Jeongwen Chiang: "You have to come, modify, adapt to the chinese consumer"
At the 69th International Retail Summit, Jeongwen Chiang, Professor of Marketing at CEIBS, gave an interview on the development of the Chinese market and the main differences between European and Chinese retailing.
"Companies like Alibaba and Tencent are able to use a mass of data sources to strengthen retailing." This data can be used to feed the supply chain, thus improving storage and getting the right product into the store. "Customers can use their apps or social media to do the shopping and get information".
There is a significant difference between the Chinese and European retail sectors: China is more advanced in its attempt to integrate Big Data into the shopping experience.
"It's not so much that an American or European model in China would be doomed." Rather, foreign companies should try to adapt to society and understand how consumers there behave. "They have to come, modify and adapt to the Chinese consumer.”
You can watch the whole interview here: