BEIJING, July 2 (Xinhua) -- China's enterprise digital procurement is likely to see market size hit one trillion yuan in 2020, according to a report released on Wednesday by CCID Consulting and China International Electronic Commerce Center (CIECC).
As the country is promoting major new infrastructure projects and companies are transforming their operation modes, enterprise digital procurement would continue to grow and fuel industrial digitalization in the country.
Affected by the COVID-19 pandemic, enterprises in all walks of life have begun to reflect on and adjust the anti-risk capabilities of supply chains. Since digital supply chain system driven by digital procurement is more efficient, more diversified and more resilient, upstream enterprises turn to seek the digital transformation of the whole industrial chain ranging from R&D, design, production, sales, procurement, distribution and logistics, said Li Mingtao, president of CIECC.
The report predicted that digital procurement, centered around digital transaction, would become the mainstream purchasing mode of industrial products.
In 2019, the size of China's enterprise digital procurement market reached 590 billion yuan, surging 64 percent year on year. Specifically, enterprises' digital procurement of consumer general-purpose products, totaling more than 220 billion yuan, accounted for 40 percent in the overall digital procurement. (Edited by Su Dan with Xinhua Silk Road, firstname.lastname@example.org)