WIM Salon | Innovate for New Consumers in China
The changing consumer types have been making the time-varying consumption trends more exciting. WIM Salon invites you to join the discussion on Chinese consumers, new consumer brands and the new technologies that power the future market.
There has been showing a shift in China's brand merchants from a product-focused – a gross merchandise value (GMV) pursuing mindset – to a consumer-focused approach in which companies have invested more to understand their target consumers and how they shop.
To understand consumers and power a brand's future development, we need to pay attention to the slow variable that significantly affects the consumer market – demographic shift.
In EqualOcean's new consumer brand report, four types of new consumers – middle-class, singles, seniors and Gen Z – are selected as representative of the future. Below shows three main types of consumers and their characteristics.
However, the diversification of population, along with geographic and Internet clusters, will eventually generate a much more complex matrix of consumer types – such as small-town youth, urban middle-class and so on – that will pose both opportunities and challenges for brand merchants.
On September 26, 2019, Alibaba released a 2019 Online Strategic Consumer Groups Report with Bain & Company. Relying on data produced by hundreds of millions of Tmall and Taobao consumers, they have identified eight strategic segments of China's consumers.
It is a good supplement for EqualOcean consumer analysis and will assist companies to better grasp their consumption behavior and the touchpoints that appeal best to them.
Those consumer groups are Rookie White Collars, Wealthy Middle Class, Supermoms, Small-Town Youth, Gen Z, Urban Gray Hairs, Small-Town Mature Crowd and Urban Blue Collars. Collectively they account for 80% of fast-moving consumer goods (FMCG) platform users and represent over 90% of gross merchandise volume.
EqualOcean is going to host a WIM Salon on October 27 to discuss the types of consumers and the following topics:
What’s the new consumer brand in your mind? How do you define 'new’?
Who is your brand’s target consumer and what strategy have you applied to acquire and retain them?
How do you see opportunities regarding future consumers? How does your company empower brand image with new technologies?
Only by focusing on consumers and using that as their starting point, can brands outperform in the succeeding decades. The best companies have already applied cutting-edge methodologies to more effectively build core brands, acquire consumers and fend off mounting competition.
World Innovators Meet (WIM) 2019 officially launched with WIM Salon on August 25, 2019. There are three coming events on Brain-Machine Interface, Automobile and WIM annual summary. Scan for more information!