There is only one market that exists in China, and that is the “24 hours of any consumer”, multiplied by the 1.4 billion people that live in the country – the biggest possible market size.
Zhang Tianbing, Deloitte Asia-Pacific’s consumer product and retail industry lead believes that the future competition that brands will have to fight, will be for consumers’ time, not product category or territory dominance.
“If you’re able to occupy bigger time share, bigger mindshare and more loyalty, then you will have a bigger market. That is the start of rethinking about your business,” he said, speaking at the Retail Asia Conference in Hong Kong, about paradigm shifts for China in the digital era.
Zhang pointed to how China’s e-commerce players are already doing this. “Tencent dominates all your social media stuff – but they are trying to buy into those occasions where they can occupy more of your life scenarios and your time,” he explained.