Here is the full transcript of retail expert Angela Wang’s talk: How China is Changing the Future of Shopping at TED conference.
Angela Wang – Retail expert
This is my nephew, Yuan Yuan. He’s five years old, super adorable. I asked him the other day, “What would you like for your birthday this year?”
He said, “I want to have a one-way mirror Spider-Man mask.”
I had absolutely no idea what he was talking about, so I said, “Wow, that’s really cool, but how are you going to get it?” He told me, without a blink of his eyes, “I’m going to tell my mom and make a wish before I go to bed. My mom will go to shake her mobile phone. The next morning, the delivery uncle will give it to me when I wake up.”
I was about to tease him, but suddenly I realized he was simply telling me the truth, the truth of what shopping looks like for this generation.
If you think of it, for a child like Yuan Yuan, shopping is a very different idea compared to what my generation had in mind. Shopping is always done on mobile, and payment is all virtual. A huge shopping revolution is happening in China right now. Shopping behaviors, and also technology platforms, have evolved differently than elsewhere in the world.
For instance, e-commerce in China is soaring. It’s been growing at twice the speed of the United States and a lot of the growth is coming from mobile. Every month, 500 million consumers are buying on mobile phones, and to put that into context, that is a total population of the United States, UK and Germany combined.