On March 20, the Industrial Bank Co., Ltd. signed a strategic cooperation deal with JD.com, Inc., a Chinese e-commerce company headquartered in Beijing.
Following their cooperation in co-branded cards and the Internet of Things finance, the two sides aim to use this deal to expand their business in sports consumption.
With the rapid development of sports consumption, the pair has plans to combine resources like JD Pay and JD Sports into their campaigns of co-branded card promotions, database cross-marketing, credits exchange and updated service offerings. As of now, their first co-branded campaign has generated 30 million yuan in sales.
In recent years, China has experienced an increase in consumer demands for fitness access, sports equipment and event services, creating great opportunities for sports retailers.
The Industrial Bank has adapted its marketing strategies to the ever-changing tastes of younger customers through close ties with sports events like the Shanghai International Marathon and the Junior football Championships.
JD.com also established its JD Sports unit in 2016, with the goal of setting up a premium sports retail channel of sports clothes and equipment.
Proofread by William Logsdon