7. A New Retail is Emerging in China
Through digitalization, industries are evolving. Take the retail sector, for example: what is currently emerging from "traditional" retail is known as New Retail, which involves a digitized frontend and increasingly a digital value chain. For customers, this means a more convenient and interesting shopping experience, blurring the lines between online and offline shopping. Customers can now shop in-store using their smartphones or navigate through a 3D world while shopping online. Retailers can sell more effectively and efficiently, in part because demand for goods can be predicted much better and automatically ordered. This helps avoid both out-of-stock situations and perishable goods due to lower-than-expected sales.
