Digital consumption on a rebound with signs of recovery
Digital consumption in China has shown signs of recovery so far this year, indicating a positive move in the broad economic growth.
Nasdaq-listed Smart Share, which operates Energy Monster shared charging service, regained profitability in the first quarter.
It's regarded as a clear signal of recovery as most people use Energy Monster shared power banks in restaurants, shops or hotels.
In the quarter, the Shanghai-based company posted a net profit of 10.8 million yuan (US$1.5 million), compared with a loss of 96. 4 million yuan a year earlier. Its revenue reached 822.8 million yuan, an 11.6 percent increase from the same period in 2022.
It was also the first time for Smart Share to have over one million POI (service points) nationwide, a new record higher than the pre-pandemic period.
A woman uses an Energy Monster service on the street. This is regarded as a clear signal of recovery as most people use shared power banks in restaurants, shops or hotels.
Shanghai-based Weimob said it will offer more digital tools for brands in smart retail and e-commerce. It helps firms to speed up their digital transformation, boost innovation and find new growth engines.
During a recent information consumption event, Hong Kong-listed Weimob promised to support services valued at 120 million yuan for 3,000 firms, including small and medium-sized firms. Some services cover well-controlled livestreaming and digital avatars powered by AI.
The event, part of the city-wide Double Five Shopping Festival, was held to support consumption recovery by offering coupons to consumers and digital tools to retail brands.
Retail brands discuss how to boost business with digital tools at an event organized by Shanghai-based Weimob. Zhang Hao (third from left), Hodo's marketing director, shared the underwear brand's experience.
Retail brands are also taking digital methods to improve management, expand revenue and even explore new opportunities in the aftermath of the COVID.
Hodo, an underwear brand founded in 1957, is adopting a smart retail system, covering customer and membership management, online content production and various tools to integrate online and offline channels.
With digital analysis, it developed cashmere-lined underwear, costing 159 yuan, to become a bestselling product in 2023, said Zhang Hao, Hodo's marketing director.
American Standard, a bathroom gadget brand, is taking digital tools to develop new services, including 24-hour replacement service, bathroom size measurement, as well as online home decoration in the future.
