China's e-commerce market has grown at breathtaking speed. A little under two decades ago, the country accounted for less than 1% of the value of global online transactions.
Today, it leads the world, contributing more than half of global e-commerce retail sales. It also has the largest social media population on the planet, and 84% of its online consumers have shopped on social media platforms.
In short, China’s digital economy is booming, with huge pools of data being created as a result. So what does all this mean for industries that have long relied on a physical connection with consumers?
"Our industry is a bit traditional," says Adele Tao, Leader, LIXIL Water Technology Greater China. Tao has led LIXIL's evolution in Greater China to make it more entrepreneurial, consumer-centric and agile since 2019.5 She says it is vital that companies like LIXIL, which have historically focused on business-to-business channels, embrace digital tools to learn more about the people actually using their products.
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