In a relatively short time, China has become one of the world's largest digital economies. Thanks to the support of nearly one billion internet users, China's e-commerce sales rose to $1.7 trillion in 2020, accounting for about 30% of the country's total retail sales.
But scale is not the whole point of the story. Innovation and disruption are the keys. China has bred many cutting-edge innovations and consulting company McKinsey summarizes the six trends of China's digital innovation in the next few years including large retail integration, service virtualization, travel revolution, digital social life, Industrial Internet of Things, digital urbanization.
Large retail integration
Scattered retail areas will continue to be integrated, and omnichannel retail will be combined with on-demand economy, social economy, and retail supply chain.
Retail and social areas will usher in large-scale seamless integration. Social e-commerce continued to flourish, and its proportion in total e-...
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