The Future of Digital Innovation in China: Megatrends Shaping One of the World’s Fastest Evolving Digital EcosystemsThe paths taken by Chinese companies have relevant implications for other digital and traditional players as they craft their strategies.
Partners in McKinsey’s Digital Practice discuss the 6 megatrends shaping the future of China’s digital ecosystem.
In a relatively short span of time, China has transitioned from a technological backwater to become one of the world’s largest digital economies.
On the back of its base of nearly one billion internet users, China’s ecommerce sales grew to $1.7 trillion in 2020, a number that is equivalent to 30 percent of all retail sales in China.
But this is not just a story of size. It is, above all, a story of innovation and disruption. In omnichannel retail, social media, on-demand services, mobility, fintech, healthtech, and other domains, the country is developing many “China-first” innovations.
In this report, we take a close look at these innovations, and the forces, trends, and technologies that enable them. We then identify six megatrends that are shaping the future of digital innovation in China.
Finally, we pose a series of quick questions that corporate leaders should consider when crafting their digital strategies in China. By asking the right questions, executives can set their priorities and allocate their resources.Continue reading… “The Future of Digital Innovation in China: Megatrends Shaping One of the World’s Fastest Evolving Digital Ecosystems”