US firms need digitalization strategy
Print Edition
MORE United States companies in China should come up with better business strategies to adapt to the increasing challenges posed by a fast digitalizing market, a survey by the American Chamber of Commerce in Shanghai showed yesterday.
A China Business Report 2016, the flagship annual publication by AmCham Shanghai, found that 49 percent of the 406 respondents said they plan to develop or improve their digital or e-commerce strategies for China.
“China’s e-commerce market is still largely untapped by US companies,” said Kenneth Jarrett, president of AmCham Shanghai. “There is considerable opportunity for US companies to develop or expand online sales in China, and they must build up local capabilities, embrace a range of platforms and respond more quickly to fast changing purchasing behavior of Chinese consumers.”
The biggest challenge that US companies need to overcome when they tap the e-commerce market in China is the cultural difference and the inability to import global e-commerce standard and social media practices and platforms to China.
The report also found that 47 percent of retail firms say that they will increase investment in e-commerce and digitalization this year.
Last year was particularly challenging for US businesses in China due to the sharp movements in the domestic stock market, an unexpected adjustment in the currency band, declining economic growth and producer price deflation, the report said.
While 71 percent of the respondents said they remained profitable, their revenue growth and investments were slowing.
The survey also showed 61 percent of companies reported revenue growth in 2015, a drop from 2014’s 75 percent. Also the number of companies whose revenues fell more than doubled to 23 percent last year from 11 percent in 2014.
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