in an online shopping mall to be set up on the Chinese web next month.
According to the Nikkei, major electronics retailer Yodobashi Camera, drugstore operator Matsumotokiyoshi, children’s clothing retailer Narumiya and mail order company Cecile are among the candidates.
Buy-J.com (inactive as of now) will be run by Japan’s Sumitomo Mitsui Card and China UnionPay. Chinese buyers will be able to pay through China UnionPay online settlement system. There are 1.8 billion China UnionPay cards circulating. China UnionPay is the only credit card company
SBI VeriTrans, which is an SBI holdings company and based out of Tokyo, will reportedly handle the website and customs procedures in China. Chinese buyers are expected to receive all goods ordered within two days via air mail delivery and distribution through China Post.
SBI VeriTrans Co. (3749) is to manage the Web site of the online mall and handle customs procedures on the Chinese side, with China Post delivering the goods in China. A specialized distribution center in Japan will enable the delivery of products by air to Chinese consumers as soon as two days after ordering.
The mall will be the biggest of its kind in China, with initially 20,000 different Japanese products listed. However, it’s also the first such attempt so that with $45 million USD, the sales target for the first year, can be called rather modest.
Via Nikkei (registration required, paid subscription)