The three companies said they will integrate online and offline selling, with e-commerce services in Wanda's 107 shopping malls, as well as its hotels and resorts. They said they would invest
The venture adds to competition for
The new venture will develop services including online finance, the owners said. That could pose a challenge to
Wanda will own 70 percent of the new venture, the
The development of such online-to-offline, or O2O, models is "an inevitable trend" in e-commerce, said the CEO of Wanda E-Commerce, Dong Ce, in a statement. He said the joint resources of the three owners should make the company the biggest of its kind.
The companies are trying to become one-stop services for Web surfers who increasingly go online using smartphones and want more convenience, industry analysts say.
Wanda said it estimates its shopping malls and other outlets will attract 5 billion customers a year by 2020, making the company the "world's largest offline commerce platform."
Dong said the company expects to sign up 40 million e-commerce users this year and increase the total to 100 million by next year.
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