Retail Trends
In the past three to five years, the Chinese retail industry is undergoing changes that no one can ignore. The rapid rise of various types of e-commerce, the traditional retail industry is facing unprecedented challenges. With the escalation of innovation and transformation of retail enterprises, the trend of physical retail warming will continue to increase. The following is an analysis of the development trend of the retail industry. Millennial consumers, in particular, are increasingly less interested in mainstream brands such as Nike and Lululemon. This is particularly tricky for chain department stores that provide major retail space for mainstream brands. Internet fashion companies such as Revolve Clothing are on the rise. Founded in 2003, Revolve, which sells niche brands, currently earns $400 million a year.
In the past three to five years, the Chinese retail industry is undergoing changes that no one can ignore. The rapid rise of various types of e-commerce, the traditional retail industry is facing unprecedented challenges. With the escalation of innovation and transformation of retail enterprises, the trend of physical retail warming will continue to increase. The following is an analysis of the development trend of the retail industry. Millennial consumers, in particular, are increasingly less interested in mainstream brands such as Nike and Lululemon. This is particularly tricky for chain department stores that provide major retail space for mainstream brands. Internet fashion companies such as Revolve Clothing are on the rise. Founded in 2003, Revolve, which sells niche brands, currently earns $400 million a year.
In the Internet era, the effectiveness of advertising-based one-way communication has been declining. Word-of-mouth and trust have become an important factor in the recognition of retail brands. Future retail companies will no longer be pure commodity sellers, but will become market organizers who integrate resources, build a social business ecosystem, and achieve multi-win-win situations. It is estimated that by 2020, the number of social e-commerce merchants in China will be 24 million, and the market scale will exceed one trillion yuan. In the next five years, the industry will have 10 times more room to expand.
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