In the contemporary landscape of consumption, the traditional business model is facing an era of transformation driven by the emergence of a new consumer generationThis shift emphasizes not only the importance of adapting to digitalization but also the necessity of providing a multifaceted consumer experienceA prominent voice in this discourse is Yi Shaohua, the director of the Market Circulation and Consumption Research Office at the Chinese Academy of Social Sciences's Institute of Finance and Economic StrategyHe argues that traditional enterprises must embrace a collaborative development model while extending their services to create vibrant local commercial ecosystemsThe cornerstone of this transformation lies in leveraging digital technology, which should enhance consumer experiences and uphold brand integrity.

Yi elucidates that as new consumer demographics emerge, their preferences have evolved considerably, leading to a consumption trend characterized by convenience, intelligence, social interaction, and experiential engagement

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He believes that these trends necessitate an expansive transformation for traditional businesses, urging them to prioritize enriching consumer experiences, embracing collaborative operations across various business models, and pursuing full-scale digital integration.

Considering the current state of the consumption market, it is evident that after undergoing significant changes such as environmental shifts and consumption upgrades, consumer behavior is gradually returning to a more rational stateThis rationality manifests in increasingly personalized and diversified consumption demands, and new consumer scenarios and business formats are constantly emerging.

“From our research perspective, new consumption is defined as the infusion of power into traditional industries, including distribution channels and methods, propelled by the latest information technologyThis innovation births new business models,” Yi states

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He highlights how the convergence of traditional industries with internet technologies has spawned phenomena such as sharing economies and secondhand markets—novel consumption paradigms that not only open up fresh market avenues but also enrich consumer content while enhancing overall experience.

Yi explores the new connotations of consumption through three lenses: business formats, channels, and technologyFrom a business format perspective, cutting-edge technologies like 5G and big data are paving the way for new economic models founded on social interactions and shared services.

In terms of distribution channels, there is a seamless blend of online and offline experiences enabled by mobility through payment services and social networksThis innovation transforms traditional commerce, which has historically relied on products, venues, and consumer interactions, into a more integrated approach that places the consumer at the center

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Contemporary methods such as cloud events and augmented reality fitting rooms are increasingly bridging the divide between online offerings and offline experiences.

Furthermore, technology underpins this transformation, as logistics frameworks become more sophisticatedFactors like smart delivery lockers minimize the constraints of the "last-mile delivery" challenge, significantly improving accessibility for consumers.

As the new consumer landscape continues to evolve, distinct characteristics emergeRapid growth is observed in omnichannel consumption, while brand loyalty and eco-conscious purchasing behavior are gaining tractionIn addition, advancements in technology facilitate a globalized, around-the-clock consumer experienceYi points out that traditional brick-and-mortar businesses are pivoting to online platforms, just as online brands are establishing physical footprints—a clear testament to the omnichannel consumption model

Notable examples include Hema Fresh and Alibaba's foray into physical retail through partnerships with established players like Intime Department Store.

Presently, the consumer demographic is undergoing profound transformation, moving from mundane consumption to quality-centric purchasing habitsYi notes a vital transition from a binary perception of “availability” to a qualitative assessment—“is it good?”—that shapes current consumer needsAs a result, there is a growing demand for personalized and intelligent productsTechnological progress enables consumers to connect with products more easily, broadening their access to diverse information and purchasing channelsIn this environment, brand differentiation and environmental consciousness are increasingly influential, particularly given the rapid advancement of internet technology which has heightened consumers' advocacy for sustainability.

Moreover, the trend of global "buy and sell" convenience through cross-border e-commerce is rapidly gaining traction, diversifying avenues for consumers to acquire foreign products

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This phenomenon extends consumer engagement beyond traditional hours, with evening shopping becoming a norm, particularly in southern citiesYi emphasizes that understanding and accommodating this shift is critical for traditional enterprises distancing themselves from obsolete models in the face of new consumer behaviors.

Companies are not only facing the challenge of adapting but also need to focus closely on emotional value and cultural affirmation to drive loyalty in today's consumersThere is a burgeoning trend towards domestic brands, bolstered by cultural self-confidence and the popularity of "national tide" movements, offering significant opportunities for local brandsHowever, traditional companies must align their strategies with evolving marketplace dynamics or risk obsolescence.

Yi identifies four emergent trends shaping new consumption: convenience, intelligence, social engagement, and experience

Firstly, convenience is now a critical driver, as instant gratification continues to surge, especially among younger consumers who are willing to pay more for time-saving products and services.

Secondly, intelligence plays a crucial role in transforming purchasing behaviors; with mobile internet technologies enhancing the ease of payment methods, all stages of the buying process from product search to payment are becoming increasingly integrated and intelligent.

Thirdly, the social aspect of consumption cannot be overlookedAs online social tools grow, consumers’ sources of purchasing information expand beyond familiar circles to include broader networksPlatforms like WeChat and Weibo have become vital resources for consumer recommendations, making social understanding a significant factor in purchasing decisions as the focus shifts from individual behaviors to community influences.

Lastly, experience has become paramount, pushing consumers toward value-driven purchases that fulfill psychological and emotional needs alongside material ones

In this regard, offline retail can provide significant added value through personalized experiences that transcend mere product functionality.

Yi offers several strategic recommendations for the successful transformation of traditional enterprises in light of these trendsThe first involves collaborative development across different business formatsMany traditional retail entities, such as department stores and supermarkets, are transitioning towards collaborative formats that integrate various channels into a cohesive omnichannel experienceThis transformation extends product and service offerings into the broader ecosystem of consumers' lives.

Secondly, enhancing consumer experience is non-negotiableDigital tools should support robust consumer experiences by repositioning many outdoor activities to indoor settingsUtilizing new information technologies to reimagine customer engagement across various touch points can invigorate brand interactions while addressing purchasing needs holistically.

Additionally, comprehensive digital transformation rooted in deep data applications is vital