Understanding the Modern China Market
The behavior of the China market has seen rapid changes in recent years. The development of technology, globalization and rise of social media, among others, have influenced the trend of its consumers.
- Online shopping
There is a rising trend of e-commerce in China, and the Chinese consumers have long expressed their recognition and support of online businesses. According to study, more than 40% of the China market shop online each year. The trend of online shopping also continues to increase, especially due to social media.
- Social media
Like everyone else, the china market is also active on social media. The Chinese who are active on social media are said to be more active than those from any other country and usually manage more than one social media account. Thus, businesses heavily invest in promotions by social media advertising. Of course, businesses that are viewed as popular in social media gain the trust and confidence of the China market.
- Mobile technology
Mobile phones have become a trend not only in China but everywhere. Phones have become so versatile that you no longer need to use your laptop or desktop—everything is on the palm of your hand. You can shop online, as well as post, share and update your social media accounts. According to a report in China Daily, China’s mobile phone users account for 94.5% of the population.
A study shows that the Chinese are willing to spend more money for a quality product. They have also recognized products from Western countries. There are also those who think that the quality of Western products is safer for their kids than Chinese products. However, this does not mean that Chinese products are of low quality. In fact, many top businesses source their raw materials and supplies from Chinese manufacturers and suppliers. Unfortunately, there are products from China that are in circulation that simply do not meet the proper standard.
- Rural residents who migrate to the city
There appears to be no change in the workers who move to the city. They remain frugal and only buy necessities, so that they can send more money to their loved ones. Thanks to technology, they can easily contact their families back at home with just a push of a button.
- Wiser market
Profit in business is not as simple as selling and expecting to make continuous money out of it. The China market is wiser, especially now that there is social media and websites that give product reviews. You cannot have repeat customers if you fail to satisfy their expectations. This is also the best time to focus on the Chinese consumers and be kinder to them. A bad review posted online and re-shared on social media can easily ruin a business’ reputation.
- Globalization and Western influence
There are certain changes or developments in the China market. These changes offer a wide range of opportunities for a wise entrepreneur. Is the China market being unduly influenced or is it simply making good use of available technology? Whether these changes in market behavior is good or bad is up to the reader to decide.
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