A Grasp Of Chinese Market Under Covid-19
By: Rebecca Liang (Lab Manager, Shanghai)
A look into China’s market under the pandemic
China has almost turned the page on COVID-19, while the rest of the world continues the battle. In China, we're seeing an increase in business and market demands and what seems to be a light at the end of the tunnel.
So how did the Chinese do it?
1. Be prepared
Early in February, HeMa XianSheng (Alibaba's fresh food e-commerce platform) publicly announced it will accept 1800 employees from a number of famous Chinese restaurants such as Yunhaoyao and Qingnian to work in its stores. In just a few days, this "shared employee" business model extended to many other industries, with companies huddling together to keep warm and fight the epidemic.
2. Pay attention
In Rahm Emanuel's words, "you never let a serious crisis go to waste".
Calmthink (Labs Members in Shanghai) redesigned their phone booths into quarantine booths and sold them to WuHan FangCang Hospital. Lancelot Huo (founder of Calmthink) began planning for the pod redesign at the onset of the outbreak in late January.
3. Go the 'extra mile'
The screenshot below is of the fifth live stream of James (Jianzhang) Liang (Co- Founder of Ctrip). He used a costume to promote their travel products.
The travel industry has suffered the trauma from COVID-19, Ctrip expected to lose a maximum of 1.85 billion yuan in Q1. On March 5, the company released the V plan of Travel Renaissance. Through this plan, they launched a billion Yuan recovery fund with hundreds of destinations to stimulate tourism consumption. Four days later, Sun Jie (CEO) and James released an internal email to all employees, announcing they will temporarily stop taking a salary.
On April 15, McDonald's also launched its first live streaming session. McDonald's China CEO Zhang Jiayin was broadcasting “eating chicken" online.
And the list goes on, more CEOs continued to join the live-streaming and humbly share updates on their business.
How can you apply this in your business?
- Prepare for the worst to happen, and the reality may come in as a better manner. Ask for help, enemies may become friends.
- Pay attention to information that might link to something else, and act fast.
- Be flexible and willing to go extra miles