Last month, we celebrated Chinese New Year with a virtual discussion on the future of retail and the opportunity the Chinese market presents to U.S. brands. The event included top business influencers, research analysts, investors, industry association executives, brand consultants, academics, and other prominent industry voices, including Alibaba President Michael Evans and National Retail Federation President and CEO Matt Shay.

American business executives from companies that started selling to China via Alibaba for the first time amid the pandemic joined the event to share their positive experiences. The companies included Antica Farmacista, C.O. Bigelow, Everlane, Fenty Beauty, Nuria, Senreve, Supergoop!, Uncle Bud’s, and Whittard of Chelsea. Alibaba was proud to work with these brands to help them thrive during an otherwise challenging and uncertain period.

Here are some of the key takeaways they provided from the discussion:

• Digital capabilities were the difference between survival and not. Brands have realized they must digitize to connect with consumers effectively. Throughout the pandemic, brands that relied on physical retail had to retool quickly and accelerate their digitization plans.
• Brands are finding growth by going global. With a massive consumer base and positive economic growth last year, China offers a captivating market opportunity for brands seeking international growth. Beauty brand Nuria recognized the value of selling in China long before launching on Alibaba's Tmall Global by building credibility via social media and setting up a warehouse in the country before making its official debut.
• Physical stores are being repurposed for the digital era. Companies are rethinking the use of brick-and-mortar stores and turning them into mini online fulfillment centers and livestreaming locations that enable associates to communicate with shoppers on a personal level. Stores can build brand loyalty and keep shoppers engaged even if they can’t or prefer not to shop in-store.
• Livestream-enabled shopping is wildly popular in China, and the rest of the world is catching on. Businesses of all sizes have found significant success through livestreamed sales in China. Small, U.S-based brand Uncle Bud’s is among the many Alibaba partner companies that have used live selling to help educate Chinese consumers about their products' benefits.