German polymer maker launches digital channels, goes big in e-commerce

Date: 2018-05-21   Author: Shikha Sinha  Category: #news

German polymer maker launches digital channels, goes big in e-commerce

Covestro, regarded as among the world’s leading firms in polymers and advanced materials industry, has apparently unveiled two digital distribution channels to meet the requirements of altering business procurement behaviors and capture new customers in China. As per reliable sources, Covestro had launched its own trading platform in the middle of last year to cater to bulk buyers where consumers can easily switch between suppliers.

Reportedly, the company, which was spun off from the German pharma major Bayer in 2015, has inaugurated its flagship store last month on 1688.com, the business-to-business trading platform of the e-commerce behemoth Alibaba Group Holding Ltd.

Speaking on the firm’s latest move, Chief Commercial Officer of Covestro, Markus Steilemann was quoted stating that piggybacking on Alibaba’s extensive presence to position the services and products of the company would attract new small and medium-sized consumers who wouldn’t have heard of Covestro. He further stated that the changing procurement behavior of a younger generation of procurement managers and business owners in polymers and advanced materials market has driven the firm’s efforts to deepen its online distribution capabilities.

Reportedly, Covestro has laid out a digitalization strategy that plans to garner tens of millions of Euros up to the year 2020, given that the Germany based firm aims to overhaul its production control systems on a global scale. As per reliable sources, the overhaul process will assist Covestro to conduct operational maintenance to prevent production downtime.

For the record, Covestro was earlier known as Bayer Material Science prior to getting listed on the Frankfurt stock exchange in October 2015. The firm is now targeting for its two new e-commerce initiatives to generate approximately USD 1.17 billion in terms of sales revenue by the end of 2019.

Sources reveal that numerous international giants such as Swedish-Swiss electrical-equipment maker ABB Group and U.S. based adhesive and consumable products manufacturer 3M have also opened online stores at 1688.com.



About Author


Shikha Sinha linkdin-boxtwitter

Shikha Sinha

Shikha currently manages the content team at AlgosOnline. An electrical & electronics engineer by education, she has prior experience in content & technology writing, content marketing, market research, and business development domains. Her other interests inc...

Read More

Post Recommendents

Antenatal Screening Market Share, By Product Analysis, Application, End-Use, Regional Outlook, Competitive Strategies & Forecast up to 2028

Author: Ashwin Naphade

Global Antenatal Screening Market, 2022-2028 Research Report provides crucial statistics on the market status of the Global Antenatal Screening manufacturers and is a respected source of guidance and direction for companies and individuals interes...


Pediatric Vitrectomy Market Size | Global Industry Analysis, Segments, Top Key Players, Drivers and Trends to 2028

Author: Ashwin Naphade

Global Pediatric Vitrectomy market report provides major statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.

The Pediatric Vitrectomy market repor...


Legionnaire Disease Testing Market Comprehensive Analysis, Share, Growth Forecast from 2022 to 2028c

Author: Ashwin Naphade

This report studies the Global Legionnaire Disease Testing market status and outlook of global and major regions, from angles of players, regions, product types and end industries; this report analyzes the top players in global and major regions, ...