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.