Global EditionASIA 中文雙語Fran?ais
    Business
    Home / Business / Policies

    Boosting economic power and tech prowess

    By FAN FEIFEI | China Daily | Updated: 2021-11-15 09:00
    Share
    Share - WeChat
    Livestreamers educate consumers on how to grow and care for bonsai in autumn and winter from a bonsai base in Rugao, Jiangsu province, on Nov 2. [Photo by WU SHUJIAN/FOR CHINA DAILY]

    Sales of Apple's products on JD surged 200 percent year-on-year in the first four hours of the gala, while the transaction volume of mobile phones including brands such as Xiaomi, Oppo, Vivo and Honor increased over 300 percent on a yearly basis in the first 10 minutes of the promotion, according to JD.

    It is noteworthy that imported products gained traction among consumers during this year's shopping festival. In the first 10 minutes of the promotion, the transaction volume of JD Worldwide Import Supermarket was 39 times that of last year.

    In addition, more young people tended to buy sports shoes and clothing of homegrown brands, and Anta, Qiaodan and Peak have become the most popular domestic sports brands, JD said.

    Zhao Ping, deputy head of the Beijing-based Academy of China Council for the Promotion of International Trade, said this year's shopping festival has unleashed consumption potential, stimulated consumers' massive purchasing power and shored up the confidence of shoppers.

    "E-commerce platforms were doubling down on the shopping carnival and introducing new products and new brands to lure consumers and satisfy their diversified demand," Zhao said.

    Online marketplaces have become a significant channel for foreign merchants to invigorate their business and tap into the Chinese consumer market as COVID-19 has hindered transnational travel, she said, adding sales of imported products have witnessed explosive growth during the promotion gala.

    "Shopping via livestreaming services is a fast-growing new business model, which could offer detailed and comprehensive information about products to consumers. In addition, buyers could interact with livestreamers in a timely way and receive more discounts and coupons," she said.

    "Chinese consumers have become more conscious about price and quality after the COVID-19 pandemic. Livestreaming is a key channel for them to get a full download of product information before making shopping decisions, and we are also seeing a similar trend emerging in other countries, but China is leading," said Britton Russell, who leads the consumer and retail practice at AlixPartners in China.

    The total transaction volume of China's e-commerce segment is expected to reach 46 trillion yuan by 2025, with online retail sales amounting to 17 trillion yuan, according to the e-commerce development plan for the 14th Five-Year Plan period (2021-25).

    The plan was jointly issued by the Ministry of Commerce, the Cyberspace Administration of China and the National Development and Reform Commission last month.

    The plan said e-commerce will become an important driving force for boosting the nation's economic power, technological prowess and comprehensive national strength by 2035.

    According to data from the National Bureau of Statistics, national online retail sales reached 9.19 trillion yuan in the first three quarters of this year, expanding 18.5 percent year-on-year.

    Consultancy Bain & Co said in a report released before 11-11 that overall sales revenue is expected to rise during this year's Singles Day shopping extravaganza, and the number of consumers from lower-tier cities who participate in the shopping gala for the first time might surpass that of first- and second-tier cities.

    A COVID-19 pandemic-related surge in spending on wellness category is likely to continue this year, especially in cosmetics and personal care, the report said.

    In addition, 95 percent of respondents said before the gala that they intended to take part in this year's shopping carnival. About 52 percent of interviewees said they planned to increase their spending and the average spending of each consumer was 2,104 yuan last year.

    Women were more likely than men to be anticipating a bigger outlay during the shopping spree this year. Furthermore, more than 50 percent of surveyed consumers said they planned to shop on three or more platforms. The report is based on a survey of 3,000 Chinese consumers and done in conjunction with technology company Toluna.

    "For many consumers, Singles Day discounts haven't fostered loyalty to a single platform; spoiled for choice, they prefer to shop around," said Jonathan Cheng, a Bain & Co partner who leads China retail practice.

    "However, retailers that dig deeper are likely to find a subset of users that count as genuine fans. These customers can be the bedrock of renewed strategic differentiation. Our survey suggests that a retailer who captures and delights new customers on Singles Day tends to keep them as loyal customers throughout the year."

    Kenny Yao, a director at AlixPartners Shanghai, said younger Chinese shoppers are gradually growing a sense of national pride, and the Gen Z, or people born between the mid-1990s and the early 2010s, are no longer seeking high-end foreign brand names purely for social status.

    "They are looking for products that can truly represent their identity, meaning it is more challenging than ever to maintain brand loyalty among this group," Yao said.

    With the transformation and upgrading of China's manufacturing industry and changes in consumption concept, the guochao-a trend representing the rise of homegrown brands that weave Chinese cultural elements into their design or branding-is gaining popularity among young Chinese consumers, said Mo Daiqing, a senior analyst at the Internet Economy Institute, a domestic consultancy.

    Mo said the Singles Day shopping gala also provides an important opportunity for domestic brands to tap into the market, expand influence and boost their sales.

    |<< Previous 1 2   
    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    CLOSE
     
    国产精品亚洲w码日韩中文| 久久久久亚洲av无码专区导航| 亚洲AV无码1区2区久久| 中文字幕免费不卡二区| 无码国内精品人妻少妇蜜桃视频| 中文字幕视频免费| 亚洲不卡无码av中文字幕| 日韩欧精品无码视频无删节| 中文字幕av高清有码| 中文亚洲欧美日韩无线码| 99热门精品一区二区三区无码| 亚洲国产精品无码久久一线| 无码人妻丰满熟妇区96| 中文字幕精品一区影音先锋| 亚洲精品无码永久在线观看 | 免费无遮挡无码视频在线观看 | 久久亚洲AV成人无码国产| 蜜桃AV无码免费看永久| 人妻无码中文字幕免费视频蜜桃 | 国产欧美日韩中文字幕| 无码人妻少妇久久中文字幕蜜桃| 免费a级毛片无码免费视频| 无码欧精品亚洲日韩一区| 无码人妻丰满熟妇精品区| 午夜福利无码不卡在线观看 | 人妻丰满av无码中文字幕| 亚洲日韩精品一区二区三区无码| 国产在线无码精品电影网| 中文字字幕在线中文无码 | 无码人妻精品一区二区三区东京热 | 亚洲大尺度无码无码专区| 免费无码又爽又刺激一高潮| 丝袜无码一区二区三区| 伊人久久综合无码成人网| 亚洲欧洲自拍拍偷午夜色无码| 中文字幕丰满乱子伦无码专区| 精品久久亚洲中文无码| 亚洲动漫精品无码av天堂| 免费无码一区二区三区| 无码AV动漫精品一区二区免费| 久久精品aⅴ无码中文字字幕不卡|