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Comprehensive digital banking helps an international brand navigate new retail in China
Many working mothers in China are very similar with the brand of Medela, just as the Chinese consumers are familiar with the concept of "new retail". Founded in Swiss in 1961, Medela aims to promote breastfeeding worldwide. The company invests in fundamental research together with global key opinion leaders, leading scientists, medical professionals and universities to apply these findings for innovations and product development. It is a global specialist provider of a full range of customized breastfeeding solutions including breast pumps, breast milk storage and feeding products.
When the company first entered the Chinese market, it had to face an unprecedented challenge. Retail in China is fast evolving, so fast that “new retail” now covers a completely renewed ecosystem of marketing, distribution channels, collection, payment and settlement. Faced with new market dynamics in China, Medela did not even try to replicate their successful experience elsewhere but instead started afresh like an entrepreneurial business. They launched their online stores on major e-commerce platforms such as JD and T-mall, consolidated their offline distribution channels and for the first time started to offer product rental services in their physical stores. These efforts soon paid off. Now China has become the second largest market for Medela, only after the US. HSBC has been Medela’s banking partner in China for the past 10 years.
VP of Medela Greater China
Whenever we launch a new business, HSBC’s innovative solutions are always there for us. For example, our product rental business is now highly efficient thanks to HSBC’s mobile-enabled omni-channel payment and collections. We’ve also adopted HSBC’s E-Tax service for customs duty payment, as well as a series of other innovative services including EBAD, Track Payments and Trade Transaction Tracker. The new HSBCnet now offers even more convenience so that we can manage our finance with ease. It is fair to say that our business innovation in China has been well supported by HSBC’s financial services along the entire journey so far. We initially chose to bank with HSBC because of its global network and international services. But now its digital banking offers way more than what we can imagine.
Global payment and settlement is now more convenient and efficient with increased ability to centralize liquidity management and allocation that saves manpower and material resources and gains significantly greater efficiency for the company’s group treasury.
Fulfill customer needs across all stages of their development through dedicated financial services and support
Whether for innovation in traditional industries or for exploration in new economy sectors, SMEs are an indispensable presence. As always, HSBC remains a firm supporter of SMEs.
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