With the monoliths of FANG (Facebook, Amazon, Netflix and Google) dominating online shopping in the west, what is the east doing? Well, as it turns out, quite a lot.
BAT (Baidu, Alibaba, Tencent) is fast creating a centre of innovation and social commerce that is China.
With a total spending of $750 million online – a figure that exceeds the UK and USA combined – and a projected growth rate of 20% next year, China now has the largest e-commerce market in the world.
e-commerce has achieved a near complete penetration and integration into everyday life in China that it is no longer just ordering things off the Internet, but a form of social activity, called ‘social commerce’.
Take WeChat for example. From what started out as a Chinese version of WhatsApp, it has now expanded to include direct purchase of goods, a payment tool (online and in-store), wallet, reservations agent, social sharing (photos, videos, reviews, comments) and more – an all-in-one for its 900 million users. One could literally pay for everything with just a scan of QR codes.
This evolution in China presents a massive opportunity for sports, media and entertainment properties.
But how did China get here?
In this landmark report, SRi’s Managing Partner APAC, Helen Soulsby, and Head of Greater China, Ting Zang, report on the rise of internet penetration and disposable income, the changing habits of mobile shoppers and why it’s vital that sports, media and entertainment properties harness the power of these new holistic ecosystems.
SRi is an international management consultancy and executive search company specialising in the sports, media and entertainment markets.
The SRi Asia team has built a reputation as the leading business to deliver multi-hire projects that enable businesses to launch in the region with maximum impact. Helen Soulsby and Ting Zhang can be reached directly at firstname.lastname@example.org or email@example.com.