How are you curious?
Curiosity is one of the critical factors in a business that is agile and innovative, so it is an element that is important to explore....
Brain circuits
Four things you can learn about retail from China
China has long been known for its massive manufacturing operations, but it is poised to change retail in a much larger way. If you are in the business of selling to consumers, you would do well to look at China to get a glimpse of the future. There are four major changes on the horizon.
Beyond omnichannel. You read that right. Chinese consumers are moving beyond the idea of sales channels. Chinese companies are creating deeply integrated ecosystems where consumers can buy anything, goods, services, and anything else that comes to mind in one place.
Sustainable retail has arrived. Although counterintuitive to many, Chinese companies and consumers are starting to lead the way. Keep an eye on three sustainable retail trends from China: recycling (Alibaba resale market Xianyu), vintage (luxury service and product provider Ponhu Luxury), and agrofarming (Pinduoduo to supply their online fresh food grocery platforms).
Get ready for lifestyle commerce. Chinese companies are developing “super apps” that make the consumer the center of attention in a way that was never possible in the brick-and-mortar world. These apps gather and integrate third-party businesses in one place that brings the entire spectrum of things you might need in your life in one place. The third largest superapp, Meituan, has almost perfected this with its on-demand and location-based services.
Livestream trumping brands? This involves social media influencers discussing, assessing and selling everything you see in their daily lives and on their videos. You can already see this on platforms such as TikTok and Twitter outside of China, and it’s going to be a differentiator for consumers looking for recommendations from personalities they trust and can interact with. Influencers are becoming the filter that helps people decide which things and brands are worth their time and money.
Further reading:
The Future of Global Retail: Learning from China’s Retail Revolution
By Winter Nie, Mark Greeven, Yunfei Feng, James Wang
Authors
Related
What is your EQ?
It is important for executives to understand that emotions allow them to put things in context and have a larger view of what is happening. It also helps build valuable connections with...
How resilient are you?
As leaders we train ourselves in many ways, but it is often the small, overlooked skills, like resilience, that will serve us best....
How to communicate with your adversaries
To take your leadership skills to the next level, try improving your communication skills, especially with competitors....
Learn Brain Circuits
Join us for daily exercises focusing on issues from team building to developing an actionable sustainability plan to personal development. Go on - they only take five minutes.
Explore Leadership
What makes a great leader? Do you need charisma? How do you inspire your team? Our experts offer actionable insights through first-person narratives, behind-the-scenes interviews and The Help Desk.
Join Membership
Log in here to join in the conversation with the I by IMD community. Your subscription grants you access to the quarterly magazine plus daily articles, videos, podcasts and learning exercises.