I very interesting perspective on new retail from Jing Daily, a leading digital publication on luxury consumer trends in China.
New Retail, a term introduced by Jack Ma in 2016, encompasses many of the aspects of omnichannel and experiential retail and merges online and offline into an experience. Technology is everywhere in modern China. For Western luxury brands this means experimenting with new approaches — especially online and with social media influencers — that most would shun or avoid in other markets. Collaborating so closely with Chinese KOLs and celebrities, depending on some very heavily as direct sales channels would be thought quite risky in other markets, as would putting their merchandise on an e-commerce platform with competing brands that is controlled by another company altogether. But in China, it’s business as usual.