The Economist opened 2021 with a cover story titled “Why retailers around the world should look to China.” It’s not hard to see why. China is a large, fast-growing retail market—worth some $5 trillion in 2020—and highly digitalized. And the pandemic has made digital the strategic priority for every retailer.
Own Digital Marketplace Offerings:
- Create single entry points study of consumer demand in a given area where customers can access all their potential purchases.
- Integrate digital assessment into the customer journey.
- Don’t think of sales as isolated events.
- Rethinking logistics fundamentals.
- Always be close to the customer.
China is a large and fast-growing retail europe email market – worth some $5 trillion in 2020 – and highly digitalized. With the pandemic making digital the strategic priority for every retailer, it’s not hard to see why The Economist opened 2021 with a cover story entitled “Why retailers around the world should look to China”.
Who are these leaders?
There’s Douyin — known in the West as TikTok — which started out as an entertainment app for sharing short videos and soon found that many users were commenting on popular videos by creating their own versions. Douyin encouraged engagement by embracing content creators, who often featured their favorite products and clothing styles, turning the app into a marketing tool. The Chinese livestreaming market has reached $16.3 billion and is now an integral part of how people shop, which is why Walmart invested in Douyin.
