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Ecommerce in China – the Future Is Already Here How Retailers and Brands Are Innovating to Succeed in the Most Dynamic Retail Market in the World

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Ecommerce in China – the Future Is Already Here How Retailers and Brands Are Innovating to Succeed in the Most Dynamic Retail Market in the World Total Retail 2017 eCommerce in China – the future is already here How retailers and brands are innovating to succeed in the most dynamic retail market in the world www.pwchk.com Retail 2017 survey highlights mobile commerce, What is the greatest challenge you face in secure platforms, and big data analytics, among providing an omni-channel experience for others, as key investment areas for global your customer? retailers to thrive in years to come. Budget 30% constraints This report “eCommerce in China – the future Michael Cheng Too many legacy Asia Pacific & is already here” builds on the survey findings of 21% systems to change Hong Kong/China the global Total Retail 2017 to identify nine key trends that are shaping the recovery and growth Difficult to integrate Retail and Consumer % 20 existing systems Leader in the retail and consumer products sector in China. In order to stay ahead of the competition, Not a priority for our % retailers need to consider investing in identifying 13 leadership team customer needs, finding the right partners Lack of and investing beyond O2O into omni-channel % 10 expertise Foreword fulfilment. The report particularly highlights how eCommerce is evolving from being purely Lack of internal China, the largest eCommerce market in the transactional to now shaping innovation and % 6 resources world, is now setting the benchmark for present customer engagement trends across China’s and future global retailing. This is driven by its retail and consumer products sector. Source: PwC & SAP Retailer Survey; Base: 312 mobile-first consumer behaviour, innovative social commerce model, and a trusted digital China is a must-play, must-win market for China’s retail market has never been so payments infrastructure. eCommerce is the clear retailers and brands globally. It is already simultaneously attractive and challenging. growth story. According to PwC’s Economic the world’s biggest retail market and the Consumer’s spending power is increasing but Quarterly Q1 2017, the national online retail increasing purchasing power of China’s 415 they are faced with an abundance of choice and sales of goods and services reached 1.40 trillion million millennial consumers will sustain future are easily bored. eCommerce is experiencing yuan in the first quarter, 32.1% higher than growth. eCommerce is enabling international tremendous growth but the market is fiercely a year ago. In comparison, retail sales of the retailers and brands to enter China more competitive and innovation is constant. physical stores went up by 7.2% only. quickly and easily than before through online- Retailers and brands in China are racing to stay only business models. The booming growth of relevant with consumers. Last year’s PwC report – The Disruptive face China’s eCommerce sector has also propelled I strongly recommend you to read this insightful of the Retail and Consumer Products Sector the government to take notice and support this report to not only learn more about the changing in China and Hong Kong – discussed how growth. China is now drafting its first eCommerce landscape of China’s eCommerce market but economic slowdown, rising millennial shoppers law to include online transaction security, also to gain insights on how the future of global and the online retail ecosystem are causing intellectual property rights protection and the retailing may evolve as digital-native consumers disruption in the sector. Our recent global Total protection of consumers’ rights. begin to shape the retail model. | 2 | investing in traffic generation. Yes, these core tenants still Introduction apply but China’s eCommerce market is a constantly moving target, and we are now entering an era of experience led China is the largest and most innovative retail commerce. As the lines between eCommerce, mobile and eCommerce market in the world social have blurred, so will we see a broader convergence With a forecasted compound annual growth rate in double between online and offline retailing. In this way digital digits, online retailing is expected to grow from 17% of total becomes a platform for not just online growth but everything retail sales in 2017 to 25% by 20201. The current scale and from, brand building and customer engagement through to growth trajectory has made eCommerce a top three strategic supply chain operations and physical store formats. priority for most retailers and brands. But more importantly, China’s eCommerce market offers a glimpse to the future of Nine trends shaping the retail and consumer global retailing. products sector in China This report highlights nine trends, organised around three China, today, is characterised by mobile-first consumer core themes, we see characterising the recent developments behaviour, vibrant social commerce adoption, and a in China’s eCommerce market. The first theme, “new retail ubiquitous digital payments infrastructure. In addition, normal”, delves into the increasing maturity of businesses in the market is fiercely competitive. Local and international using data analytics and omni-channel technologies to create brands compete for consumer’s attention and wallet share, a seamless consumer journey between online and offline the internet giants race to build broad digital ecosystems to channels. The second theme, “content driven commerce”, strengthen their existing network effects, and well-funded discusses how brands and retailers are shifting from start-ups redefine customer experience. Only the most eCommerce as a transactional environment to incorporating innovative survive in this dynamic retail environment. social engagement and storytelling into the core of their customers’ digital experience. The final theme, “new growth In some ways the future sounds familiar as eCommerce avenues” highlights how eCommerce, social and emerging remains the clear growth story. In the past however, capturing technologies are driving breakthrough growth opportunities this growth typically meant the transactional elements of across the food, luxury and sports retail categories. activating online channels, optimising merchandising, and 1 Goldman Sachs, China E+Commerce, shopping re-Imagined (2017) | 3 | 9 trends shaping retail and consumer products sector in China New retail normal O2O matures into Return on omni-channel analytics Content driven eCommerce eCommerce Innovation at the Moments Key opinion entertainment intersection that matter leaders as retailers New growth avenues Food Luxury Sports and wellness | 4 | New retail normal The increasing maturity of businesses in using data analytics and omni-channel technologies to create a seamless consumer journey between online and offline channels. | 5 | Mobile shopping behaviour in China is more freuent than store visits O2O matures into Chinese and gloal respondents shopping freuenc using different channels omni-channel China Global – digitisation of retail moves from 4 1 3 3 10 11 marketing and channels into fulfilment 20 24 and supply chain 19 3 30 In-store PwC’s Total Retail 2017 survey reveals that, 46% of Chinese 28 30 consumers shop in-store on a weekly or daily basis, which is in fact lower than the frequency of mobile shopping at 52%. 5 3 Our survey also shows that 24% of consumers say they shop 14 7 3 7 1 less often at physical stores as a direct result of Tmall. These changing consumer trends pose a challenging question 19 1 35 to traditional retailers in China – what is the role of the 34 nline via PC 33 physical stores? 28 3 Many retailers and brands started to embrace the growth 2 of digital by experimenting with online-to-offline (O2O) 7 7 11 marketing, which meant using online channels to drive 11 19 consumers into physical stores. While O2O has proved 38 19 successful, the challenges of this approach are that channels 45 nline via mobile 27 remain siloed, return on investment is difficult to track, 8 21 costs are rising and customer experience is disjointed. aily Weekly Monthly A few times a year nce a year Never Base: 905 (China), 24,471 (Global) Source: PwC Total Retail 2017 | 6 | In response, retailers and brands in China are starting to invest enabling inventory to be universally managed across online and in omni-channel capabilities. While O2O focuses on marketing, offline channels. In another example, Uniqlo launched click- omni-channel covers a broader spectrum of operational and-collect in China, allowing consumers to buy products online processes including marketing, merchandising, customer and then pick them from 400 omni-channel enabled stores2. service and fulfilment. Omni-channel strategies are intended Our survey shows that 31% of Chinese consumers shop online to improve operational efficiency, customer experiences and with their favourite retailer because of reliable and flexible overall profitability. In our experience, most retailers in China delivery options (like in-store pick up). This strategy also led to are focusing investments in omni-channel fulfilment as they higher footfall into the Uniqlo’s stores, creating opportunities for believe it is the area where the greatest opportunities exist. up-sell and cross-sell. Outside of apparel, IKEA has launched its A major fashion apparel company is turning their physical first pick-up and order point in Wenzhou China, a small format store network into fulfilment hubs for eCommerce sales. This 1,800 square meter store that displays about 2,500 products. ship-from-store model allows the retailer to better manage While the store is designed to be small, excluding areas such as eCommerce demand during peak sales seasons like Singles food and beverage, it does include professional customer service Day and also optimises merchandising and gross margins by staff to support with home planning3. Omni-channel fulfilment valued as a customer experience differentiator Top reasons wh consumers shop online with their favourite retailer 5 Their prices are good 57 40 I trust the brand 34 Free returns, return items They have a good returns policy 35 to store when purchased online 27 Superior online customer reviews 34 15 Same day delivery, pick up online purchases in-store or They have fastreliable delivery 31 designated pick up location 2 Note: Respondents were asked to select up to five options.
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