3 Chinese Trends you should know this week
Oral care market
Qing Zhi Ke Yan (清之科研) is a newly-established China brand founded this year. Their oral hygiene products include portable mouthwash pills, mouthwash, refreshing spray. Recently, they announced that it has received few millions in RMB of seed round financing.
According to the data from Nielsen, an American information data and market measurement firm, it revealed that the domestic oral care market has a capacity of around RMB 257,000 million. 80 - 97 % adults in China suffer from periodontal disease, as per a report by Newsijie, a China-based provider of industry research and investment analysis.
In 2019, Tmall estimated this single product market worthed RMB 480 million, and Listerine, the best-selling brand, accounted for RMB 134 million. “Toothpaste could only clean 25% of our oral cavity, leaving our gum behind”. Mouthwash is a necessary supplement, but only 4% of people in China have the habit of using mouthwash,” said Zi Han Yuan, the founder of Qing Zhi Ke Yan. The market demand and consumers’ awareness of oral care provides a huge market opportunity for domestic brands.
Yuan found the similarity of top-selling mouth wash products: 1. Bright design style, interesting and eye-catching product features; 2. Portability is very important, applicable for different scenarios. For this, Qing Zhi Ke Yan introduced a 10ml small bottle for consumers easier to carry in a bag.
All in all, imported oral care products in the later period of the epidemic have increased by more than 300%. We believe that oral care has great market potential in China.
Oral care marketing booming in China
China’s robotic trend
According to the 2020 China Food and Beverage Delivery Robot Industry Research Report, food delivery robots will be a new trend to replace some front-line staff in restaurants, helping companies reduce costs and increase efficiency. Today, we will discuss a broader view of the trend of robotic in China.
According to the data from Meituan Research Institute, a Chinese shopping platform for locally founded consumer products and retail services including dining, delivery, and travel, 31% of catering merchants in China believed that it is difficult to retain and recruit staff. The robot can monitor product operation data in real-time and improve operational efficiency. This provides huge room for growth for food delivery robots in the F&B industry.
During pandemics, robots are widely used in different industries such as hospitals, isolation points, and other front lines of pandemic prevention. Robots can reduce the risk of virus transmission and cross-infection caused by personal contact.
The AI development and implementation are fast-paced and pragmatic in China. China announced its ambition to become the world leader in artificial intelligence (AI) by 2030. The technology is enhanced and the cost is reduced. In terms of LiDAR, a method for measuring distances with a sensor, domestic Chinese brands such as Hesai and Leishen began to seize the share of international brands by virtue of their price advantages. In addition, Hesai Technology released an high-performance 128-Channel LiDAR this year, enhancing the technology. For the depth camera, Orbbec, the first China-based company in Asia to master AI 3D perception technology, independently developed a four-in-one vision system including 3D map creation, obstacle avoidance, navigation, and other functions.
According to the report of the Chinese Institute of Electronics, China's global market share of service robots will reach nearly 30% in 2021. In the future, China is expected to become a leader in the field of global service robots. With the growth of AI development, we can anticipate that the robot will be highly used in the future.
China robotic trend
Digitalise taxation
In the 2020 2nd Taxtech Industry Summit, Golden Technology, one of the leading domestic finance and taxation technology companies, said that finance and taxation technology is expected to break through more application barriers. Starting from B2B corporate finance and taxation to the extension of services to C-end user needs. Today, we will look into the trend on finance and taxation technology towards B2B business.
From the perspective of macro policy, finance and taxation technology is a major trend. The number of invoices issued in China is expected to reach 24.6 billion in 2020, and a sharp rise of close to 50 billion in 2021 as COVID-19 facilitated more online and e-commerce transactions and pushing more companies to go digital. In April 2020, the Chinese government issued a plan about standardizing the accounting voucher, which accelerated the process of digitalization in the finance and taxation industry.
Apart from the government policy, Golden Technology and research, a China-based professional market research and consulting company, jointly released the 2020 Research Report on the Development of China’s Financial and Taxation Technology Enterprises. It mentioned that the tax requirements of enterprises will be more refined. Therefore, the future development trend of finance and taxation technology must closely follow the national policy.
The finance and taxation technology is still in progress, however, the support from the government and a reliable service system will bring advantage to the use of finance and taxation technology in B2B business. As well as the data collected from tax digitalization, it may help B2B businesses to have a wider database.
digitalize taxation
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