Understanding customers better through platform ecosystems and AI is key in the new era of marketing. Speed in responding to customer demands and offering almost perfect solutions in real-time are crucial to stay ahead in the competitive market.
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Digitalization is transforming the retail sector in China, giving rise to New Retail with a digitized frontend and digital value chain. This provides customers with a seamless shopping experience blending online and offline channels, while enabling retailers to predict demand accurately and optimize sales processes.
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Platform ecosystems like WeChat and Alibaba in China are transforming industries by providing integrated consumer experiences through super apps. Companies can understand users' journey seamlessly and offer personalized services, leading to the rise of similar models in the West.
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China protects data differently from the West. While the West safeguards personal data from companies, the state, and foreign states, China's Data Security Law focuses on protecting personal data from foreign states. Chinese people are more willing to share data for added value.
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China is poised to lead in AI by 2030 due to its large population generating vast data, lenient data protection laws allowing in-depth analysis, and government focus on AI development with substantial investments.
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China experts Alexandra Stefanov, Prof. Dr. Claudia Bünte, and Till-Hendrik Schubert highlight China's rapid digitization in a new book, emphasizing its transformative impact on economy, marketing, and trade through Artificial Intelligence. Data is now considered the new oil, fueling economic power and innovation.
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