Innovation is happening in China
In the Chinese market, “there is this willingness to try new things”, says Fung Academy’s Richard Kelly. In a video interview with the GDI, he discusses the innovation differences between Asian and Western economies.
According to Kelly, Chief Catalyst at Fung Group in Hong Kong, China is a leading innovator in new models of consumerism. “The innovation there is really about speed”, he clarifies. Furthermore, it involves the way customer service is perceived.
Kelly’s favourite example for innovative service is the Chinese hot pot restaurant chain Hai Di Lao. Because it’s so popular, the lines outside have become long. “But instead of thinking ‘That’s a real problem’ Hai Di Lao uses that as a way to begin servicing their clients differently”, says Kelly. For example, customers may have their nails painted or glasses fixed while waiting for a table.
There is a massive fear of failure in Asia. “But the overarching idea of being competitive outweighs all those fears of failure”, says Kelly in a video interview at the GDI’s International Retail Summit: