STANFORD, US, Jan. 27-- Dr. Zhang Wenzhong, founder and chairman of China’s leading retail giant WuMart Group and Omni-channel Retail Digital Service provider Dmall, has said that in the digital era, all retail businesses face tremendous opportunities and challenges. It has become a consensus for the industry to build online-offline integration through digital transformation.
He made the remarks during his dialogue with Greg Penner, chairman of the Walmart Board of Directors at the Stanford China Economic Forum.
Dr. Zhang noted that the retail industry needs to leverage mobile internet and artificial intelligence technology in digital transformation. He said the trend and mainstream of the industry is to develop business in a way that steadfastly embraces the internet, places consumers’ needs at the center, returns to the nature of business, improves consumer experience, and increasing operational efficiency.
Chinese retailers have made great explorations and achievements through practicing full-scene coverage, full-chain connection, omnichannel retailing, and integration between home delivery service and brick-and-mortar stores, said Dr. Zhang.
During the session, Dr. Zhang also expressed respect to Walmart, saying its founder Sam Walton has created a legend in the global retail industry. Thanks to Mr. Sam Walton and his successors’ firm grasp of the essence of business and their relentless pursuit of innovations, Walmart has been topping the rank of Fortune Global 500 for years in a row and providing valuable experiences to its peers.
Greg Penner said Walmart is actively making digital transformation to combine pick up in-store and home delivery services. Walmart is also highly interested in the Chinese market. When it comes to open trade, Greg shared that international trade is vital to economic prosperity, creating job opportunities and poverty alleviation in both countries. Mr. Penner emphasized that open trade is beneficial to healthy competition and cooperation, while increased tariffs mean higher cost to retailers, and would in turn lead to higher consumer prices.
President of Stanford University Professor Tessier-Lavigne, former US Secretary of State Condoleezza Rice, and former US Treasury Secretary Hank Paulson attended the forum among business leaders and renowned scholars.
About Dmall：Founded in 2015, Dmall is a Omni-channel Retail Digital Platform to achieving retailers’ comprehensive digital transformation and providing them with joint cloud services based on Dmall OS and MiniOS systems. With 15 major systems and 800 sub-systems, Dmall OS is developed to offer complete digital solutions; MiniOS is custom-built for convenience stores. With integrated retail and cloud-optimized store-to-home omni-channel service, Dmall contributes to high efficiency for enterprises and better experience for consumers.