Media

Rise of social commerce startups in India: Meesho, Bulbul, and others leading the way

Social commerce startups are making merry as rising smartphone usage and low data costs have created a market of millions of first-time internet users in India. These users are mostly in the small towns and are shopping on social media. The growth of social commerce startups in India was almost inevitable.  Given the country’s vast social media user base and its enormous appetite for ecommerce, something that blends the two was always going to be a success. But, not until last year...

Elon Musk says Chinese economy will surpass US by 2 or 3 times: ‘The foundation of war is economics’

KEY POINTS Elon Musk predicted that the Chinese economy will surpass the United States’ at least two-fold.The two nations already are the world’s two largest economies, although the U.S. economy is currently larger.China overtaking the American economy would likely cause increased tension between the two countries, which are already at odds on issues such as trade and 5G technology. ORLANDO, Fla. — Tesla and SpaceX CEO Elon Musk predicted Friday that the Chinese economy will eventually surpass the United States’ by at least two-fold...

Foreign brands still dominate as parents do not trust China’s home-grown baby milk formula makers 12 years on from melamine milk scandal

Domestic makers of baby powder rebuild their market share to 44 per cent, all down to Feihe which was not caught up in the 2008 tragedyForeign brands are seen as “way more trustworthy” and this reputation is likely to last for very long time, EIU says Twelve years ago, 300,000 children in China were poisoned after drinking infant milk formula that contained melamine, a chemical used in plastic. Six babies were killed by the toxic substance, which was used by 22...

Locked Down by Coronavirus, China’s Shoppers Ramp Up Online Purchases

Bain analysis of exclusive data from Tmall shows dramatic shifts for many consumer goods. With coronavirus travel restrictions in place and many cities locked down, the bar, restaurant and entertainment scene in China has essentially been dead during the outbreak. Likewise, shopping malls, hypermarkets and supermarkets have cut opening hours and are seeing very low traffic. At the same time, however, consumer demand has prompted many traditional offline stores to launch online-to-offline (O2O) and delivery services—a sign that the COVID-19 epidemic may dramatically...

Food prices soar in China amid coronavirus outbreak

The prices of food have gone up significantly in China amid the outbreak of the coronavirus. Prices in February were up 21.4% from the same time last year, with many residents panic-buying food items in January amid the spread of the disease. Meanwhile, food shipments to prominent Chinese cities were delayed due to control various measures, including some on travel. The issues with food shipping also impacted local farmers who needed feed for their livestock. As a result, supermarkets have experienced shortages of...

Key Takeaways from BCG x Tencent 2020 China Social Retail Playbook

China has the largest group of netizens in the world. Given this, it’s not surprising to find that the vast majority of Chinese consumers’ daily lives has become intertwined with social media. Now, however, a transformation from social platforms to consumption models throughout the domestic market is becoming more and more diverse and seamless. The concept of Social Retail, which revolves around rewarding consumers for what they share online, has already penetrated close to 71% percent of the country. Last...

Queen’s eldest grandson Peter Phillips appears in milk advert on Chinese TV

The Queen’s eldest grandson has appeared in a bizarre advert selling milk on Chinese television. Amid the row over Harry and Meghan’s plans to become ‘financially independent’, Peter Phillips fronts a campaign for state-owned dairy farm Bright Dairies. The 42-year-old son of Princess Anne can be seen smiling while posing with a glass of Jersey milk. He is described in the clip as a ‘British Royal Family member’. Mr Phillips, who has never held an HRH title, gushes that the...

Globalization adds variety to dinner table

Spring Festival is no longer only about the world's largest annual human migration, comprising 3 billion trips this year, it is also about Alaskan king crabs and coalfish, Bostonian lobsters, Norwegian salmon, Chilean cherries and Parma ham from Italy making their way to the dinner tables in China. This massive flow of people and food serves a common purpose: to celebrate the Lunar New Year, China's most important festival, which falls on Jan 25 this year. As consumption upgrading gains momentum...

China develops appetite for cheese, with surge in imports from EU. Elite’s evolving tastes, and pizza, behind the trend

Most Chinese people have never savoured dairy products, and many are lactose intolerant, but things are changingImports are increasing every year, and French and Italian cheese ambassadors believe a niche market for cheese is opening up Something smells funny in China. Cheese and other dairy products are not part of the traditional Chinese diet, yet there has been a surge in dairy imports. According to European Commission data, the volume of Europe’s cheese exports to China in the first 11 months of this...

WeChat mini programs are becoming a lot more important for Tencent

WeChat users spent US$115 billion through mini programs in 2019 This article originally appeared on ABACUS WeChat is already China’s most popular social platform, but Tencent seems eager to make even more money from its ubiquitous app. It plans to achieve this with a not-so-secret weapon: Mini programs. At the 2020 WeChat Open Class Pro event in Guangzhou on Thursday, Tencent announced that its users spent 800 billion yuan (US$115 billion) through its various mini programs in 2019, a 160% increase from the previous year. Now...