Jollychic Establishes Comprehensive Partnership with MCIT, KSA2019 ／ 10 ／ 31
Further Explore the Market Potential in Saudi Arabia and Achieve New Milestones in MENA
As a leading e-commerce company in Saudi Arabia, Jollychic was invited by Saudi Public Investment Fund to attend the 3rd Future Investment Initiative in Saudi Arabia. During the event, Jollychic signed a memorandum of understanding (MOU) with Saudi Ministry of Communications and Information Technology (MCIT) on establishing comprehensive partnership. This is another milestone of Jollychic following its strategic partnership with Saudi Arabian General Authority (SAGIA) at the beginning of this year. As such, Jollychic has always been a pioneer in its efforts on the Belt and Road Initiative and on the cooperation of digital trade and ecosystem between China and Saudi Arabia.
As a first-tier e-commerce company in Middle East, Jollychic is among the first to do e-commerce business in the Gulf region and now has exceeding 50 million users on its online platforms with increasing market influence. The mission of Jollychic is to “ bring a quality life to our customers and drive the growth of digital economy along the Belt and Road”, and the vision is to “build a digital ecosystem a long the Belt and Road”. With an international vision and local commitment, Jollychic leverages China’s competitive edges on e-commerce and digital ecosystem while on the other hand takes the local customer needs in Middle East into consideration. With this, Jollychic has developed a unique corporate social responsibility framework named “TIES”.
Technology sharing (T): promote the localization of technologies and business models in digital sector;
Investment commitment (I): further investment in digital ecosystem;
Employment promotion (E): Promote local employment;
Social responsibility (S): contribution to local communities through various forms and means
Thanks to Jollychic’s TIES framework, the communication and ties between Jollychic and Saudi government, industry peers and local communities have been closer, and now Jollychic enjoys a higher reputation.
The strategic partnership with MCIT brings Jollychic’s recognition among Saudi government agencies to a higher level. Jollychic will continue to expand its investment in Saudi Arabia and build the company’s digital ecosystem in the country covering key areas like intelligent logistics, Fintech infrastructure, customer service centre, and big data centre. MCIT will fully support Jollychic’s efforts by providing policy advice, cross-department coordination, incentives and other support.
Commenting on the comprehensive partnership between MCIT and Jollychic, Dr. Ahmed Sayan, Deputy Minister of MCIT, said that the partnership with Jollychic reflects the expanding cooperation between China and Saudi Arabia in digital sectors. This partnership falls within the framework of China-Saudi Arabia comprehensive strategic partnership and will also contribute significantly to the achievement of the Saudi 2030 Vision. He also emphasized that Jollychic’s fast business development and further investment in Saudi Arabia is one of the highlights of the cooperation between China and Saudi Arabia. Jollychic has always been promoting local employment and technology sharing, and has been a model company in Saudi digital sector. MCIT will fully support Jolly’s efforts in its business development in Saudi Arabia.
The discussion of this year’s Future Investment Initiative (FII) focuses on areas like investment, technology, and society. During the Conference, Jollychic communicated with several Saudi government agencies and social organizations and discussed future cooperation in areas which highly corresponded with the FII theme. Among these discussions, Saudi Ministry of Housing and Ministry of Health invited Jollychic respectively to join them in several key social projects; SAGIA will extend further support to Jollychic in Saudi Arabia; MiSK Foundation actively communicated with Jollychic on cooperation in some social projects.
Dennis Du, Vice President of Jollychic, said that the output value of Saudi digital sector increased by over 34% in 2018. Saudi Arabia aims to increase the contribution of e-commerce and trade to retail industry to 80% by 2020. Considering that about 60% of Saudi population is under 30 and that the penetration rate of mobile internet is over 75%, there is huge potential in Saudi digital sector. Aiming to further explore the potential of the Saudi market, Jollychic launched Open Marketplace initiative and brand upgrading this year. Open Marketplace initiative aims to invite quality sellers to Jollychic’s three online platforms. After Open Marketplace was launched this September, over 1000 quality sellers have already opened their online shops on Jollychic’s platforms, among which more than a half are influential Saudi sellers. In regard to brand upgrading, Jollychic will change its business focus from product variety to product quality. This year, Jollychic became the first e-commerce company in the Gulf region countries like Saudi Arabia to launch innovative marketing campaign through live broadcasting. Besides this, Jollychic will also further improve on supply chain management, logistic efficiency and customer service to achieve brand upgrading.
Du also stressed that, Jollychic has achieved first-mover advantage through its relentless efforts and localization strategy over the years. Now the download rate of Jollychic App has exceeded 80% in the Middle East and Jollychic has become a well-known e-commerce brand in the Middle East. With the acceleration of Saudi reform and opening up, the deepening cooperation between China and Saudi Arabia cooperation, and the Belt and Road initiative, Jollychic is presented a great opportunity of business development in the Middle East.