Despite its size, China is a very connected country with a high mobile penetration rate. According to the China Statistical Report on Internet Development published in August 2017, the country has an online population of 751 million, with over 95% accessing the internet using their mobile devices.
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.
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.
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.
Did you know that more than 36% of the US workforce is part of the gig economy? And what about Singapore? Before we get there, what is the gig economy that everyone has been talking about?