Understanding the Chinese market and consumers
8 July 2019 16:30pm
The marketing and innovation consultancy TD Reply, headquartered in Berlin, unveiled China Beats, a business intelligence software that enables companies to gain an in-depth understanding of the Chinese market and its players. This is ensured by AI-powered social listening of all relevant Chinese ecommerce, social media and search platforms such as Alibaba, Baidu, WeChat and Weibo. China Beats is expected to launch in the 3rd quarter of 2019.
The prosperity of the Chinese population is growing at a rapid pace. According to some estimates, the Chinese middle class will reach 550 million by 2022. As a result, the Chinese market is also becoming increasingly important for international companies. Entering the market, however, brings with it significant challenges, especially in terms of reliable identification of focus groups and the analysis of consumer behavior and preferences. Digital data can provide a remedy, as the majority of Chinese consumers are netizens who shop on digital platforms, exchange their opinions there and thus leave behind many digital traces.
China market knowledge can be game-changing
However, obtaining reliable data from Chinese online platforms has so far been a resource-intensive and technically challenging task. In addition, an in-depth understanding of the Chinese market is necessary in order to draw the right conclusions from the data.
This is where China Beats comes in, a newly developed business intelligence software from TD Reply that was presented at dataX 2019. The development is being driven forward jointly by the Berlin and Beijing offices of TD Reply. The Beijing office, which opened in 2010, has already supported several leading industry players in expanding their business in China using digital data. The market knowledge gained over many years as well as the corresponding technical know-how have been strongly incorporated into the development of China Beats.
China Beats: Industry page view
"China Beats will be the first software-as-a-service that can give answers to questions like how: In which markets in China can I be particularly successful with my products? Who are the players? And above all: How does the mind of the Chinese consumer, whom I want to convince, really work?", says Lars Alexander-Mayer, Partner at TD Reply. "That way, users gain unique market knowledge - which lays the foundation for long-term success in China."
Gauging the sentiments of Chinese consumers
The answers are provided by digital data anyway from the AI-supported Advanced Analytics Engine. All relevant Chinese e-commerce, social media and search platforms such as Alibaba, Baidu, WeChat and Weibo are connected as data sources. The engine processes and evaluates millions of social media posts, forum entries and reviews. Other data sources include contextual data from legislative texts, patent databases, news platforms and job portals.
China Beats: Industry page view
The reduction and analysis of the data is carried out by advanced scraping algorithms and machine learning paired with Natural Language Processing. "The technology allows the recognition of context, slang, and clustering of core information into different subject areas. Consumer perceptions in China are interpreted correctly and made easily available to the user," says Lars-Alexander Mayer. "The data and insights flow together in the performance dashboard. In the end, users have all strategically relevant information relevant to their business in China in one place".
The launch is scheduled for the 3rd quarter of 2019. Users of Pulse, TD Reply's insights platform, will have the opportunity to integrate China Beats into their existing dashboards.
Visit the official China Beats website and download the China Beats thought starter!