Westwin Joins Createch 2020 to Share Insights on Trends and Business Opportunities

Westwin, a leading tech-driven cross-border marketing company, was invited to join an online panel discussion produced by Createch of CogX festival 2020 in June. Anderson Liu, CEO of Westwin, shared insights and expertise on impacts and business opportunities brought by technologies during the outbreak and aftermath of COVID-19.

Based in the UK, CogX is an award-winning Festival with its roots in artificial intelligence, which presents a virtual summit gathering of global leaders in business, academia, politics, and arts. Createch is one section of the festival offering visions on the convergence of tech and creativity.

Consumers: Stronger appetite for e-commerce

At the Createch panel discussion, Anderson pointed out that consumers show a stronger appetite for online shopping, spend more time watching live streaming, and are more willing to place orders afterward, based on a  research Westwin conducted in March surveying Chinese consumers' behaviors changes during the pandemic.

"Chinese consumers embraced e-commerce live streaming: it became a daily habit. KOL (Key Opinion Leader) are beloved by both brands and customers – even more influential than celebrities," said Liu.

In addition, Liu said that the pandemic has elevated e-commerce penetration among seniors and consumers in small cities and rural areas. "During the lockdown, the generation over 60 were forced to go online to order groceries and they found it quite convenient and the price is also quite good," said Liu.

Brands: Larger investment in digital engagement

Coronavirus forced businesses to shift from offline to online. "But after one month or two, they found it in the right direction to go," said Liu. It is more cost-effective, and it is where they find the power of "word of mouth". In China, the two pervasive "word of mouth" are from KOL and KOC (Key Opinion Customer) on social media and live streaming platforms such as Douyin, the Chinese version of Tik Tok and Taobao live, Alibaba Group's dedicated live streaming channel.

Brands have ramped up investments in social media and e-commerce. Liu shared a case in which Westwin leveraged the influence of KOL and WeChat, China's most popular messaging app, to help promote the brand of a sustainable food company in the United States. Consumers trust and rely on the KOLs as well as the opinions of their peers. Liu said that they create group chats on WeChat where consumers can share and learn, and the brand can implement user engagement and upsell.

Opportunities ahead: embrace tech and scale

Liu mentioned that in addition to marketing and promotion, a wide range of industries in China move online. There are music festivals that took place online and movies premiered on video streaming platforms. People can also order food and groceries and even ask for medical advice on the mobile.

"China utilizes technology in people's daily life which plays a huge role in fighting coronavirus," said Liu. "It also brings new opportunities and the ability to embrace changes and scale amid pandemic is crucial for businesses," said Liu.