Transcription of McKinsey Digital The Future of Digital Innovation in China
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McKinsey Digital The Future of Digital Innovation in China
McKinsey DigitalThe Future of Digital Innovation in ChinaThe paths taken by Chinese companies have relevant implications for both Digital and traditional players as they craft their Shaping One of the World s Fastest Evolving Digital EcosystemsOctober 2021 dowell/Getty Imagesby Lambert Bu, Violet Chung, Nick Leung, Kevin Wei Wang, Bruce Xia, and Chenan XiaIn a relatively short span of time, China has transitioned from a technological backwater to become one of the world s largest Digital economies. On the back of its base of nearly one billion internet users, China s ecommerce sales grew to $ trillion in 2020, a number that is equivalent to 30 percent of all retail sales in China . But this is not just a story of size. It is, above all, a story of Innovation and disruption. In omnichannel retail , social media, on-demand services, mobility, fintech, healthtech, and other domains, the country is developing many China -first innovations. In this report, we take a close look at these innovations, and the forces, trends, and technologies that enable them.
In Chapter 3 , we explore six megatrends driving digital innovation in China: The great retail integration; The virtualization of services; The mobility revolution; Digitization of social life; Industrial IOT / supply chain digitization; and digital urbanization. Finally, in Chapter 4 , we share a checklist of eight
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