It’s no secret that many retailers are in dire straits right now.
My team has been fielding offers to buy discounted lots of inventory from global brands on an almost daily basis…and we’re talking about household names here. It’s upsetting to see how much retail is in trouble.
To be honest, I think the industry as a whole may be past the point of no return.
However, I believe Chinese retailers are in a unique position.
China is years ahead of the West in the way they adopt new technology. They’ve already gone through the digital transformation. Retail here was gutted long ago…and it turns out, that’s a good thing.
Companies who embraced ecommerce are now positioned to weather the storm in ways their “old school” brick and mortar competitors aren’t.
China pioneered touchless retail. Cash payments are a thing of the past here. Everything is done electronically.
Most Chinese brands already had infrastructure in place when the crisis hit and were ready to pivot and adapt when physical stores shuttered. The transition was seamless because it had already taken place.
While their global competitors are selling off inventory and closing up shop for good, they’re thriving. China never ceases to amaze me.
#ChinaBusiness #China #Ecommerce #Tmall #Taobao #InternationalBusiness #DigitalTransformation