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Agricultural Development Bank of China
Economy

Small businesses report revenue rebound after COVID-19 shock: Alipay report

June 04, 2020


Abstract : Small businesses in China recovering from the COVID-19 impact have seen revenue growth as the epidemic wanes.

BEIJING, June 3 (Xinhua) -- Small businesses in China recovering from the COVID-19 impact have seen revenue growth as the epidemic wanes.

By the end of May, over 12 million small shops and roadside stands nationwide saw a revenue gain from last year after taking a hit from the COVID-19 outbreak, according to a report from China's mobile payment giant Alipay.

Among them, stores that allow customers to use Alipay shopping vouchers reported robust performance, with business turnover surging 73.4 percent compared with the week before the vouchers were issued.

The report said, among the country's major cities, Guangzhou, Shanghai, Hangzhou, Chengdu and Shenzhen recorded the largest number of small businesses that reported revenue growth. In Wuhan, once hard-hit by the outbreak, 150,000 stores and roadside kiosks reported revenue gain in May after lockdown in the city was lifted in early April.

The epidemic has prompted a large number of traditional businesses to transform and tap into digital platforms, such as expanding take-out delivery businesses and supporting payment via vouchers, an Alipay source said. Enditem

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Keyword: Alipay small businesses

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