Innovation pays off for old, honored brands
Online inroads
Beijing Youli has also entered the online market. It has worked with renowned brands to spread their traditions and culture, with celebrities invited to host livestreaming sales of these brands on the Douyin e-commerce platform.
During one celebrity sales session, Quanjude saw 10 million people browsing in a few hours for its sales of ready-to-eat duck slices, with business reaching 1.07 million yuan.
This year, the Chinese authorities released a guideline aimed at injecting new vitality into the nation's time-honored brands as part of efforts to boost consumption and fulfill people's desire for a better life.
The guideline, issued by the Ministry of Commerce and seven other government departments, detailed measures to unleash demand by encouraging innovation at these brands.
The brands are also urged to develop creative cultural products with relevant institutions, as well as holding cultural experience activities and providing customized service, according to the guideline.
It said modern information technologies such as big data and cloud computing should empower time-honored brands to cultivate new business models and consumption scenarios.
The guideline also said measures should be taken to establish business streets and scenic spots with the characteristics of such brands to better unleash their appeal.
Shang stressed that these brands must retain their core competitiveness and cultural identity.
