A roundup on how digital is transforming our life and business – both in China and the rest of the world through November 22th.
Is In-Store Technology Increasing or Subduing the Relevance of Retail Employees? from Luxury Daily
As luxury retailers implement more responsive and comprehensive technology into their stores, employees may find it challenging to prove their relevance.
Mobile technology holds clear advantages over people, such as the ability to retrieve warehouses of product information and design virtual outfits on the spot. While making technology a part of the retail experience can no longer be avoided, luxury retailers should be aware that shearing away too many jobs can hurt brand reputation and certain positions just can’t be replicated by a device.
The report notes that as technology continues to reinvent the retail space, retailers should invest in omnichannel capabilities that will enrich the relationships between consumer and sales associate.
China’s Mobile Habits, from Red Luxury
The smartphone phone has fundamentally changed the way consumers shop, from how they evaluate products to how they buy. A new study by Mindshare China and Millward Brown China urges brands to deliver “a seamless branding and retail experience across all platforms.”
“We know China is such a dynamic market and consumers are increasingly not only using PCs and laptops, but are now directly engaging on mobile platforms for shopping purposes. This increases expectations for brands to deliver a viable shopping experience on all store fronts,” says Ben Condit, Digital Partner at Mindshare China. “From the research, compellingly, we see this to be true across all market levels in China, not just at the top tier.”
Michael Kors Brings Instagram Campaign to Life at Tokyo Museum, from Luxury Daily
U.S. label Michael Kors is connecting fans of its Selma handbag through an Instagram initiative that stimulates conversation and unites the brand’s global tribe of enthusiasts. The fan-fueled and city-focused #JetSetSelma effort builds upon Michael Kors’ already diverse product-based digital presence. The label has successfully used key social media platforms, such as Tumblr and Pinterest, to solidify its relationship with core consumers.
“#JetSetSelma is a platform on which to build the association between the handbag’s style, name and social media identity,” said Lisa Pomerantz, senior vice president of global communications and marketing at Michael Kors, New York.
TechCrunch Shanghai – How Chinese Bitcoin Businesses See the Market, from Technode
The trading price of Bitcoin, the algorithms-powered virtual currency, as of writing is about $530 on the trading platform Mt. Gox. Looking at real-time trading platforms the trading volume from China has been among the top markets worldwide. According to Bitcoin Charts, 31% of the total exchange volume worldwide is traded in CNY (Chinese Yuan).
During the event, the panelists conclude that 1) the value of Bitcoin would continue going up, 2) the commissions fee rates are lower than what traditional financial services charge. Bitcoin is the first time one currency has so many advantages, 1) scarcity, 2) distributed computing 3) digital payment 4) direct transactions that you don’t need any third-parties to process money and 5) it’s very safe that theoretically it cannot be stolen.
China’s Unstoppable E-Commerce Market Ready to ‘Explode’, from Jing Daily
According to the firm’s 2013 Global Retail E-Commerce Index, China’s $64 billion online retail market is expected to “explode” to reach $271 billion in the next five years, placing it at the top of the list for the world’s most promising e-commerce markets. The 30-country ranking includes both developing and developed markets, with Japan and the United States trailing China in second and third place on the list.
With a developing “Next Generation” categorization, China’s e-commerce market has “been able to shortcut the traditional online retail maturity curve as online retail grows at the same time that physical retail becomes more organized,” according to the report. Although there are still significant logistical challenges, the report predicts that “infrastructure improvements, increased Internet access for rural regions, rising wealth, and consumers’ growing predisposition to spend” will all lead to the market’s continued boom.