According to the worldwide retail and eCommerce forecast released by research company eMarketer, China is set to overtake the US to become the world’s largest consumer of goods by the end of the year, with a total retail sales of US$5,074 trillion. That is US$100 billion more than expected for the US market. And one huge portion of the Chinese market will be made up of millennials, standing at roughly 400 million people as of June 2018.
Design thinking and digital transformation are terms that have been growing in prominence and importance in Singapore. Despite hearing the words being thrown about, it can still be difficult to get a precise hold on what they mean and how to apply them in business.
China’s EdTech industry is in an exciting expansion phase. 2018 saw intensive investment activity, where Chinese EdTech companies snapped up 44.1% of the global total of US$ 16.34 billion in EdTech investments. Out of the 12 companies that raised over US$ 200 million, 11 are based in China.
By 2020, China’s total education market, both offline and online, is expected to reach US$ 500 billion. With a CAGR of 10.8%, it will grow to almost US$ 750 billion by 2025, according to Deloitte. In particular, the future of online education is looking bright, with a UBS report predicting that the e-learning market will grow from US$ 29 billion in 2017 to over US$ 104 billion by 2025.
China’s education market is large and rapidly growing. It’s total education and e-learning markets are expected to reach almost US$ 750 billion according to Deloitte and US$ 104 billion according to UBS by 2025 respectively. Well-off Chinese parents in tier-1 cities are currently forking out between US$ 400,000 to US$ 600,000 for the entire education journey of one child, and this amounts to more than double the spending of similar households in other emerging countries.
Designing is a complex and abstract process. It involves identifying the requirements, researching, generating and expanding on ideas, producing the design, testing, analysing and then potentially redesigning it. When entering a new market, design is inevitably THE aspect of your business which presents and defines your product or service to consumers. However, cultures, attitudes and consumers differ globally, and while an offering may receive a roaring response in one market, that is no guarantee that it will be successful in another market.
Here in Singapore, the country is a fertile ground for EdTech growth because people are academically driven and the society already has a high technology adoption rate. In schools and institutions, e-learning and smart solutions are aplenty, with apps and resources to help students learn. On the professional front, organisations are also turning to EdTech to train their staff, making workplace training more convenient and effective.
Regional Expansion. Up Close and Personal. – An interview with MING Labs
As part of our cross-border interview sessions, we’ve gathered personal insights from technology and digital investors, business owners and practitioners in Asia, across disciplines, to better understand some of the sweet spots as well as challenges in markets they have established themselves in.
Starting with China, we speak to Sebastian Mueller, partner and head of operations at global user experience and digital innovation company MING Labs.
Outsourcing works very well for businesses because it takes a lot off their shoulders. If you have not tapped on it, you probably should soon! Alibaba, Google, Slack, WhatsApp and many other big guys outsource their work and grow their business at the same time.
Is the scenario above familiar in your everyday work life? Does your business have a lean team that aims to pursue every potential opportunity?
Eventually, your team will be unable to focus on growing the business as non-important functions vie for time and demand skillsets your team may lack.
How then can businesses improve and achieve more?