China's digital economy registered RMB 35.8 trillion (USD 5.07 trillion) in 2019, according to the China Academy of Information and Communications Technology (CAICT), a government think tank. CAICT published a white paper on “Development of China's Digital Economy (2020)” on 6th July 2020, highlighting that digital economy now already accounts for more than 36% of the China's GDP. The scale of the digital economy continues to expand, with digital industrialisation (Industry 4.0) having developed steadily. The value of data is accelerating. Data has become a key factor for the development of the digital economy.
As business in China is recovering from the impact of the COVID-19 pandemic, the accelerating digital transformation in the country is offering Chinese companies opportunities to differentiate, drive new revenue streams, enhance customer experiences, acquire new customers, transform their business models. In China's competitive and fast evolving landscape, agility and innovation are key elements of digital transformation.
In the past decade, China’s digital giants Baidu, Alibaba, Tencent, top tech companies such as Didi Chuxing, ByteDance, and Meituan Dianping, and several fast growth tech startups have led digital transformation in China. Their success and the digital ecosystem they have built laid solid foundation for traditional businesses to now embark on the digital transformation path in order to compete and continue to grow in the digital economy. Traditional companies can no longer depend on their past success formulas as digital technologies disrupted their traditional business models. Many have realised that they need to disrupt themselves, embark on digital transformation and innovate new products and services in order to continue to thrive in the digital economy.
Askvisor provides traditional businesses with digital transformation consultancy - supporting them to leverage suitable digital solutions, innovate new products/services, adopt agile and lean management, and build a learning and innovative organisation culture. Need some help with your digital transformation strategy and implementation? Contact us at: hello@askvisor.com