The use of data in the business environment is becoming a major trend in the world today. More businesses are paying attention to the data relating to consumers’ demographic buying specific products in the market and the amount of money they are willing to spend when buying such products. It is also important to indicate that not only businesses are using data to make marketing and production decisions. Trends in consumer behavior have shown that customers are also paying attention to data so that they can analyze the products that other customers are buying.
Therefore, the entire market, both businesses and customers are using data to benefit from one way or another. It is a new approach that anyone who is looking for sufficient information should pay attention to as this is the only way they will be able to increase sales or come up with some of the most innovative marketing strategies. Without the use of data, it is obvious that a company can easily make significant mistakes in the market, thereby losing customers and recording low revenues.
In China, JD.com is the leading company that pays considerable attention to the data available in the market. As the leading retail outlet in the market, the company has to pay maximum use of data in its daily operations so that it can make sure that it is offering what the customers are purchasing. Failure to pay attention to the prevailing data in the market will force the business to have unwanted products in stock, which can easily lead to reduced sales in the leading online retail giant.
Recently, JD Big Data decided to pay attention to the products that customers were buying significantly. The aim of this study was to establish whether customers were paying more attention to Chinese brands, or most of them were highly interested in buying international products in the market. This has always been a major issue of consideration in the market because the government is looking for innovative strategies that can help increase the consumption of local brands.
The research on the consumption habits of the population in China came at a time when the country was celebrating May 10th, which marks a special day in the calendar of the year when Chinese online companies specifically sell Chinese brands only on ‘Chinese Brands Day’ with the hope of promoting local products. The focus of JD Big Data was to determine whether consumers were now paying attention to the large amounts of local brands joining the market every day due to increased local production.
JD Big Data was able to come up with comprehensive finds that most of the local brands should pay attention to and there is no doubt that they will be able to benefit from the current trends in the market. One of the most important findings indicated that Chinese consumers are currently paying more attention to local products than they are to international products. However, the current changes in consumer tastes and preferences can highly be associated with the increasing quality of local products, which has been missing for many years.
Educated and well-paid consumers are buying more local brands than international products. This is a new trend that is a unique characteristic of consumers that most of the local brands don’t know. According to JD Big Data, the increase in consumption of local brands in 1st tier cities around the country has significantly increased in the last few years. Therefore, the local brands that have been directing their brands to the small cities and in the country’s rural parts should change their strategy and pay attention to the emerging consumption habits in the major cities.
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