SHANGHAI, Aug. 13,
2024 /PRNewswire/ -- China's social retail sales surpassed 23
trillion yuan ($3.18 trillion)
from January to June, a 3.7 percent increase year-on-year, the
National Bureau of Statistics revealed in mid-July. Social
consumption is gaining increasing prominence in driving the
recovery of the national economy.
In 2023, consumption was a major engine for nation's economic
growth with the contribution rate of final consumption expenditure
to economic growth reaching 82.5 percent, a remarkable increase of
43.1 percentage points compared with 2022, official data
showed.
As a national cosmetic brand with over 100 years of history,
Shanghai Jahwa United Co, Ltd (Shanghai Jahwa) owns multiple
well-known brands such as Liushen, Dr. Yu, Herborist and Maxam.
Additionally, it undertakes the responsibility of promoting
traditional Chinese culture as well as social consumption.
In 2017, Shanghai Jahwa acquired Tommee
Tippee, a leading maternal and infant brand in the UK,
officially becoming a Shanghai-based multinational company, further
enhancing its competitiveness in the global market.
In the face of challenges and responsibilities, the data
integration-oriented digitalization transformation launched by
Shanghai Jahwa offers solutions for the company's diversifying
operation demand.
Empowered by the analytical capabilities of its digitalized
management system, Shanghai Jahwa showed comprehensive advantages
in its overseas business operations, becoming a leading cosmetics
enterprise based in China and
radiating throughout the world.
Enterprises' digital transformation is a crucial part for
building a modern industrial system and the nation's high-quality
development of the economy, said Han
Min, a deputy general manager, CFO and board secretary of
Shanghai Jahwa, adding that it is also a process full of hope and
pain.
During a thorough transformation campaign, Shanghai Jahwa
prioritized digitalization in its finance sector to lead the
company's overall digitalized upgrade. The company took sales
expenses as a breakthrough by adopting financial management systems
targeting distributors and marketing expenses, which effectively
resolved relevant expense control issues.
Through the application of a digitalized management system
across the financial sector, Shanghai Jahwa has achieved
whole-process management to form an operation model with
business-finance integration and compliance.
The system connects and simplifies various procedures from
pre-approval to post-reconciliation. Notably, it removes
unnecessary manual operations, achieving refined, controllable and
data-integrated management, according to the company.
Han pointed out that compared with multinational giants such as
Procter & Gamble and L'Oréal, Shanghai Jahwa
started relatively late in digitalization, but is making efforts to
close the gap, including building a digitalized central platform
and driving the digital integration of online and offline
channels.
"Our company should integrate digital and intelligent
transformation into management processes, combining it with
traditional elements to create new quality productive forces. This
will facilitate international engagement, attract global resources
and drive the internationalization of the company," Han noted.
In 2023, the total retail sales of cosmetics in China amounted to 414.2
billion yuan, representing a year-on-year growth of 5.1
percent. Notably, China's
cosmetics exports reached $6.51
billion, surging by 16.7 percent year-on-year, official data
showed.
Benefiting from its digitalization strategy, Shanghai Jahwa
recorded a 5.93 percent annual revenue increase in 2023 from the
previous year, while net profit of the company's domestic business
saw a significant year-on-year growth of 75 percent, effectively
countering external market headwinds such as terminal store
suspensions and regulation adjustment.
As an industry leader, Shanghai Jahwa has actively promoted
digital and intelligent transformation across the industry, further
releasing consumption potential to boost the nation's economic
recovery.
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SOURCE Global Times