How big data is driving China’s economic future

Chinese companies and exporters are leveraging big data to optimize their supply chains. These companies can target both domestic and international markets by utilizing data from other e-commerce players. Thus, big data will likely play a vital role in the future of China’s economic growth.

Leveraging Big Data

Since the start of the COVID-19 pandemic, Chinese exporters have refocused their efforts and have shifted to secure sustainable growth in the country rather than branching out internationally. This, along with the rapid adoption of big data, has given us insight into where the Chinese economy is heading.

It is well known that China is striving to become the leader in big data analytics. The president has announced his plans for the country to become a global leader in AI by 2035, with the latest reports confirming that Chinese businesses are making significant steps towards this move by leveraging big data along with consumer insights. For example, JD.com's business model focuses on using big data to decipher its customer’s online behavior and pull out key insights from search trends, orders, clicks, and even attention spans. This helps them to react and adapt to the needs of their users quickly.

The Changing Needs of the Consumer

The global pandemic has changed customer behavior in numerous ways. In China, “smaller” exporters are shifting their business models in response while increasingly relying on e-commerce players such as Alibaba and JD.com to sell their products to the domestic market, as well. They are also utilizing the wealth of data collected by others to refocus their efforts and meet changing needs. Other markets have shown similar patterns, with companies adapting to the changes brought on by the pandemic and using big data to support their shifts towards the internal market. 

By offering such data, the industry leaders are giving smaller companies a chance to take advantage of the big data pool. They have already made significant changes to address the different needs. For example, meal preparation has recently become greatly popular since more people are now eating at home due to the government-enforced lockdowns. Companies are leveraging large data sets to understand and take advantage of this shift in consumer spending.

In the coming years, we can expect big data to play a significant role in growing the Chinese economy, along with technological innovation. SMEs must grow their knowledge of big data and analytics to remain competitive in a rapidly evolving environment. As the world continues to evolve in response to the pandemic, big data may be the best method for figuring out changing behaviors and trends.

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