Information festival a boost for consumption
The Shanghai Information Consumption Festival, part of the Double Five Shopping Festival, has boosted digital service consumption deals valued at over 35 billion yuan (US$5.47 billion) in a month since its debut, a growth of 29 percent compared with last year.
The services and products, from citizens' information consumption, enterprise digital transformation to city's urban management upgrade with AI and cloud, have boosted innovation, accelerated digitalization of the city and improved Shanghai's business environment. They covered 13,000 small and medium-sized enterprises and over 11 million Shanghai citizens, the festival's major organizer, the Shanghai Economy and Information Technology Commission, said on Thursday.
The festival's products include an intelligent car featuring a Qualcomm 8155 chip and Huawei's car connection system, broadcast and cloud game services with 5G development, research on brain science, 3D printer, digitalized supply chain and virtual reality glasses, developed by firms such as Shanghai-based Shengqu Games and Nasdaq-listed iQiyi.
Livestream sales becomes a major growth engine to boost consumption value. During the festival, over 4,000 livestream events are being held. Consumer electronics and communications products are popular categories with 3,200 kinds of products on sale during the festival, with trade volume 35 percent more compared with a year ago.
Digital services and related consumption have accounted for 10 percent of people's total consumption, covering all aspects of people's daily life, according to the Ministry of Industry and Information Technology.
In the month, Shanghai upgraded city infrastructure such as 5G and broadband networks and adopted new techs such as AI, cloud and big data to boost digital transformation of industries and urban management.
During the Shanghai Information Consumption Festival, Shanghai's fresh food industry has taken over 70 percent market shares nationwide, through digital upgrades of the industry chain.