New retail reinvigorates China's imports

Perspectives

New retail reinvigorates China's imports

New technologies, new models, and new channels

China’s economic growth model is becoming more focused on consumption. This will present an opportunity for international producers as innovation and technological advances reshape the retail value chain.

China has developed rapidly over recent years, becoming the world’s second-largest economy and largest online retail market. With the deepening of market reform and economic expansion, China’s consumer market will embrace international producers with renewed openness and dynamism. Stimulated by strong consumer demand, overseas brands will enter a new era of opportunity.

Deloitte’s report, indicates that China has made an outstanding contribution to global consumption growth compared with other countries and regions. Wealth accumulation, scientific and technological progress, and regional economic development have become the three major forces spurring market expansion and reform.

The innovation and popularisation of retail technology based on a series of underlying technologies including cloud computing, the Internet of Things (IoT), big data and artificial intelligence are driving the entire retail ecosystem to become more digitized, intelligent and efficient.

As China’s economic growth is set to continue with huge market potential and an increasingly open stance, and as consumers’ appetite for diversified, quality imports remains strong, foreign brands that aim to enter the Chinese market need to adopt a strategic approach.

Download the full report to read about China’s new retail driving global retail transformation.

Published: December 2018

New retail reinvigorates China's imports

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