Leading Chinese retailers are defining a new ‘era of belonging’ by forging stronger ties with consumers through an innovative buying experience. They are also reinventing their own business models by introducing innovative new revenue streams leveraging “retail-as-a-service” offerings. CEOs at Western retailers can learn from Chinese business practices how to combine seamless omnichannel experiences with predictive analytics, to develop
customer loyalty and to innovate creatively to introduce new revenue growth.
Today’s consumer is changing rapidly but not only due to technologically changes. Experience but also product quality, trust, and ecological concerns are making consumers more aware and more demanding. Retailers must address these drivers, using technology in innovative ways to move towards a sense of belonging that customers are seeking.