Latest News on China’s Market

August 7, 2023

1. Estée Lauder taps Asia’s male beauty market with Manchester United partnership

  • Beauty and skincare giant Estée Lauder has inked an exclusive partnership deal with Manchester United in hopes of tapping the club’s fans in China and the Asia Pacific region.

  • In China alone, the men’s beauty market was projected to surpass $10 billion in 2022 and could reach $33.4 billion (240 billion RMB) by 2027.

  • Most male consumers may be relatively new to the skincare game, especially when it comes to premium products.

  • In the first half of 2023, the GMV of men’s makeup on Douyin surged by 364.6 percent year-on-year. With this market being especially open to beauty and grooming, we’d bet that a clever campaign could work wonders.

LINK: https://jingdaily.com/estee-lauder-manchester-united-collab-male-beauty/

 

2. Male beauty’s next growth engine: Douyin

  • In the first half of 2023, the gross merchandise value (GMV) of men’s makeup sold via Douyin surged 365 percent year on year – Tmall and Taobao combined achieved 6.7 percent growth in the same period.

  • Chinese male beauty brands are quickly expanding on the short video app. Domestic labels claimed seven spots on Douyin’s top 10 best-selling mens’ skin care list, whereas international brands took three places.

  • Male skincare buyers’ profiles: Last year, 70 percent of men’s beauty purchases were made by women, according to a 2022 report from Xiaohongshu. But male buyers have caught up, now accounting for half of male cosmetics purchasers on Douyin.

  • The average age of the male makeup user is between 18 and 30 with an average price of $9.7 (69.2 RMB), significantly lower than on other platforms like Tmall and JD.com.

  • Cooperating with KOLs has proven to be a quick and effective strategy for businesses that want to scale up brand awareness. These influencers are crucial for spreading knowledge about beauty routines.

LINK: https://jingdaily.com/male-beautys-next-growth-engine-douyin/

 

3. McKinsey: Chinese consumers, brands ‘cautiously optimistic’ on tourism and spending

  • Chinese consumers are looking for better deals and sales across platforms like Douyin and Pinduoduo, where products are often sold for “half or less” than on more established competitor shopping apps.

  • McKinsey found that while many remained loyal to their favorite brands, 47 percent of respondents reported switching retailers to obtain a “lower price/discount.”

  • Travel, restaurants and apparel were the top categories consumers were spending on, the survey revealed.

  • However, international travel in June was still 58 percent lower than pre-pandemic levels, though the number of outbound flights from China is “rising rapidly.”

LINK: https://jingdaily.com/mckinsey-report-cautiously-optimistic-tourism-spending/

 

4. China ecological transition: a green revolution led by consumers

  • Keeping balance between satisfying the demand of country’s market, while preserving sustainable standards is challenging

  • Chinese consumers are demonstrating a higher attention to environmental issues compared to the previous years, this trend being reflected in several factors, from carbon emissions to locally produced goods.

  • In this sense, the pandemic has represented a turning point for the development of this trend inside consumer’s mindset, many of which are now willing to pay more for environmentally friendly products.

  • Case study of KFC:  Thanks to “Exploring Carbon Reduction” and “The Journey to Carbon Neutrality” initiatives, introduced in their super App, KFC carried out a green rewards program that encourages consumers to not use disposable cutlery, favor in-store pickup, engage in waste sorting, etc.

LINK: https://mp.weixin.qq.com/s/HBf_m9WBZ2izfmQNFgOlvg

 

5. Pink burgers, platform Crocs and Malibu dream houses: Barbie’s global collab craze

  • Resale site StockX reported to Jing Daily it had seen more sales of Barbie products in July 2023 than any other month in the company’s history, double sales in July 2022.

  • Among so many names jumping onboard, from Vans, Kipling and Gap, to Pacsun and Nyx, one breaking through the Barbie collaboration noise online is Zara. The Spanish retailer launched a collection on July 21 (the movie release date) inspired by the fashion seen on screen, including a gingham dress, silk pajamas, and other clothing and accessories items

  • Though Zara, Vans, Nike’s Dunk Low sneaker, and Chanel’s themed efforts with the movie all made their way onto social media in China, the clothing and accessories collection from local fashion brand D’izzit is trending in the mainland.

  • Barbie mania is reaching all corners of commerce, from fashion all the way through to luxury hospitality. The W Hotel in Osaka, Japan, is one that’s proven a hit among netizens.

  • Thanks to Barbie nostalgia being at an all-time high, the IP’s pulling power feels unbeatable. Some consumers might be all pinked out, but this is definitely not the end of Barbiecore.

LINK: https://jingdaily.com/barbies-global-collab-craze/

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China Market Updates and News: Staying Current

July 10, 2023

 

 

  1. RED’S New Image Search Function

    On June 19, RED launched the “image search” function. Users can not only search for the same type of note by long pressing the note picture, but also click on the small camera in the search bar to identify and view the same type of note.

  1. New Zealand tourism seeks boost from Xiaohongshu marketing pros.

  • Since 2019, fewer Chinese tourists from that country have been coming to the country. Tourism New Zealand has recently established a partnership with a Chinese platform in an effort to buck this trend. Through this partnership, the government-funded organization will receive support for its marketing initiatives.
  • On June 29, at the launch event in Shanghai, Chris Hipkins, the prime minister of New Zealand, and Wang Yajuan, the company’s chief marketing officer, took a selfie. This selfie was later shared on Tourism New Zealand’s official Xiaohongshu account. Hipkins had the chance to meet and greet with top Chinese travel bloggers
  • New Zealand has maintained a strong relationship with China throughout the pandemic. China is currently New Zealand’s largest trading partner.
  • The impact of connecting and building trust with consumers through the Xiaohongshu platform cannot be underestimated.
    Link: https://daoinsights.com/news/new-zealand-tourism-seeks-boost-from-xiaohongshu-marketing-pros/

 

  1. What can luxury learn from the Shein PR debacle?

  • What happened: Desperate to transform its deservedly murky reputation, Nanjing-founded fast-fashion retailer Shein flew a group of influencers to visit its factory headquarters in Guangzhou in the middle of last month. Intended to burnish its reputation, the trip generated a slew of criticism.
  • Journalists revealed in their stories from the previous year that the company’s factory workers were paid only two cents per item while working 18-hour days with no weekends. Some employees were also apparently forced to take just one day off per month. Researchers also found that the factories had no emergency exits, and barred windows 
  • The value of influencers is increasing along with social media engagement, and wealthy fast-fashion companies are willing to offer significant financial incentives to those who are willing to risk a setback to their reputation.
  • Lesson: Luxury brands would be wise to avoid KOLs who are primarily driven by money and do not lead with values.
    Link: https://jingdaily.com/what-can-luxury-learn-from-the-shein-pr-debacle/

 

  1. Bilibili Embraces the “Melon-Eating Culture” in Real Life.

  • Bilibili and Shanghai TX Huaihai Plaza have organized an event that brings the “melon-eating culture” to life, targeting young people who enjoy watching online gossip.
  • A sense of community was fostered among Bilibili users by the event’s imaginative games and activities, which allowed participants to carry over their online persona into the real world.
  • The pink watermelon fields at the event attracted many young people, who took photos and shared them on social media platforms.
  • By displaying their Bilibili membership status or posting on a particular topic, participants had the chance to receive a free watermelon. They could also scan QR codes to access pertinent videos on Bilibili.
    Link: https://mp.weixin.qq.com/s/rWabhJN1G15ojCVLj_hRfA

  1. How much damage are French riots causing ‘Brand France’?

  • After a teenager was fatally shot by the police during a traffic stop, riots broke out in Paris and other French cities, resulting in extensive street brawls and aggressive encounters with the police.
  • Prominent stores, including Nike, Apple, and Louis Vuitton, experienced chaos and looting during the protests, while the situation remained tense with boarded-up stores on the Champs Élysées.
  • The riots in France became a top trending topic on Chinese social media platform Weibo, with the hashtag #Frenchriots generating 320 million views.
  • Businesses in France, particularly those in the luxury market, are concerned about the unrest and safety issues because China traditionally sends two million tourists to France each year for luxury shopping, but there is a chance that the unrest will cause Chinese tourists to be wary of going there again. In addition, the Chinese Embassy in France issued a safety warning to Chinese nationals following an attack in Marseille on a bus carrying Chinese tourists.
    Link:https://jingdaily.com/how-much-damage-are-french-riots-causing-brand-france/

 

  1. White people meals? What’s the story behind China’s ‘coldest’ food trend.

  • The trend really started to take off in May, when people started posting photos and videos of these simple meals on social media platforms in China
  • The similarities between these straightforward meals and the current “quiet quitting” mentality, where tired workers in China simply slow down their progress at work rather than quitting their jobs, were explored in one post on 163.com, a Chinese blog/media site.
  • Some people say the “white people meals” trend might serve more than just a stereotype; it may actually help challenge other hackneyed cultural beliefs.
    Link: https://edition.cnn.com/travel/article/white-people-meals-chinas-food-trend-intl-hnk/index.html

 

  1. Will China overtake the U.S. on AI? Probably not. Here’s why.

  • Some Chinese companies have gone as far as making their own rules. The Chinese version of TikTok, Douyin, mandates that AI-generated content be labelled and that users register their real identities before posting.
  • Chinese businesses have long been at the forefront of surveillance technology and have invested heavily in AI, from lining city streets with surveillance cameras to using facial recognition to track paper use in public restrooms.
  • Chinese companies have been investing in AI for years  from lining city streets with surveillance cameras to using facial recognition to monitor paper use in public toilets  and have long been at the cutting edge of surveillance technology. But when it comes to some other types of AI, Chinese firms lag years behind their international peers.That’s partly because the Chinese Communist Party-run government strictly controls information and communication.
  • In a recent study, Ding discovered that the majority of the large language models created in China lagged behind those created in the United States by almost two years, a gap that would be difficult to close even if American businesses had to adapt to regulation.
  • The Biden administration placed restrictions on the export of specific chips made anywhere in the world using American machinery to China. Washington said the move was necessary to prevent U.S. technology from being used in Chinese military applications or from making its way to Russia.
  • This has made it harder for Chinese tech companies to access the most advanced chips that run complex AI frameworks. 
  • It’s a question of rising to the occasion of what this moment represents. Do we care enough to protect people who are using this technology? Because people are using it whether the government regulates it or not.
    Link:https://www.washingtonpost.com/world/2023/07/03/china-us-ai-technology-chatgpt/

 

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WeChat Open Class Pro: A Look at What’s in Store for Businesses in 2023

March 2, 2023

WeChat Open Class PRO is a hyped and highly-anticipated annual conference organized by Tencent and aimed at creators.

In addition to showcasing exciting new developments and plans that WeChat has in store, the event aims to offer insightful information about how medium and small businesses can use the platform to spur growth and raise brand awareness. 

Let’s see how this can impact brands and businesses that use WeChat to reach their customer base…

 

Why is WeChat Class PRO important for businesses?

Weixin Open Class PRO also referred to as WeChat Open Class PRO, is a yearly conference organized for developers, companies, and marketers to learn about the most recent features, updates, and best practices for the largest social media platform in China. We covered the event last year – WeChat Weixin Open Class PRO 2022.

Here are some reasons why Weixin Open Class PRO is important for businesses:

 

Keep up with the newest features

  • Businesses can learn more about the most recent features and updates, including Mini Programs, WeChat Pay, and WeChat Work, thanks to Weixin Open Class PRO. 
  • By using new features to improve their marketing and customer engagement strategies, businesses can benefit from this information and stay one step ahead of the competition.

 

Find out the best practices

  • Businesses have the chance to learn how to use WeChat to grow their operations from successful case studies and industry experts through Weixin Open Class PRO. 
  • This can help businesses maximize their marketing efforts, improve customer engagement, and raise brand awareness.

 

Access to Tencent resources

  • Businesses can access resources from Tencent, including its developer tools and APIs, through Weixin Open Class PRO. 
  • In order to better serve their customers, this can assist businesses in developing customized WeChat solutions, such as Mini Programs.
  • In general, Weixin Open Class PRO is crucial for companies looking to stay competitive and use WeChat to promote business expansion in China.

 

📹 Watch the whole recording of the WeChat PRO 2023 conference here

 

What can we expect for 2023?

Based on the Open Class PRO  and our own observations, we can tell that:

 

WeChat Channels:

  • After a year of new features including adding customer service integrations, WeChat Channels will continue to grow. Check out WeChat Channels Stats 2023 & Growth Plan to find out more. 
  • Moreover, Tencent made a commitment to help creators. Their team stated that they would offer in a total of 5 billion free views in traffic, as well as richer and more comprehensive monetization tools and incentive policies, in order to assist anyone who is serious about broadcasting, growing, and earning money. 

Backstreet Boys WeChat Channels

New Formats:

  • WeChat appears to be introducing new ad formats and improved integrations.
  • There is certain format fatigue as the article format has been the same for years. This year, Tencent tests to implement new formats like:
    • Images will be stacked and horizontally viewable in a 3:4 aspect ratio.
    • Up to 300 characters will be allowed in the description section.
    • Optimized services related to image display to gain traction.

WeChat Image Message New Format

WeChat Search:

  • The WeChat search engine continued to expand, reaching 800 million monthly users:
    • Earlier this month, WeChat released a small program called Search data assistant.
    • Wechat’s backend has been updated with new features to help brands better track it.

 

🔍 A Quick Guide to WeChat Search As a Marketing Tool

WeChat SEO Search Keywords

WeCom:

  • Undoubtedly, WeCom will expand as well. WeCom, Weixin’s product specifically designed for businesses, offers practical office automation and communication tools. It is also being adopted by the education sector more and more.
  • According to the Industry Resilience and Recovery Potential Report 2023 that Weixin released at the Weixin Open Class PRO, SME businesses with fewer than 500 employees saw a 35% increase in the number of daily active WeCom enterprise users in the manufacturing sector year over year. 

 

AI development:

  • Lastly, it’s worth noting the advancements made by the WeChat AI team. In 2022, the AI team made improvements to the WeChat dialogue open platform called co-enterprise WeChat.
  • They also introduced a new service called “dialogue robot” for corporate WeChat. It will allow for more seamless integration between robots and artificial customer service in the customer service scene. This natural integration enabled companies to serve their users more efficiently.

 

Conclusion

Firstly, WeChat’s annual Open Class Pro conference is a crucial event for businesses seeking to stay ahead of the competition and expand their customer base in China. Moreover, we can expect continued growth and innovation from WeChat in 2023, with the 2022 conference focusing on mini-programs, payment, and search functions, and advancements in the app’s short video service, Channels. 

Furthermore, with Tencent’s commitment to investing in traffic and monetization tools, as well as advancements in ad formats and WeChat AI, businesses can anticipate new opportunities for engagement and growth on the platform. 

Meanwhile, if you want to know more about WeChat, please contact our team. We use our knowledge and expertise to help businesses build meaningful partnerships and develop their networks among Chinese customers. For additional information, please contact us at contact@thewechatagency.com.

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Tech news in China

August 4, 2022

Chinese TikTok re-bets on “Zhongcao”, a key to China’s e-commerce consumer culture

With the release of the brand-new independent recommendation app “Kesong,” Chinese TikTok Douyin is re-testing the “Zhongcao” business model. The action is a part of the video-sharing site’s larger strategy to develop into an interest-driven, omnichannel e-commerce ecosystem. Although “Zhongcao” makes it easier for content-focused platforms to capitalize on China’s e-commerce craze, it shouldn’t be done at the expense of user experience.

https://daoinsights.com/works/chinese-tiktok-re-bets-on-zhongcao-a-key-to-chinas-e-commerce-consumer-culture/

Tencent To Close NFT Platform Huanhe a Year After Launching

Major Chinese tech companies have started launching NFT-related platforms since last year. In addition to Tencent’s Huanhe, Ant Group introduced Topnod (JingTan in Chinese) on its AntChain in late 2021, and e-commerce behemoth JD introduced Lingxi, an NFT platform, in December. 

In China, NFTs are known as digital collectibles, but there are some important differences, such as limitations on the resale of these NFTs. Huanhe is supported by blockchains managed by Tencent and its partners. Buyers are concerned that the closure of Huanhe may also mean the end of collectibles purchased through the platform.

https://technode.com/2022/07/21/tencent-plans-to-close-nft-platform-huanhe-a-year-after-launching-report/

The Good Old Days: Why Nostalgia Amplifies Brand Collabs In China

According to a 2021 Mintel study, 77% of Chinese consumers enjoy items that bring back fond memories, such as childhood snacks. In difficult times like the COVID-19 pandemic, nostalgia is an easy way to elicit endorphins while reassuring customers. 

China has experienced a consistent flow of nostalgic food and cartoon collaborations in 2022, whether as a direct result of difficult times or not. International brands are also embracing the trend. L’Oréal released a line of cosmetics in April 2022 with the IP of the well-known Chinese cartoon (Black Cat Police Captain) from the 1980s. The line’s marketing even included the wistful theme song. 

https://jingdaily.com/brand-collaborations-nostalgia-wins-china-team-wang-loreal/ 

High-Tech Hues: Alibaba Algorithm Will Have Chinese Shoppers Looking Their Best This Fall

Retail trends are predicted before they occur thanks to a partnership between TWTA and Alibaba’s research arm DAMO Academy powered by AI. For instance, the information indicates that vibrant, lush orange and soft cyan blue will be popular colors in the fall and winter. The algorithm translated colors into digital codes after learning from a vast collection of product photos on Alibaba’s marketplaces and more than one million photos from fashion shows in order to identify patterns and forecast trends for both businesses and consumers.

https://www.alizila.com/high-tech-hues-alibaba-algorithm-has-chinese-shoppers-looking-their-best-this-fall/ 

A Guide To China’s Top Livestreaming Apps

More and more businesses are utilizing the e-commerce potential of live streaming, whether it be for performance art exhibitions, video games, or private luxury consultations.  Here are the top four live streaming platforms in China that luxury brands should be aware of because algorithm-driven short-video apps now account for the majority of online advertising.

Douyin

Due to its low entry barrier for product sales, Douyin’s live broadcast feature is especially well-liked among young consumers. Popular KOLs’ promotion of products can result in immediate sales. The app has successfully established a business model that functions as a personal and commercial platform thanks to additional alluring features like Douyin’s VIP Room, Flagship Store, and Global Choice. 

Kuaishou

Luxury brands have historically paid close attention to apps like Douyin and Bilibili, but with 578 million MAU and nearly $40 billion in revenue in the fourth quarter of 2021, Tencent-backed Kuaishou is becoming more and more difficult for major brands to ignore. Millions of users still rely on the app to buy cheap food and beauty products on a daily basis. 

YY live

YY Live offers a devoted user group of paying subscribers for a large number of content creators, even though it doesn’t have as many MAUs as top platforms Douyin and Taobao Live. The social network is positioned as being more focused on entertainment than strictly e-commerce by the platform’s hosts, who highlight streaming and chat features with virtual currency that is later converted into real money. 

Taotao live

Taobao live, which was introduced in 2016, draws both Chinese and foreign audiences with a mix of entertaining and business-related content. Taobao’s wide selection of reasonably priced goods contributes to some of its success in the fashion industry. Taobao makes it simple for livestreamers to maximize the speed and agility of the number of products they can try on, review, and sell to devoted audiences. Taobao pairs with an incredibly quick supply chain response. 

https://jingdaily.com/livestream-ecommerce-platforms-douyin-taobao/

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What’s New In The Chinese Market?

July 26, 2022

Xiaohongshu cashes in on tourism by setting up a travel agency

Puzhen Xiangli, a travel agency run out of Shanghai, has been established by Xiaohongshu. About 64% of China’s regular wanderlust users now start their journeys on the platform. Since Gen Z travelers prefer Xiaohongshu over more established online travel agencies like Ctrip and Fliggy, this popularity has paved the way for Xiaohongshu to further challenge established market players. 

Due to Airbnb’s exit from the market, there is now more room for domestic competitors to enter the fray. However, Xiaohongshu’s interests extend beyond homestay. Over 16 million views have been generated by platform searches for the keyword “Travel” so far, which is eight times more views than searches for the keyword “Homestay.” This shows that there is still untapped market potential for the platform to tap into.

Link: https://daoinsights.com/news/xiaohongshu-cashes-in-on-tourism-by-setting-up-travel-agency/

ByteDance debuts the first metaverse-like social app, Party Island

After the rise and fall of the formerly popular proto-metaverse social app Zheli, Chinese tech giant ByteDance has stepped up to take on the challenge of social networking with its highly anticipated social app, Party Island, which, according to Gamelook, a website focusing on the Asian games market, went live for public testing on July 13. 

With the help of their personalized avatars, users can interact with one another in the three-dimensional virtual space; meet up; hang out, and even go to events like concerts and movies with their virtual peers. The app’s access to a vast media library within the ByteDance empire, including live streaming events, films, and TV shows owned by Douyin and Xigua Video, adds to its appeal. 

This enables the app to provide its users with a rich digital experience that will amuse and engage them. While their resemblance to hot technology has largely won over the audience, it appears that the feature that enables a distinctive online experience and meets the social needs of today’s young Chinese is what will really pique user interest. The new innovation from ByteDance would revolutionize China’s online social networking scene if it goes off without a hitch.  

Link: https://daoinsights.com/news/bytedance-debuts-first-metaverse-like-social-app-party-island/

China’s “Silver Economy” Is Here To Spend

The 2022 product catalog for China has been encouraged to include clothing and other items for elderly people by the Ministry of Industrial and Information Technology. This is consistent with the Chinese Community Party’s 14th five-year plan, which was released in 2020 and has a section devoted to enhancing government support for the well-being of senior citizens. In comparison to their Gen Z and Millennial consumer counterparts, the “new” older generation has greater purchasing power and more free time, making them more readily available for discretionary spending. 

We wrote about this here >>> China Trend: Silver Generation

Link: https://jingdaily.com/china-silver-economy-government-support/ 

Brand zone search

It was created to strengthen the demand for building brands. Users actively look up brand terms to learn about the brand, comprehend the consulting services offered by the brand, and enter brand official account message templates, mini programs, and other private domains for information gathering and conversion. WeChat plans to develop more advertising options for search.

More details about WeChat search and brand zone in our article: A Quick Guide To WeChat Search

Link: https://mp.weixin.qq.com/s/SkduovJwM4Up0Nj9JNTw2A

Douyin, China’s TikTok, tests food delivery, bringing ByteDance into a market dominated by Meituan and Alibaba

In order to compete with market leaders Meituan and Alibaba Group Holding, ByteDance’s Douyin, the Chinese version of TikTok, is once again entering the food delivery market.

Some restaurants in specific cities, such as Shanghai, whose economies were severely impacted by a resurgence in Covid-19 this year, now offer a delivery option on their Douyin channels.  However, eateries are required to employ their own delivery personnel or use external delivery drivers. Market leaders Meituan and Alibaba’s Ele.me, on the other hand, are well known for their armies of delivery drivers, who are a common sight on Chinese city streets.

To gain market share, however, one must alter user preferences for the apps that have proliferated throughout many Chinese people’s digital existences. Meituan and Alibaba made up 69 percent and 26 percent of the market, respectively, in 2020. As a result, ByteDance is still facing a great challenge. In order to gain market share, marketers believe Bytedance should think about how to set itself apart from the competition and work on its pricing strategy. 

Link: https://finance.yahoo.com/news/douyin-chinas-tiktok-tests-food-093000424.html

Tencent makes a move to turn WeChat’s short-video function channels into a money pot through ads and e-commerce tools.

The Shenzhen-based company unveiled a new e-commerce tool on Thursday to build online stores on Channels, the quick-video and live-streaming platform inside the multipurpose app WeChat. This tool simplifies the procedure for merchants to list products, sell them, and collect payments.

The e-commerce tool was announced shortly after Tencent Monday added video ads to its Channels feeds, enabling users to directly shop through an ad and share it with friends on WeChat.

WeChat’s video service has added new users rapidly over the past six months, according to data from the Chinese analytics company iiMedia Research, thanks to concerts and entertainment content that makes use of Tencent’s music division’s resources.

Link: https://www.yahoo.com/now/tencent-makes-move-turn-wechats-093000560.html

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Latest News from China

April 20, 2022

China Online Advertising Market Insights 2022

  • In 2022, 43% of advertisers in China expect to increase spending on digital marketing, 
  • The top online advertising media are:
    • E-commerce 47%, 
    • a short video (16.6%) 
    • News (16.6%)
  • In 2021, short video advertising continued to expand at a rate of over 31%.
  • Platform traffic, which accounts for 74% of a brand’s advertising budget, is the most important KPI.
  • 70% of advertisers indicated they’d pay greater attention to the platform’s ability to innovate.
  • 90% of advertisers feel that integrated marketing is becoming increasingly crucial.
  • After short videos, live broadcasts, and newsfeed ads, SEM is predicted to become the primary online advertising channel by 2022. (since 2019, Tencent, and Alibaba set up independent search engines to strengthen the integration entrance function of each service module).

Content ecology search ads are search ads on content platforms such as Toutiao, Douyin, Xiaohongshu, Zhihu, etc. SEM are search ads on search engines such as Baidu and  Sogou. E-commerce ecology search advertising includes search ads on e-commerce platforms such as Taobao Search, JD search and Pinduoduo search. Social ecology search advertising includes search ads on social platforms such as Weibo and WeChat

Link: https://www.chinainternetwatch.com/31087/online-advertising-market/

‘The NFT Thingy Is Starting to Burst,’ Warns Nassim Nicholas Taleb

The NFT thingy is starting to burst. All you need is higher interest rates for things that make no sense to start making no sense.

“Jack Dorsey Tweet NFT Once Sold for $2.9 Mil, Now Might Fetch Under $14K”.

The origins of speculative investments like NFTs are ultralow interest rates and market pandemic monetary policy.

The market has been anticipating the end of the market epidemic monetary policy of ultralow interest rates and cheap money for some time. Taleb appears to be saying that much of the cheap money has gone into speculative investments like NFTs and that this trend is ending. “People have lost their minds,” C.Z. Zhao, the billionaire creator of Binance, remarked of the $69 million auctions of an NFT piece of artwork in 2021.

Others like the recipient of that $69 million fortune, an artist known as Beeple, also worried that NFT art was in a bubble but believe the technology is going to outlive that. 

He said that the internet, in its nascence, was also a bubble—and it eventually burst.“But it didn’t wipe out the internet,” he said. “And so the technology itself is strong enough where I think it’s going to outlive that.” A whopping $44 billion was spent on NFTs last year, Fortune previously reported.

Link: https://fortune.com/2022/04/16/nft-thingy-starting-burst-warns-author-the-black-swan-predictor-2007-2008-financial-crisis-nassim-nicholas-taleb-cryptocurrency/

WeChat Announces Progress on Fix for Enforced Following of Accounts While Ordering

  • When consumers wish to prebook, queue or order from an online menu in a restaurant, one of the most popular methods is to scan a QR code to gain access to the menu.
  • Users are often obliged to follow the restaurant’s official WeChat account as a result of this, with no option to opt-out. Many people have viewed the approach as a violation of consumers’ rights.
  • The Shanghai Consumers Council concurred and proposed that little if any, personal information be carried through when clients scan to order. Furthermore, eateries should provide manual ordering choices as well.
  • It sent a notice to official account developers, asking them to look into a problem in which customers are obliged to use official WeChat accounts while ordering through QR codes at restaurants. The platform is reminding developers, according to the letter, to check for any associated issues and to guarantee that the client experience is overall positive.

Link: https://pandaily.com/wechat-announces-progress-on-fix-for-enforced-following-of-accounts-while-ordering/ 

The End of Celebrity Marketing in China?

Celebrity marketing events in March 2022 fell by 50.9% compared to the same period last year, according to a recent analysis by Shiqu Insight Engine.

Co-branded marketing and new product marketing, on the other hand, increased by 91.3% and 57.6%, respectively, while sports marketing increased by 6.6 times. Brands that fail to respond swiftly enough to their ambassadors’ inappropriate behaviour are also caught in the crossfire.

Link: https://jingdaily.com/celebrity-marketing-traffic-stars-decline/ 

Consumers Hope to Get Rewards from the Brand for Loyalty | 2022 Digital Trend Report

Cheetah Digital, a marketing platform company, and consultancy, a consulting firm, jointly released the 2022 digital trend report.

The report shows that consumers want their loyalty to the brand to be recognized.

The study investigated the different reasons why consumers like brands and found that 78% of consumers like a brand because it rewards their loyalty.

In addition to being rewarded for their loyalty, consumers also believe that their favourite brands provide a consistent customer experience (80%).

About a third of people feel frustrated when they receive news that they cannot recognize their shopping or loyalty history.

Similarly, data trust is also important. Consumers surveyed (74%) claimed to have a favorite brand because it uses their data in a way that makes them feel comfortable.

Knowing this, marketers are taking various approaches to try to build trust in their data privacy protection, including a commitment not to sell information and seeking informed consent.

51% of consumers like a brand because they can communicate with the brand quickly and effectively.

Personalization is important for understanding consumer preferences. When consumers receive irrelevant content or offers (49%), when the message does not reflect their needs (41%), or when the brand fails to meet the needs of consumers after collecting information (35%), people are frustrated.

Consumers seem to be particularly open to certain areas of brand information.

Respondents said they either received the right amount of information or were even willing to receive more information about loyalty programs (71%), discounts (70%), VIP offers (68%) and brand value (65%).

Link https://mp.weixin.qq.com/s/jXgbVdVDV7V54P5nmN9YWw 

Elon Musk Makes Offer to Buy Twitter

On April 4th, 2022, Elon Musk announced that he had purchased 9.1% of Twitter. The news that the world’s richest man was now (briefly) the largest shareholder in his preferred social media platform. However, later on, he changed his idea to purchase the entire company. He offered $54.20 a share, valuing the company at roughly $43 billion.

  • Employees at Twitter are worried about Elon Musk’s takeover bid.

Things were a little different within Twitter. The news that Mr Musk wanted to buy the company and reshape it in his image shook much staff over the last ten days.

  • Musk wants to ‘unlock’ Twitter’s potential for free speech

“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe,” Mr Musk said in a letter sent to Bret Taylor, the chair of Twitter’s board, on Wednesday. “I believe free speech is a societal imperative for a functioning democracy.”

Mr Musk has long used Twitter to slam critics, mock Tesla short-sellers, and suggest extravagant space exploration plans. In addition, he has distributed false information concerning the pandemic. In a tweet in 2018, he pondered about taking Tesla private and falsely stated he had secured finance for the transaction, for which he was fined $40 million by the Securities and Exchange Commission.

According to the letter written to Twitter’s chair, if Mr Musk’s buyout offer is not approved, he will “need to reconsider my position as a shareholder”.

Link: https://www.nytimes.com/live/2022/04/14/business/elon-musk-twitter

Secondhand Luxury Is Key for China’s First Time Buyers

In 2021, Chinese consumers are expected to spend $73.6 billion on luxury goods in domestic stores, up significantly from $53.6 billion in 2020 and nearly double the $36.9 billion spent in 2019.

Because Chinese younger people, mostly millennials and Gen Zers, are increasingly inclined to purchase secondhand luxury products, there could be a secondhand luxury boom in 2022.

The main reasons are as follows,

  • With international travel still unlikely for many consumers and viruses threatening offline retail, young consumers may turn to e-commerce for the convenience factor.
  • There are always long waits in queue to get a limited edition or it requires to purchases a package deal in the offline shop to get a brand-new product. While the younger generations are not that patient, they prefer to get what they want right now.
  • The price hicks in those luxury brands like LV, and Chanel drives more consumers to the secondhand luxury market.

The issue in this sector right now is that there is no clear market leader. As a result, market challenges such as authentication and fakes continue to exist.

International luxury resale platforms aiming to get into the Chinese market will also need to think about more differentiators to help them compete with domestic rivals. Global players can compete in two ways: by stressing their ability to source from other countries and by boasting about their authentication credentials.

After all, the greatest service should be the deciding element for customers in this luxury resale e-commerce site.

Link: https://jingdaily.com/secondhand-luxury-is-key-for-chinas-first-time-buyers/

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China’s Personal Information Law

April 14, 2022

On August 20, 2021, the Standing Committee of the National People’s Congress passed the Personal Information Protection Law (PIPL), which became effective on November 1, 2021. 

Since its first version was revealed in October 2020, the PIPL in China has gotten a lot of attention as a basic law that is equivalent to the European Union’s General Data Protection Regulation (GDPR).

According to the PIPL, multinational businesses (MNCs) that move personal information out of the country will also be required to get data protection certification from professional institutes.

Individual consent is the primary legal basis for processing personal data under the Personal Information Protection Law. It states that personal data must be processed in accordance with the principles of legality, fairness, good faith, minimum necessity, openness, and transparency. There must be specific and justified processing purposes as well.

What Are the PIPL’s Fundamental Components?

The PIPL applies to all individuals and organizations managing the personal data of people within China’s borders, both public and private.

Notably, the PIPL broadens the scope of Personally Identified Information to Personally Identifiable Information. PII is defined as a company’s ability to create identification through profile stitching of non-identified data.

For example, a person’s purchasing habits and locations, together with other behavioral data, can be triangulated using third-party-appended data to profile the actual identified user – that is, even when their email or phone number was not collected.

In the processing of personal information, the PIPL refers to the following Basic Principles:

  1. The principle of lawfulness, legitimacy, necessity, and good faith: Personal information processing must not be misleading, fraudulent, or coercive. Furthermore, it requires a specific purpose for information.
  2. Clear and reasonable purpose: Information processing must be directly tied to a valid purpose, and data collecting must be limited to only that which is required for that purpose.
  3. In the processing of personal data, transparency is essential in terms of the norms, purpose, method, and extent.
  4. Accuracy – Information must be collected and stored in an accurate, comprehensive, and up-to-date manner.
  5. Security – Personal information handlers must ensure that all personal information they process is secure and take all necessary precautions.

How Does the PIPL Manage User Consent?

The type of data and the intended use of that data determine how to obtain the requisite consent. If the data is classed as Sensitive Personal Information, or if it will be used for:

  1. Operations i.e. transaction fulfillment,
  2. Subscriptions i.e. a memberships,
  3. Marketing, for example, sending promotional communication,
  4. Profiling, for example, personalization. Sensitive Personal Information, as defined by the PIPL, includes a person’s specific identity and location, as well as other factors. This category includes the following types of information:
  • specifically designated status
  • religious beliefs
  • medical/health
  • biometrics
  • financial
  • personal information relating to minors under 14

Before sensitive personal information can be processed, separate consent (rather than “bulk” consent) is necessary. Furthermore, there must be a particular, essential, and reasonable reason to process the data. Companies must make protective steps to ensure the security of such data (which may require requisitioning a Personal Information Protection Impact Assessment). Also, they should inform individuals affected by the processing of such data of the need for it and how it affects their rights and interests.

PIPL Permissions

What Does This Mean for International Brands in China?

Most significantly, the PIPL eliminates the binary nature of consent. For example, a user may have agreed to market but not to profiling (which means they will no longer receive personalized adverts). Furthermore, a brand’s consent levels from the same consumer on different platforms are likely to be varied. Each platform, from WeChat to Tmall to JD, might be unique.

Brands must ensure that every activity it does in the future is consent-compliant. Everything about a transaction, everything about marketing, and everything about profiling. To ensure that any action they’re conducting is genuinely compliant, brands must check at a user’s current consent status across these three criteria.

Furthermore, obtaining maximum consent from each user is not simple. Brands that aim to obtain full express consent, including cross-border, get roughly 2% of the market. 

Consent A/B testing will be required by brands to determine which consents individuals are willing to give. Consider consent in every software solution used by brands.

Personal information handlers – especially international brands with offshore headquarters – must now obtain and assess consent at a much more granular level, and consent must play a central role both in their customer interactions and tracking, as well as in their back-end data handling, ensuring security control and DSR compliance.

User Consent

Last, but not least, when asking for consent from users the following information must be highlighted:

  • Data receiver – is data for internal brand processing only? Does it involve a third party (third parties include brand headquarters outside of Mainland China)?
  • Data usage – how the data will be used? For marketing purposes or personalization content?
  • Data duration – how long the data will be kept precisely. 
  • Data location – location of the content storage and additional cross-border consent.

The last point is especially important for international companies which intend to move or store the data they collect in China abroad – this will be particularly complex as it will require several steps including but not limited to registering the data transfer with the government or completing an assessment certified by a third party; implementing technical security measures to prevent foreign-government access to the data, and tracking onward transfer to other entities. Companies should think of local-based solutions first. 

Conclusion

The PIPL is a major piece of legislation that has far-reaching consequences. There are parallels to the General Data Protection Regulation of the European Union. 

It is vital that enterprises take the required actions to prepare for the PIPL’s implementation, as it applies to data handling activities both in China and beyond China.

If you wish to know more about the PIPL, please contact our team. We use our knowledge and expertise to help businesses build meaningful partnerships and develop their network among Chinese customers. For additional information, please contact us by phone – Shanghai or Hong Kong.

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A Recap of the Latest China Updates

April 12, 2022

Meet Poizon (Dewu), China’s Latest E-commerce Platform

 

  • What it is?
    Poizon is a full-fledged fashion marketplace that sells authentic designer and premium brand sneakers, garments, bags, watches, and accessories, as well as artwork. It began as a content-sharing community in 2015. The company then ventured into e-commerce and used specialised authentication. Its journey is built around two pillars: community and shopping, allowing for a closed content-to-commerce cycle.
  • What does it offer?
    • Verification and quality inspection process for each purchase. Poizon-branded packaging, featuring an exclusive certificate of authenticity, a tamper-resistant cable tie, and custom packaging, is included with items that pass the process.
    • The world’s largest AR shoe model library. Its “AR try-on” function is used by 30% of customers every day.
  • What makes it different?
    On-site orders through purchase links in the posts, and sharing authentic experiences and styling inspirations after receiving the products. This helps accumulate brand equity and establish loyal communities.
  • Why does it matter?
    90% of its users are Gen Zers. They are better educated, have a broader perspective, and are more concerned about quality. Poizon has established an online shopping destination as well as a virtual area in which to form emotional relationships with others, and they are motivated by the potential of the community.

    Poizon, unlike other social networking platforms and e-commerce sites, is in charge of everyday operations, which are usually outsourced to third-party organisations. For brand merchants, there is no registration charge, which is a high cost on marketplaces like Tmall. And all of its marketing and advertising tools are available for free.

  • Bottom line: Legendary collaborations like Louis Vuitton x Supreme and Dior x Air Jordan have proved that the resale value of luxury can concentrate brand equity. Leading premium brands, however, appear unwilling to open official accounts, based on the current brand portfolio on the marketplace. A prudent approach might be a one-off collaboration.

 

Link: https://jingdaily.com/poizon-china-ecommerce-streetwear-resale/?utm_source=Jing+Daily+Subscriber+List&utm_campaign=03272a45fc-EMAIL_CAMPAIGN_2020_03_12_06_39_COPY_01&utm_medium=email&utm_term=0_8dec01cd8d-03272a45fc-408272405

Tips on Increasing the WeChat Article Open Rate

  1. Leave out key information
  2. Catchy headlines
  3. Surprising – repeating characters or leaving extra spacing between letters
  4. Leverage buzzwords
  5. Relate to a common struggle
  6. Numbers in the titles
  7. Call out your target audience
  8. Problem + solution
  9. Be friendly and personable
  10. Categorize

Link: https://mp.weixin.qq.com/s/ahD0qYcIxpW6Jd2UNq6jhQ

Xiaohongshu Wants More Male Users. It’s Using Women as Bait.

Is XHS drastically changing? Since the company has adopted a new growth strategy that prioritizes attracting more men to join the platform, many women say that they no longer feel safe and comfortable sharing their reviews.

https://www.sixthtone.com/news/1009886/chinas-instagram-wants-more-male-users.-its-using-women-as-bait

Taobao Tmall Released the Spring/Summer 2022 Fashion Trend Report. Based on Global Trends and Consumer Side Data, the Report Jointly Released Eight Spring/Summer Fashion Trends.

  • New Chinese style: Generation Z in China promotes design that is inspired by Chinese style and elements; at the same time, creative workers continue to produce excellent “New Chinese” products by delving deeply into the meaning of traditional cultural elements and combining them with the aesthetic concept of the new era.
  • The wearing style is generally made of body shapers, navel revealing styles, which accentuate the sensual and daring while integrating innocence and is influenced by the #Y2K style that has become trendy in recent seasons.
  • Free commuting: As working from home becomes the new normal, clothing is becoming increasingly integrated and diverse, and can be readily exchanged between office and leisure to meet the needs of many scenarios.
  • City Girl & Boy: Having a lockdown at home encourages individuals to engage in outside activities and get closer to nature. People are increasingly participating in outdoor recreational activities. Young people want a neutral combination, which combines leisure, sports, and other style components while displaying a basic and informal attitude and lifestyle.
  • Dopamine: This type of design can inspire joy and hope, restoring confidence and optimism for the future. Consumers are easily won over by design and experience that may elevate their spirits and promote optimism. Tufting’s popularity, both online and offline, is proof of this, as is the emergence of businesses like Merci Madame and Tagi, which demonstrate the trend’s market potential.
  • Holiday south France: go abroad vacationing still can stay only in imagination stage, “escape city plan” heat is not reduced, contracted and comfortable French country vacationing style catered to this one demand, attracted young city people with its peculiar languid, leisurely and comfortable with grace.
  •  High-performance life: safety and security as the most basic human survival law, is now under threat, it will drive the innovation of high-tech protective materials, promote the renewal and iteration of functional protective product design, so that science and technology empower, science and technology to benefit the world, in the field of fashion with products to provide people with a safe high-performance life.
  • Deconstruction: As customers place a greater emphasis on environmental protection, businesses and brands must assume greater social responsibility in designing and producing environmentally sustainable products that reflect today’s consumer values. In 2023, businesses’ objective of regeneration will become a prominent innovation field, as seen by the fashion industry’s launch of regenerative series, the use of recyclable materials in product design, and the creation of individual pieces through deconstruction.

Link: http://beautyland.creativeonshow.com/ifashion/index.html

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China Learnings This Week

March 28, 2022

Short Video Platforms to Deal with Stricter Rating Measures

Problems with fan circles, such as irrational fan support among young fans, have become a cause of concern for Chinese politicians. Setting up a classification system for short video platforms is one of the options that has recently been offered.

‘First, we should tighten content management and allow the media to fulfil its social role,’ Chinese officials stated. Second, market restraints should be increased to aid the return to the rationality of the star-making frenzy.’

Netizens praised the move, pointing out that short videos have a significant influence on young people today, and that many videos on platforms like Kuaishou focus on attracting attention but neglect quality.

Last year, China saw certain limits come into effect when a notice was published in September 2021 forbidding TV and streaming platforms from running idol training shows – competitive reality shows that pit future stars against one other, with the victors going on to become China’s newest idols.

Link: https://mp.weixin.qq.com/s/8t7aaiOj0j1OhHSIwffFqA 

 

How to Make Your Brand Go Viral: Branded Mini-Movies in China

Mini movies are short cinematic pieces created for a particular product or brand. The duration is generally shorter than 30 minutes. With the advancement of new media technologies, the branded mini-movie was formed, and it has become a popular marketing tool in recent years.

The purpose of a branded mini-movie is to disseminate information in order to demonstrate the brand’s values and messaging for commercial purposes. Touch and Go, a 90-second Cadillac commercial mini-movie starring Daniel Wu and released in 2010, is credited with being China’s first branded mini-movie.

Many brands have turned to mini-movie marketing as a regular activity in recent years, and some have even developed their own mini-movies. Alibaba Pictures, for example, was launched by Alibaba in 2014.

One of the most popular mini-movies was  What is Peppa? (啥是佩奇?) video with several hundred million views across streaming media platforms and the Chinese hashtag for #WhatIsPeppa was viewed nearly 1.5 billion times on Sina Weibo soon after its release.

Link: https://daxueconsulting.com/branded-mini-movies-in-china/ 

 

Video Account Has Added Useful New Features

  1. The service menu can be added to the WeChat Channels

Recently, brands that have received certification have been able to add a “service menu” capability to their home page, allowing for a straight jump to a mini-program.

At present, several WeChat Channels have added new service menus, and different types of accounts can customize the service setup. For example, the Channel 丁香医生 has two service sections and Huawei Customer Service features six service sections for contacting customer service, store inquiries. etc.  It can more effectively reach users and improve their convenience.

  1. Paid live-streaming rooms on WeChat Channels

Previously, Tencent NBA WeChat Channel hosted first paid live broadcast room, which carried NBA regular season content. The brand can create a paid live streaming room where users can choose what they want to view.

  1. The relationship between WeCom and WeChat Channels getting closer

WeCom added an option to send, receive, and watch the WeChat Channels live broadcasts, as well as send and receive live broadcasts from customers and publish them to customers’ friends’ Moments. The current version of WeCom now supports the direct push of the channel’s business card, which helps to gain exposure of the brand and increase the number of WeChat Channels followers.

Link: https://mp.weixin.qq.com/s/VcPwp9lo_67PL1DG5Ck9kg

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What’s New in China?

March 8, 2022

China Drafts New Rules to Control Notifications and Pop-ups

Context: The proposed rules appear to be part of a larger attempt in China to “clean up” its online content offerings. Notifications and pop-ups have been accused of being abused by Chinese IT businesses, who have been accused of utilising them excessively to push commercial promotions or sensational material.

Why it matters: Notifications and pop-ups are commonly used by Chinese tech companies to market their services. New laws restricting their use could damage companies like Baidu, Tencent, and Meituan, who rely on them to market their products and make money through adverts.

  • The draft rules require service providers to not “abuse” notifications and pop-ups to sensationalize trending social issues or entertainment topics. 
  • Notification and pop-up pushing service providers must publish content that adheres to the government’s “core values.”
  • Advertising via pop-up windows would be required to show a visible close button and carry a clear notice to users about the paid nature of the content.
  • Service providers that don’t qualify for an internet news license would be barred from pushing news notifications and pop-ups.

Link: https://technode.com/2022/03/03/china-drafts-new-rules-to-control-notifications-and-pop-ups/

China’s Viral Metaverse Social App Zheli on a Roller Coaster

In less than a month, China’s metaverse-like social app Zheli surpassed WeChat as the most popular free app on Apple’s App Store. How do you explain your success?

Gen-Z’s new demand in virtual socializing: WeChat has dominated most online social scenarios in China for years. However, the platform’s blurring line between work and life, as well as its increasingly powerful enterprise features, erode the sense of intimacy. Zheli was attempting to blend in there. It aspires to provide a unique virtual place for close friends, where Gen-Z, who grew up in the digital age, feels most at ease and free to be themselves. Furthermore, Zheli provides its customers with the company of their dearest friends 24 hours a day, seven days a week. They’re always there, and everyone is kept up to date on one other’s daily activities, which is especially important in the aftermath of a pandemic.

This new platform was overloaded by unexpected demand, and users complained about inconsistent internet connections and frequent crashes. They suspended user registration on February 16 and chose to take use of the opportunity to correct bugs and improve user experience.

This so-called “China’s first metaverse social app” sparked a debate over how to strike a balance between immersive, realistic virtual experiences and privacy and copyright infringement.

The elements of the parallel actual world, in other words, data, must be used to create an immersive and realistic virtual reality. Everyone’s everyday life is distinct in many aspects, from dressing style to lifestyle. In the metaverse, private information is exchanged for a tailored setting that makes one feel accepted and comfortable. Is that an agreement that everyone would be happy with?

Link: https://daoinsights.com/works/chinas-viral-metaverse-social-app-zheli-on-a-roller-coaster/

Kuaishou To Ban External Links to Taobao and JD.com From Its Live Stream

External links to Taobao (owned by Alibaba) and JD.com, China’s two largest e-commerce sites, will be withdrawn from Kuaishou’s live streaming rooms soon.

As of Q4 2021, Taobao will lose access to all social commerce channels on the platform, which has over 410 million monthly active users.

Because live streaming events are the most popular form of online engagement, the decision will reduce Taobao and JD.com’s principal source of online traffic. The decision is motivated by a desire to create a closed-loop e-commerce system, as seen on all of China’s major video-sharing platforms.

In comparison to its rival Douyin, which had already tapped into this in 2020, this was a late move. This is another example of how, as China’s short video industry matures and user numbers stagnate, social commerce has become a new battleground for video-oriented platforms.

Link: https://daoinsights.com/news/kuaishou-to-ban-external-links-to-taobao-and-jd-com-from-its-live-stream/

Low-budget CNY Campaigns

“The most practical strategy of good CNY marketing is to find the most significant, overlapping resonance point with the emotion of Chinese New Year and brand characteristics.”

  • A playful approach incorporating name/logo/brand hero and the festival theme
  • Make the distance between CNY and family shorter and homier 
  • Fun experience
  • Pick cool partner
  • Following the same CNY theme is also a very good choice 

Link: https://mp.weixin.qq.com/s/8CtI5R0PxMsZhQo4vEJ7uQ 

Douyin Advertising: a Step by Step Guide

Nearly half of the Chinese population uses Douyin daily (600 DAU). ByteDance is a global leader in recommendation algorithms. 

Douyin users also show the highest advertising receptivity among all leading social platforms. For example, 43% of users indicate that Douyin ads are easy to accept, sometimes even entertaining to watch.

Link: https://mp.weixin.qq.com/s/LZ-baLoyevrkMbbaoe9DIQ 

Fjord Trends 2022

Accenture’s Fjord Trends 2022 present a tale about people and their interactions with the environment, technology, brands, and one another. The main topic is the necessity to adapt to changes in all relationships, which are the threads that weave the new fabric of life together.
Come as you are: This phenomenon has side-hustles as a feature, a cause, and a symptom. Technology is making it simpler to find new sources of income, either in addition to or instead of traditional work. Employers have additional problems as a result of this, as they must balance the flexibility they provide to people with the demands of the company as a whole and work toward the greater good of the business in order for creativity, diversity, and trust-building to thrive.

The end of abundance thinking: Having recognized the interconnectedness of everything, organizations will have to start collaborating with others in the ecosystem to tackle climate change—the most pressing challenge.
As the role of abundance thinking in business is thrown into doubt, “less” doesn’t have to mean “loss”.

The next frontier: It’s possible that we’re on the verge of a new cultural age. If this is correct, the metaverse will be linked to this cultural transformation. Whatever happens, the metaverse has limitless potential as a daring new environment for businesses to explore, test, and create, all of which makes it incredibly intriguing.

This much is true: Brands must navigate limited space for information layers and people’s limited attention span. The layers must be simple and easy to use, personalized, transparent and contextual to place, interface and people’s ever-changing modes. The content design will be key, and we expect conversational AI to evolve both in ambition and sophistication.

Handle with care: Care has always been a vital aspect of being human, but it’s become more apparent and openly acknowledged in recent years, which is a great change. Designers and organisations alike must create space for exercising care—talking about it isn’t enough. The goal should be to design and build caring into systems consciously.

 

 

 

 

 

 

 

 

 

 

Link: https://www.accenture.com/_acnmedia/PDF-169/Accenture-Fjord-Trends-2022-Full-Report.pdf

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