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Zusammenfassung von China’s Super Consumers

Name: China’s Super Consumers
Rating: 4.4 (38 reviews)
Author: Savio Chan and Michael Zakkour

Savio Chan and Michael Zakkour

What 1 Billion Customers Want and How to Sell it to Them

4.4 (38 Bewertungen)

16 Min.

Kurz zusammengefasst

China's Super Consumers by Savio Chan and Michael Zakkour is a business book that explains why China represents an enormous consumer market. It offers insights to entrepreneurs on how to successfully tap into this market's potential.

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Führung Strategie Kultur

Inhaltsübersicht

China’s Super Consumers
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Kernaussage 1 von 6

What’s in it for me? Understand how to reach the biggest consumer market in the world.

When we think about the Chinese economy, we tend to think of it as a big factory – one great manufacturer of cheap goods and trinkets. While this is indeed partly accurate, it is far from the whole story. With a population of well over 1 billion people, China is also a huge market for selling goods, but those who wish to do so must first understand the uniqueness of China’s consumers.

In the following blinks, we intend to do just that. You’ll develop a deeper understanding of how the Chinese market and Chinese consumers work, think and act. We will look at what sets China’s consumers apart from consumers in the West and the lessons that anyone hoping to break into the Chinese market needs to understand.

You’ll also find out

how e-commerce is one field where the Chinese are really the world’s super-consumers;
why marketing to Chinese consumers involves more than attracting individuals; and
how the West can reach 200 million Chinese customers in 2020 without even going to China.

Retail opportunities are numerous in China, but dramatically different from their Western equivalents.

Over the past two decades, Chinese culture has transformed, and the country’s laws have changed along with it. This is big news for foreign firms, as legal structures in China used to hamper consumer culture.

These days, however, reforms have resulted in the rapid construction of new department stores and malls across the country. The current context presents a prime opportunity for foreign firms to sell their products.

But before your company dives into the Chinese market, it’s important to know about the significant ways that Chinese department stores differ from their Western counterparts.

First, Chinese department stores play the role of landlord to retail brands that rent space on a floor and design a miniature store for themselves in that space. By contrast, Western department stores are merchants who hold inventory and do their own merchandising. In the Chinese model, brands act as retailers, which presents a challenge for foreign companies lacking experience in this arena.

Second, the Western distinction between wholesale and retail isn’t the norm in China, since no corporate buyers exist in Chinese department stores. Rather, each brand is responsible for determining the product mix to order, delivery, merchandising and staffing.

When it comes to Chinese malls, the differences are more subtle but still important. For instance, unlike in the West, where brands and retailers in malls can remain in business despite poor performance, Chinese mall owners can terminate a lease if a retailer underperforms.

Not only that but unlike the typical two-level malls of the United States, Chinese malls usually have four to six levels, with the most expensive rents on the first floor and the least expensive on top. The difference is justifiable since foot traffic is dramatically lower on the top levels.

Finally, apparel, footwear and accessories tend to sell very well in Chinese malls, while electronics, bedding and home decor fall flat. The reason for this is that in China, malls have become centers of youth culture, just like in 1970s and 80s America. These young Chinese shoppers frequent malls to buy items like clothing that help them shape their identities.

China has surpassed the United States as the biggest and most important e-commerce market on Earth.

It’s no secret that China is rapidly developing in terms of its economy, culture and technology. In fact, transformations that typically occur over five to seven years in more developed economies can happen in just a year in China. And this difference is even more pronounced in the world of e-commerce.

For instance, according to a recent study conducted by the magazine Focus Money, in China, shoppers make 8.4 online purchases per month compared to just 5.2 in the United States, 4.3 in the United Kingdom and 2.9 in Germany. Not only that, but China now has more online shoppers than the United States has inhabitants!

The foreign companies who succeed in the Chinese market do so through careful planning and strategy.

So, China is now the world’s largest consumer market, which means foreign firms need to reassess the outdated idea of China as a mere mass producer of low-quality products. More specifically, rather than focusing on manufacturing and exporting their goods to China, foreign companies need to incorporate the six megaprocesses of the supply chain into their strategy. These are planning, buying, making, storing, distributing and selling.

One company that has been exceptionally successful in this regard is the Italian luxury apparel firm, Ermenegildo Zegna. While Zegna enjoyed healthy profits in China in the past, it was only by adapting its entire supply chain strategy that the firm became the single best-selling luxury men’s clothing line in the country.

Different Chinese markets require distinct approaches to advertising.

The first ever Chinese television commercials for cars aired in the 1980s, employing a standardized and boring format; the ads featured a photograph of a car against a blue background with text to the effect of “We are now selling Toyotas. Please call this number.”

It’s difficult now to even imagine such ads and, in the current climate, Chinese marketing couldn’t be more different. Today, finding the right message for your target audience is essential, and when it comes to marketing in China, there are a few key things to keep in mind.

Chinese luxury consumers fall into different categories, each with its own needs.

Chinese consumers now make up over one-quarter of all luxury purchases worldwide. That means one out of every four luxury watches, handbags, cars and necklaces makes its way into the home of a Chinese consumer.

To break this incredible volume of purchases down, you can think about Chinese luxury consumers as belonging to three distinct groups, each with different purchasing habits.

Chinese tourists represent a growing and lucrative prospect for travel and real-estate companies.

A mere decade ago, the Chinese government only allowed its citizens to travel to a handful of other countries. Today, things are different. Chinese nationals regularly board flights to over 150 nations worldwide, and this explosion in Chinese tourism naturally implies new opportunities for foreign travel companies.

For instance, in 2001, under 10 million Chinese citizens traveled to foreign countries. By 2014, that number had grown to 100 million, and it’s estimated to reach 200 million by 2020.

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Worum geht es in China’s Super Consumers?

China’s Super Consumers (2014) is the definitive handbook for foreign companies who want to sell their products on the Chinese market. These blinks walk you through the opportunities and challenges in this vast and varied country and share valuable information about how to succeed in its unique business context.

Bestes Zitat aus China’s Super Consumers

What is the most commonly spoken language on the internet? Its not English, its Mandarin Chinese and its sister languages and dialects.

—Savio Chan and Michael Zakkour

Wer China’s Super Consumers lesen sollte

People keen to understand the world’s largest emerging market
Entrepreneurs who want to do business in China
Anyone interested in Chinese culture

Über den Autor

Savio Chan is the CEO of US China Partners Inc., a consulting firm that helps organizations design and implement their consumer strategies in China. He has been featured in the New York Times and Forbes, and serves as a member of the National Committee on US-China relations.

Michael Zakkour writes on business in China for Forbes, the Wall Street Journal and Harvard Business Review.

© Savio Chan and Michael Zakkour: China’s Super Consumers copyright 2014, John Wiley & Sons Inc. Used by permission of John Wiley & Sons Inc. and shall not be made available to any unauthorized third parties.

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