Last week, to coincide with CIIE being hosted in Shanghai, AustCham hosted a discussion and panel on the future of New Retail at the Westin Bund Centre – New Retail: Making Retail Great Again.
Invited speakers included Resonance’s Jerry Clode, alongside Alibaba’s Hector Zhang (Operations Advisor – Tmall Business Unit) and Ogilvy’s Olivia Plotnick (Marketing & Communications Manager).
Jerry lead out the session by discussing how China is leading the New Retail ‘revolution’; then Zhang shared Alibaba’s vision for retail in China; with Plotnick discussing how brands can best leverage new developments in this area.
Jerry Clode speaking at AustCham’s New Retail Event
After each speaker shared their perspectives, there was a lively panel discussion with questions from an enthusiastic crowd who joined the event.
Key perspectives and discussions from the event included:
That New Retail, while more advanced in China than elsewhere, is still in its infancy
New Retail represents a response to the limits of traditional retail. Now retailers have the opportunity to leverage data to provide consumers a deeper consumer experience
Due to the local reality that large tech companies can now combine e-commerce and payment assets to access SKU-level data, means New Retail is advancing faster here in China than elsewhere
New Retail is being embraced more readily by Chinese consumers due to the reality that traditional retail was not delivering on locals’ increasing expectations
Alibaba is championing New Retail as it represents the best way to optimize revenue yield from retail space, an increasingly rare and expensive commodity in China
New Retail offers marketers a more intuitive way to sell to consumers due to a wider set of data they can now access, meaning they can be less reliant on intrusive and disruptive mediums such as pop-up ads