Just 40 years ago, China has no brands and no market economy. Fast forward to 2019, China is the biggest e-commerce market in the world, three times the number of internet users vs the US, and by far the largest and most sophisticated users of mobile payments.
Known for being copycats, China’s tech industry is now being copied. Chinese internet giants (Baidu, Alibaba, Tencent) and its super apps has transformed consumer lifestyle and business models. Some of these smart applications have been copied by major global players.
Importantly, Chinese brands are disrupting traditional ways of doing business and are fast to apply the latest technology and use of data for marketing. This session will highlight the key digital trends and successful business applications. One such case Viveca will talk about is Luckin Coffee, a new coffee retail brand that won 12+ million users and 2000+ stores in 12 months, becoming the biggest challenger to Starbucks. Luckin Coffee went IPO in May 2019 in Nasdaq with market cap of 4.25 billion USD in just 17 months after launch.