Recently, Xinba, one of the biggest influencers on Chinese streaming platform Kuaishou, sold US$300 million worth of goods in a single 12-hour session, in a testament to the enormous pull of livestreaming e-commerce. Research shows that crowdfunded products often rely on livestreaming e-commerce to convey product information and funnel early adopters. Such an ecosystem creates a positive business environment for producing and marketing new products. Technology specialist Yin Ruizhi looks at how live-streaming e-commerce is fast giving China the edge in product innovation.
E-commerce
Economy
Amid the gloom, there’s room for optimism in Asia in the post-Covid-19 landscape, says Benjamin Hung, CEO, Asia, Standard Chartered. The pandemic has speeded up structural changes in this growing region’s business landscape, and created greater opportunities which will pave the way for Asia’s strong rebound in 2021 and beyond.
Economy
Commentator David Ng explores the changes that are happening in China with developments in technology that allow vast changes in business models, from traditional offline transactions to online business, and “new retail”, which combines the two. How will the Chinese economy grow under these forces?
Economy
With the conclusion of the 1st ASEAN Digital Ministers Meeting (ADGMIN) last month and the series of digital policies introduced, ASEAN is ready to move forward on building an integrated digital economy. Even as ASEAN aims to become an important player in the digital global value chain, there are areas where China and ASEAN can work together to achieve a win-win situation. Professor Zhai Kun of Peking University and Yuan Ruichen, member of the research group of the BRI Big Data Innovation Experimental Project, suggest cooperation in areas such as building smart cities, cybersecurity and digital governance.
Society
News of young employees dying from overwork at major Chinese tech companies are not unheard of. Last December, a 22-year-old female employee at e-commerce giant Pinduoduo died after working long hours past midnight. China's intense efforts at increasing national competences in new and advanced technologies have seen it moving up the value chain from a low-cost manufacturer to an innovator in science and technology. But is the “996 culture” of working from 9 am to 9 pm, six days a week, feasible and sustainable?
Technology
China will continue to flex its e-commerce muscles in 2021, predicts Associate Professor Chu Junhong from the NUS Business School. Expect a strong dose of cross-border e-commerce, livestreaming e-commerce, and more eye-catching short videos that promise great returns on “retailtainment”.
Technology
Livestreaming e-commerce is fast gaining currency in China, not least when tapping on short video and “we-media” platforms. Supporting the “internet celebrities” who promote endless products through this avenue are a support network backed by AI and big data. Technology specialist Yin Ruizhi looks at how this new model is changing the face of retail.
Economy
With China’s internet giants now moving into the community group-buying market offering groceries at low prices, not everyone’s happy, as livelihoods will be affected and people have learnt a lesson from the huge price they have paid in the growth of these internet giants. Zaobao correspondent Yang Danxu examines the dark side of the “online vegetable basket” industry.
Economy
The meeting of the Politburo of the Chinese Communist Party last week in preparation for the annual Central Economic Work Conference gave a clear indication of China’s economic direction: it is going full steam ahead on shaping a dual circulation economy driven predominantly by domestic demand. In seeking to implement demand-side reforms, deep-seated social issues and monopolistic tendencies will be addressed.