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China is both a large and a fast-growing retail market. It is worth over $5 trillion since 2019 and highly digitized
In China online sales have grown about 25% in each of the past seven years and reached about $1.9 trillion in 2020, when they amounted to some 25% to 50% of total retail (compared with 10% to 20% in the United States).
More than 90% of those sales are on mobile devices, compared with less than 50% in the United States
In 2020, there were 269,345 retail chains stores across the country.
Digitalization
Digitalization
Live Streaming by KOLs
Live Streaming by KOLs
Recommendation algorithms
Recommendation algorithms
E-Commerce stores everywhere
E-Commerce stores everywhere
Digitalization have changed the traditional buying habits of customers and promotion strategies of sellers.
AI-powered algorithm backed by deep learning and natural language processing to recommend products to shoppers; it then communicates consumer interest to retailers so that they can increase inventory to keep up with demand.
Convenient services including free returns with no explanation within seven days of a purchase (excluding fresh produce), instantaneous personal assistance via chatbots, Free support readily available, often 24/7. For products that require on-site services such as installation, customers may choose days and precise time slots. These services are often supplied by local shops that carry the brand.
For Foreign Companies
For Foreign Companies
China’s vast size, growing wealth, and economic transformation continues to attract and create opportunities for foreign companies. China’s gross domestic product (GDP), and its market is larger than that of Japan, Germany, the United Kingdom, and India – combined.
The Chinese government’s attitude is open for foreign retailers. It is quite easy to invest or open in China. Since 1992, China has begun to pilot the opening of the retail industry to the outside world. Nowadays, it is even easier because of e-commerce.
Over the past two decades, China’s middle class has experienced one of the fastest growth rates in the world(Increasing demand).
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