[Digital Trends] May 5 Shopping Festival helps you understand the hottest new consumption trends

The Global Entrepreneurs Conference has been held for 5 years. Affected by the epidemic, this year's 6th Global Entrepreneurs Conference and 2020 Digital New Consumption Summit will adopt a new live broadcast mode to present to global audiences, with the theme of digitalization, platformization, and ecology , to discuss China's current digital new consumption trends.

Ms. Dong Mingzhu once again participated in live streaming to sell goods, and won a transaction volume of 700 million yuan. Baidu’s first live broadcast last week caused the company’s market value to surge by 12 billion overnight. The Shanghai May 5 Shopping Festival became a consumer feast, with nearly 100 billion yuan in consumption in 10 days... What is the "buy, buy, buy" like in the new era of information consumption?

How to play with new consumption? Let’s first take a look at the just-concluded 55 Shopping Festival. The 55 Shopping Festival is the first shot of Shanghai’s economic restart, and it is also a new shopping card for Shanghai created by the Shanghai Municipal Government. The event is themed on the new era of digital empowerment of consumption and lasted for a month.

Leading the way was Dragon TV's 2020 May 5 Shopping Festival global live broadcast. The nearly 4-hour live broadcast brought together e-commerce platforms such as Alibaba, Pinduoduo, and Dragon Shopping, as well as many brand companies such as SAIC, Suning.com, and Yuexing Global Port, leading the audience to experience Shanghai's new consumption concept and shopping experience.

Then, all media were linked, Shanghai local online and offline were combined, thousands of enterprises and stores were mobilized, there were activities every day and highlights every week, promoting the upgrading of "five major consumptions" such as emerging consumption, leisure consumption, automobile consumption, information consumption and home decoration consumption. Offline merchants drove physical consumption through online diversion, and the long-lost lively scene appeared again in Shanghai.

Image | Pixabay

The climax was the live broadcast of celebrity guests selling goods, and the business districts cooperated to unlock 5 billion discounts. Focusing on the four major themes of Shanghai gifts, Shanghai flavor, Shanghai manufacturing, and Shanghai accent, the live broadcast of selling goods was created into a brand- new shopping guide scene with variety show characteristics. The five major business districts of Pudong Lujiazui Business District, Huangpu Nanjing Road Business District, Xujiahui Business District, Zhongshan Park Business District, and Yangpu Wujiaochang Business District , according to their respective advantages and characteristics, cooperated with discounts and other Easter egg activities, which directly made Shanghai lively.

More than 520,000 online merchants and more than 100,000 offline merchants participated in the May 5 Shopping Festival , and various platforms and companies issued coupons worth more than 24 billion yuan.

This large-scale consumer festival, the first of its kind in Shanghai, saw consumption exceeding 100 million yuan in just 6 minutes after its opening, and in 10 days Shanghai's consumption reached 97.7 billion yuan. Not only did online sales grow rapidly, but offline physical businesses also recovered across the board. According to the big data monitoring of the payment end, offline physical consumption in Shanghai reached 48.2 billion yuan, basically returning to the level of the same period last year.

Image | Pixabay

Focusing on new digital infrastructure and new online economy, the May 5 Shopping Festival promotes new manufacturing and new consumption and stimulates the vitality of information consumption by organizing hundreds of events and thousands of products. It can be said that the May 5 Shopping Festival is the best example of new consumption in the digital age .

In order to activate the consumer market and release consumption potential, various consumption promotion measures have been launched across the country, doing everything possible to promote consumption recovery and release potential. Although China's economic growth rate declined in the first quarter due to the epidemic, new momentum represented by new consumption grew against the trend.

In the past few months, traditional supermarkets and other retail enterprises have accelerated their "cloud transformation". From the rapid growth of intelligent and technological products, to the rapid expansion of e-commerce, online learning, and remote consultation, to the continuous emergence of contactless delivery, unmanned retail, and live-streaming retail, the new consumption formats supported by new technologies vividly interpret the powerful vitality of the new economic momentum .

Image | Pixabay

New types of consumption and upgraded consumption continue to expand, and new consumption models are developing rapidly; artificial intelligence, remote office, Internet + medical care + pharmacies, etc. are developing against the trend. Data show that in the first quarter of this year, China's online retail sales of physical goods increased by 5.9%, accounting for 23.6% of the total retail sales of consumer goods, an increase of 5.4% over the same period last year.

Local governments are also making full use of digital measures to revitalize the local economy. Ningxia has activated the cultural and tourism consumption market by issuing subsidies for key projects in advance and various innovation and evaluation support and reward funds . Large catering companies in Nanjing have invited citizens to "go to the store" for consumption through membership points and coupons . Fuzhou has launched a "contactless takeaway month" event to boost catering consumption...

Image | Pixabay

It can be said that China was able to maintain economic resilience during the epidemic and had such great momentum in the economic recovery phase, and the new consumption represented by information consumption has contributed greatly. If we say that people only had a vague understanding of new consumption in the past two years, then in this extraordinary beginning of this year, everyone has truly become a member of the new consumption torrent, and everyone has become a new consumer object, with new consumption channels and new consumption methods.

When technologies such as the Internet, artificial intelligence, and virtual imaging develop to a certain stage, the consumption capacity that was previously restricted by time and space limitations will be released due to the increase in convenience and become real purchasing power. At this time, new consumption will come into being.

In the future, new consumption will surely be driven by digital technologies such as AI, 5G, and cloud computing to create new formats and models. How can we follow the trend and seize the opportunity to create better products to meet new consumer needs? To make creativity come true and contribute to new consumption, [DaDaTong] is looking for development board reviewers and the best original applications with a free development board and a bonus of up to 1,000 yuan . If you have different opinions on development boards, if you have better application solutions, you must not miss [DaDaTong]' s development board evaluation with prizes .

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