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Round Table China
From clicks to experiences: China's 'local life service'
Oct 26, 2023
Guests: Niu Honglin, Yushun & Josh Cotterill. They discuss China's 'local life services', including coupons, discounts, and third-party platforms. They also explore the potential negative effects of map service monopolization on smaller businesses and the rising trend of small business owners creating promotional videos. Additionally, they talk about the concept of the service loop and how consumers now have more choices and can make better decisions. Finally, there are effective strategies provided for communicating with controlling parents.
27:40
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Quick takeaways
- The local life service industry in China is booming, with a market size expected to grow to $547 billion US dollars by 2025.
- Consumers in China have a wide range of choices and can make more informed decisions through various platforms offering discounts and tailored recommendations.
Deep dives
Booming Trend of Local Life Services in China
In China, the use of online platforms to connect consumers with offline local services and on-demand delivery is booming. This trend has been around for some time, with platforms offering discounts and coupons for various products and services. Recently, even short video platforms like Douyin and QuaiShou have joined in, providing tailored recommendations based on location and interests. While this trend may be confusing for those unfamiliar with it, consumers are becoming accustomed to using these platforms to search for deals and discounts. The market size of China's internet local life service industry has reached 2.6 trillion RMB ($355 billion US dollars) in 2021, and it is expected to grow to 4 trillion RMB ($547 billion US dollars) by 2025.
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