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Social commerce taking larger share of China’s online retail sales as coronavirus pandemic accelerates ‘shoppertainment’
Retail social commerce sales in China will reach US$242.41bil this year and the number of social buyers is expected to be 357 million, according to eMarketer. During a livestream on Thursday Ding Lei, founder and CEO of Chinese gaming giant NetEase, generated 72mil yuan (US$10.2mil) in sales of lifestyle products.
Pegatron Corporation is one of many diversifying their manufacturing away from China, with a US$40mil project to make wireless chips and semiconductors. Global supply chains have been disrupted by the ongoing tensions, which could ease this week as Xi Jinping and Donald Trump meet at the G20 summit in Japan.
Smartphones sales figure grew 5% last year, with the premium segment shoring up the otherwise shrinking market.
Apple’s US$1,000 (RM4,141) iPhone is a tough sell to consumers in China unnerved by an economic slump and the trade war with the US.
Major US multinationals are pushing the Trump administration to deepen the tax break it has already tentatively proposed on US$2.6tril (RM11.21tril) in corporate profits being held offshore, a key piece in Washington's intricate tax reform puzzle.
Credit reporting agency CTOS has made its consumer credit score report available via phone apps. Your ‘credit-bility’ is now in the public realm, with the agency saying this may encourage people to be more aware and to take charge of their credit health. MEK ZHIN reports.
Amazon has launched its biggest foray into food outside of the United States with a deal with British supermarket Morrisons to offer fresh and frozen goods to customers, in some places as quickly as under one hour.