A decade ago, in China cash was king. But in less than another decade, the same country could be the first fully cashless society, says business analyst Ben Cavender to AFP. Cavender estimates China’s mobile payment market is already 40-50 times larger than the United States
Category Archives: consumers
China has become the testing ground of many international network marketing companies, as many Chinese consumers prefer foreign brands. But apart from opportunities, Shanghai-based lawyer Mark Schaub also sees legal challenges of operating in this new promised land, he writes in Lexology.
From a cash country, where transactions were done by moving plastic bags with money between bank branches, China has turned into a leading force in fintech or financiel technology. Mobile payment are standard. Bitcoins and blockchain technology found in China early adopters. Social media have – more than anywhere in the world – adopted payment systems to facilitate online trade.
While much of the book publishers try to get their act together now readers go online, China boast even a top ten of literature writers, earning more than US$150 million each. Chief researcher Rupert Hoogewerf explains to Global Times why the Harry Potter franchise did so well, also in China.
China’s consumers are perceived to be some of the most promiscuous in the world when it comes to picking brands. But there are ways to avoid this conundrum, says branding expert Tom Doctoroff at his LinkedIn page, using the Prophet’s Brand Relevance Index (BRI).
Tesla was the latest to announce the building of its car plant in Shanghai, but self-driving and electric cars are making many inroads in China. Shanghai-based lawyer Mark Schaub gives for Lexology an overview of the latest regulations to facilitate this trend. China seems to be late follow the latests developments, but catching up fast, he says.
Europe and America are getting the message: they are behind China in e-commerce. China veteran William Bao Bean tells an European audience at Medialaan in Brussels it is not about technology, but about the speed of adoption of the users.
If at any place the switch from brick-and-mortar is going fast, it is China. Permanent online consumers comment, exchange information, and buy 24/7. When you sit down in a restaurant, you first ask the code for the free wifi, before the menu. When you travel abroad, you constantly discuss with friends and family back how, what to buy, or what not to buy.
Blending online and offline operations has become an art in China, where the West can learn from, argues marketing expert Tom Doctoroff, on his LinkedIn Page. In Europe and America are offline retail operation declining, while that is not needed, he things.
Whether bike-sharing is heading for a success or just a financial sinkhole is still unclear, despite a giant surge in VC funding. But Beida business professor Jeffrey Towson, a bear in this industry, is sure that it will not work outside China, because of the rather special situation in China, he tells the South China Morning Post.