Western companies and international brands have been exploring ways through which they can have a better position in the Chinese market. They are trying to target their services and apps that are directed to the needs of China's massive number of consumers.
According to CNBC, the decision for international firms to tailor their services towards the needs of the China is due to the increasing dependence of Chinese consumers on smartphones and technological devices.
Among the examples experts noted in China's sprawling smartphone consumer market is the use of Alibaba's Alipay and Tencent's WeChat Pay even in car parks around the country. Cashless payments are a growing trend in the country.
The road that western companies are trekking is not easy, as was the case with Airbnb. The online lodging arrangement network had to create a different platform especially tailored to the needs of its Chinese audiences.
Airbnb is Aibiying in China and it is also available for use with Alipay and WeChat Pay. So far, the company's Beijing team is composed of 500 people who work together to deliver the best lodging arrangement services to the world's second-largest economy.
Artificial intelligence (AI) is also among the key points of exploration for western firms and global brands that are trying to attract Chinese consumers. The discussion on this technological innovation was highlighted during the East Tech West conference in Gangzhou this week.
Executives from different international companies expressed the models they used to establish a name in the country. Industry experts said during the conference that credit cards and cash are starting to lose steam in China.
The latest trends are cashless payment platforms using QR code scanning systems as well as the use of AI to assist consumers in their smartphone-related transactions.
CEO and founder of content development studio VX entertainment, Rick Garson, said at the conference that Chinese audiences are in search of "really immersive, interactive experience," and this can also be provided to them through virtual reality (VR) and augmented reality (AR).
Last week, the Global and China Mobile Payment Industry Report 2019-2025 indicated that by the year 2025, China's mobile payment market will reach as much as RMB1.8 trillion. The report further revealed that almost 47 percent of consumers used mobile payments for transactions in 2017.
China's high dependence on smartphone payments and transactions are driving international companies to adjust to the tech-savvy inclination of Chinese consumers and audiences.
Last year, China's mobile payment market accumulated RMB 467.9 trillion, marking a rise of 58.62 percent year-on-year. Industry experts said international brands should consider the country's dependence on mobile apps and services to further understand the specific needs of the Chinese market.
