Brand owners aware of digital strategy
Print Edition
CHINESE brand owners can’t afford to ignore digitalization as China’s online retail sales may grow 25 percent annually through 2018, three times faster than traditional retail, Bain & Co said yesterday.
An efficient infrastructure, investment from innovative major online players and Chinese consumers’ growing demand for online and mobile shopping have helped the country’s online retail sector boom, said the consulting firm’s new report, Riding the Digital Wave in China.
Mobile shopping has also become increasingly popular as the report said it found 80 percent of Chinese consumers who bought online last year made at least one purchase from their handsets and 20 percent were weekly mobile shoppers.
China is on track to overtake the United States in mobile commerce sales globally next year, it said.
“China’s advanced online retail landscape and consumers’ passion for online shopping point to a fundamental implication,” said Serge Hoffmann, a Bain partner and co-author of the report.
“A digital strategy is absolutely and immediately necessary to succeed in China. Brands and retailers can’t afford to wait for the right moment to get in the game.”
The report found almost 80 percent of Chinese shoppers provided digital reviews after they bought their products last year, which created a strong correlation between online comments and sales.
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