Published on : Sep 01, 2017
Albany, New York, September 1, 2017: Market Research Hub (MRH) offers market forecast and analysis on “New Retail - China - August 2017” in its new study. The report includes detailed qualitative and quantitative analysis of the economic indicators. Moreover, it provides a complete economic assessment that is based on several parameters such as asset development, specific challenges and geological profile. The study also offers key insights on current trends, and future growth prospects for the market.
According to the report, after transforming China’s retail structure by founding the revolutionary online e-commerce platform “Alibaba”, Jack Ma now plans to pioneer the next wave of change in the retail sector. Last year, Ma coined the term “new retail”, which is thought to objectify the future of the retail sector. Ma believes that in the near future offline retail and online retail will have a closer relation and the outcome will be the formation of new retail. However, this new retail is more than just a consequence of combining two business structures. It indicates towards the change in shopping culture and consumer mindset in China and how consumer service experience is becoming an essential aspect for most retailers (operating through physical stores or online portals) while evaluating their performance in the market. The change is expected to influence the relationship between retails, brands, and consumers.
In past couple of months, Jack Ma has taken a number decisions that are focused on what he believes will be the retail avenue post e-commerce boom. In January, Alibaba proposed the privatization of Intime retail, a prominent mall operator in china. The announcement surely did not come as a surprise, as it is aligned with the e-commerce giant’s ambitions of developing it “New Retail” concept and improving its integration with physical stores. The company believes that new retail will replace e-commerce in the near future as integration of offline, online, data and logistics across a single value chain will eventually offer more sustainability. The Alibaba group believes that this is how the future of commerce will turn out globally, with niche category specialists and large retailers benefiting from technology that can offer integrated service with the consumer being the central element.
Ma is laying the founding stones of this model in China. In just over a year, Alibaba has significantly expanded its physical retail operations by setting up a major chain of department stores in the country. Of late, Alibaba has shifted its focus on strengthening its presence in the offline retail domain. In addition, the New Retail concept is also expected to enable retailers to provide efficient consumption solution by utilizing big data to improve consumers’ shopping experiences. Digitalization, entertainmentization, platformization, omnichannelization are some of the primary approaches in the new retail concept. These themes are not unheard of and are visible in retail globally, but it is still not clear how Alibaba is planning to accomplish its goals using them. Intime is believed to be the first retail outfit to implement the new retail strategies designed by Alibaba’s teams.
Privatization of Intime allows it more flexibility as well as enable Alibaba group to quantify the margin for error in developing an accurate New Retail operational structure. Alibaba is known for making bold and quick strategies, which is why possibilities of some concrete results can be expected in the coming months. Moreover, Alibaba’s new market aspirations might signal yet another disruption in industry. At present, it seems that Alibaba’s leadership is confident that the New Retail can outperform the existing models in developed market such as Europe and North America, and bolster China’s retail capability.
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