{"id":9025,"date":"2021-11-18T15:36:44","date_gmt":"2021-11-18T15:36:44","guid":{"rendered":"http:\/\/TheNextWeb=1373620"},"modified":"2021-11-18T15:36:44","modified_gmt":"2021-11-18T15:36:44","slug":"china-is-leading-the-retail-revolution-but-can-it-change-the-way-the-world-shops","status":"publish","type":"post","link":"https:\/\/www.londonchiropracter.com\/?p=9025","title":{"rendered":"China is leading the retail revolution, but can it change the way the world shops?"},"content":{"rendered":"\n

China\u2019s dominance in manufacturing has made it the factory of the world<\/a>. The subsequent economic growth enriched an ever-expanding middle class<\/a>, and the country\u2019s retail industry has quickly adapted to supply a growing appetite for consumption.<\/p>\n

Some of these developments in the way people spend their money, powered by the latest technology, will soon be appearing on a device near you. Indeed, at the start of this year, The Economist suggested<\/a> that retailers everywhere should look to China, and some are already doing so<\/a>.<\/p>\n

So what will China\u2019s \u201cretail revolution\u201d bring to the rest of the world<\/a>? Here are five concepts for global consumers to be on the lookout for\u2026<\/p>\n

1. Lifestyle commerce<\/h2>\n

Increases in disposable incomes have led to a rapid growth in the number of Chinese people eating out, seeking entertainment, and traveling. Traditional e-commerce businesses sold general goods but did not offer a new lifestyle.<\/p>\n

That\u2019s where digital \u201csuper-platforms\u201d came in. Meituan<\/a>, for example, which has over 600 million users and is valued at US$100 billion<\/a>, provides almost every type of lifestyle service and entertainment. It offers restaurant reviews, takeaway deliveries, travel bookings, movie tickets, bike rental, and more.<\/p>\n

Consumers elsewhere can expect omnipresent \u201csuperapps\u201d to penetrate every part of life, as the delivery and ride-hailing service Grab is doing<\/a> in southeast Asia, by moving into financial services.<\/p>\n

2. Merging online and offline<\/h2>\n

The integration of online and offline consumption is already familiar to many shoppers. But in China digital platforms like Taobao<\/a>, JD.com<\/a> and Meituan offer much more than the likes of Amazon. They sell everything from rice and phones, to villas and space travel.<\/p>\n

The most challenging items for these firms to sell quickly online have been seafood and fresh produce, due to high logistics costs, low price points, and easily perishable products. But some are now using their own warehouses to provide delivery of fresh food in under an hour (an idea already becoming popular elsewhere<\/a>). Online grocery shopping has become routine in many countries, but in the future, you should expect every kind of purchase to become faster and even more convenient.<\/p>\n

3. Social commerce<\/h2>\n

While the middle classes in China\u2019s biggest cities enjoy the convenience of Meituan and others, there are still one billion Chinese people living in small towns and rural areas who remain poorer and more price sensitive. A social media platform called PinDuoDuo<\/a> has now tapped into this population, harnessing the popularity of the social network WeChat<\/a> (think WhatsApp, Instagram, Facebook, and Amazon all rolled into one).<\/p>\n

The idea was to make online shopping more of a social, interactive experience. It became very popular because it was enjoyable \u2013 a source of entertainment \u2013 and has since caught on with wealthier customers too. Consumers outside China can expect shopping in digital ways to become more fun, social and accessible.<\/p>\n

4. Celebrity livestream selling<\/h2>\n

Celebrities advertising products for sale is a tried and tested marketing tool for big brands. In China, the concept has moved on to include business executives and government officials, who participate in livestream broadcasting to sell their wares. For instance, Dong Mingzhu, chairwoman and president of Gree Electric, (the world\u2019s largest residential air-conditioning manufacturer) sold US$9.3 billion worth of products<\/a> through 13 livestreams in 2020. Social media influencers who customers identify with \u2013 and trust \u2013 are likely to play an ever greater role in the way consumers spend their money.<\/p>\n

5. \u201cInvisible\u201d selling<\/h2>\n

This is where an ordinary person is featured in a video doing ordinary day-to-day things but does not make any recommendations whatsoever about purchasing products. For example, Li Ziqi, also known as the \u201cquarantine queen\u201d<\/a> has become an internet sensation in China, with 2.4 billion views of her YouTube channel, which showcases her skills in making food and handicrafts.<\/p>\n

Even though there is no link or direct recommendation of products, consumers who watch these videos and admire the lifestyle want to buy the associated products. This requires a delicate balance<\/a> between lifestyle and consumption, and Ziqi, who makes money through advertising and selling merchandise including homewares, fashion, and food, is one of many in an emerging consumer trend.<\/p>\n

\n

\n