[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.56,0:00:02.52,Default,,0000,0000,0000,,This is my nephew,
Dialogue: 0,0:00:03.28,0:00:04.58,Default,,0000,0000,0000,,Yuan Yuan.
Dialogue: 0,0:00:04.60,0:00:06.10,Default,,0000,0000,0000,,He's five years old,
Dialogue: 0,0:00:06.12,0:00:07.40,Default,,0000,0000,0000,,super adorable.
Dialogue: 0,0:00:08.36,0:00:10.34,Default,,0000,0000,0000,,I asked him the other day,
Dialogue: 0,0:00:10.36,0:00:12.72,Default,,0000,0000,0000,,"What would you like\Nfor your birthday this year?"
Dialogue: 0,0:00:13.36,0:00:17.44,Default,,0000,0000,0000,,He said, "I want to have\Na one-way mirror Spider-Man mask."
Dialogue: 0,0:00:18.00,0:00:20.78,Default,,0000,0000,0000,,I had absolutely no idea\Nwhat he was talking about,
Dialogue: 0,0:00:20.80,0:00:22.78,Default,,0000,0000,0000,,so I said, "Wow, that's really cool,
Dialogue: 0,0:00:22.80,0:00:24.37,Default,,0000,0000,0000,,but how are you going to get it?"
Dialogue: 0,0:00:25.12,0:00:28.02,Default,,0000,0000,0000,,He told me, without a blink of his eyes,
Dialogue: 0,0:00:28.04,0:00:32.12,Default,,0000,0000,0000,,"I'm going to tell my mom\Nand make a wish before I go to bed.
Dialogue: 0,0:00:32.76,0:00:34.72,Default,,0000,0000,0000,,My mom will go to shake her mobile phone.
Dialogue: 0,0:00:35.40,0:00:39.68,Default,,0000,0000,0000,,The next morning, the delivery uncle\Nwill give it to me when I wake up."
Dialogue: 0,0:00:41.32,0:00:43.30,Default,,0000,0000,0000,,I was about to tease him,
Dialogue: 0,0:00:43.32,0:00:45.10,Default,,0000,0000,0000,,but suddenly I realized
Dialogue: 0,0:00:45.12,0:00:47.46,Default,,0000,0000,0000,,he was simply telling me the truth,
Dialogue: 0,0:00:47.48,0:00:51.62,Default,,0000,0000,0000,,the truth of what shopping\Nlooks like for this generation.
Dialogue: 0,0:00:51.64,0:00:55.26,Default,,0000,0000,0000,,If you think of it,\Nfor a child like Yuan Yuan,
Dialogue: 0,0:00:55.28,0:00:57.58,Default,,0000,0000,0000,,shopping is a very different idea
Dialogue: 0,0:00:57.60,0:01:00.50,Default,,0000,0000,0000,,compared to what\Nmy generation had in mind.
Dialogue: 0,0:01:00.52,0:01:02.78,Default,,0000,0000,0000,,Shopping is always done on mobile,
Dialogue: 0,0:01:02.80,0:01:04.88,Default,,0000,0000,0000,,and payment is all virtual.
Dialogue: 0,0:01:06.00,0:01:10.48,Default,,0000,0000,0000,,A huge shopping revolution\Nis happening in China right now.
Dialogue: 0,0:01:11.12,0:01:14.98,Default,,0000,0000,0000,,Shopping behaviors,\Nand also technology platforms,
Dialogue: 0,0:01:15.00,0:01:17.86,Default,,0000,0000,0000,,have evolved differently\Nthan elsewhere in the world.
Dialogue: 0,0:01:17.88,0:01:21.78,Default,,0000,0000,0000,,For instance, e-commerce\Nin China is soaring.
Dialogue: 0,0:01:21.80,0:01:24.62,Default,,0000,0000,0000,,It's been growing at twice the speed\Nof the United States
Dialogue: 0,0:01:24.64,0:01:27.28,Default,,0000,0000,0000,,and a lot of the growth\Nis coming from mobile.
Dialogue: 0,0:01:27.92,0:01:32.70,Default,,0000,0000,0000,,Every month, 500 million consumers
Dialogue: 0,0:01:32.72,0:01:34.82,Default,,0000,0000,0000,,are buying on mobile phones,
Dialogue: 0,0:01:34.84,0:01:36.58,Default,,0000,0000,0000,,and to put that into context,
Dialogue: 0,0:01:36.60,0:01:39.82,Default,,0000,0000,0000,,that is a total population\Nof the United States,
Dialogue: 0,0:01:39.84,0:01:42.28,Default,,0000,0000,0000,,UK and Germany combined.
Dialogue: 0,0:01:43.04,0:01:46.90,Default,,0000,0000,0000,,But it is not just about\Nthe scale of the e-commerce,
Dialogue: 0,0:01:46.92,0:01:51.50,Default,,0000,0000,0000,,it is the speed of adoption\Nand the aggregation of the ecosystems.
Dialogue: 0,0:01:51.52,0:01:56.02,Default,,0000,0000,0000,,It took China less than five years\Nto become a country of mobile commerce,
Dialogue: 0,0:01:56.04,0:02:01.18,Default,,0000,0000,0000,,and that is largely because\Nof the two technology platforms,
Dialogue: 0,0:02:01.20,0:02:02.72,Default,,0000,0000,0000,,Alibaba and Tencent.
Dialogue: 0,0:02:03.12,0:02:06.70,Default,,0000,0000,0000,,They own 90 percent of the e-commerce --
Dialogue: 0,0:02:06.72,0:02:08.38,Default,,0000,0000,0000,,pretty much the whole market --
Dialogue: 0,0:02:08.40,0:02:10.74,Default,,0000,0000,0000,,85 percent of social media,
Dialogue: 0,0:02:10.76,0:02:13.90,Default,,0000,0000,0000,,85 percent of internet payment.
Dialogue: 0,0:02:13.92,0:02:20.46,Default,,0000,0000,0000,,And they also own large volumes\Nof digital content, video, online movie,
Dialogue: 0,0:02:20.48,0:02:23.64,Default,,0000,0000,0000,,literature, travel information, gaming.
Dialogue: 0,0:02:25.20,0:02:28.46,Default,,0000,0000,0000,,When this huge base of mobile shoppers
Dialogue: 0,0:02:28.48,0:02:30.94,Default,,0000,0000,0000,,meets with aggregated ecosystems,
Dialogue: 0,0:02:30.96,0:02:32.82,Default,,0000,0000,0000,,chemical reactions happen.
Dialogue: 0,0:02:32.84,0:02:35.46,Default,,0000,0000,0000,,Today, China is like a huge laboratory
Dialogue: 0,0:02:35.48,0:02:38.30,Default,,0000,0000,0000,,generating all sorts of experiments.
Dialogue: 0,0:02:38.32,0:02:39.78,Default,,0000,0000,0000,,You should come to China,
Dialogue: 0,0:02:39.80,0:02:43.40,Default,,0000,0000,0000,,because here you will get\Na glimpse into the future.
Dialogue: 0,0:02:44.52,0:02:48.76,Default,,0000,0000,0000,,One of the trends I have seen\Nconcerns the spontaneity of shopping.
Dialogue: 0,0:02:49.44,0:02:51.50,Default,,0000,0000,0000,,Five years ago, in a fashion study,
Dialogue: 0,0:02:51.52,0:02:52.98,Default,,0000,0000,0000,,we found that on average,
Dialogue: 0,0:02:53.00,0:02:56.94,Default,,0000,0000,0000,,a Chinese consumer would be buying\Nfive to eight pairs of shoes.
Dialogue: 0,0:02:56.96,0:03:01.34,Default,,0000,0000,0000,,This number tripled\Nto reach about 25 pairs of shoes a year.
Dialogue: 0,0:03:01.36,0:03:03.92,Default,,0000,0000,0000,,Who would need so many pairs of shoes?
Dialogue: 0,0:03:04.52,0:03:07.66,Default,,0000,0000,0000,,So I asked them,\N"What are the reasons you buy?"
Dialogue: 0,0:03:07.68,0:03:10.34,Default,,0000,0000,0000,,They told me a list of inspirations:
Dialogue: 0,0:03:10.36,0:03:15.02,Default,,0000,0000,0000,,blogs, celebrity news,\Nfashion information.
Dialogue: 0,0:03:15.04,0:03:18.50,Default,,0000,0000,0000,,But really, for many of them,\Nthere was no particular reason to buy.
Dialogue: 0,0:03:18.52,0:03:21.02,Default,,0000,0000,0000,,They were just browsing\Non their mobile site
Dialogue: 0,0:03:21.04,0:03:23.16,Default,,0000,0000,0000,,and then buying whatever they saw.
Dialogue: 0,0:03:24.56,0:03:28.82,Default,,0000,0000,0000,,We have observed the same level\Nof spontaneity in everything,
Dialogue: 0,0:03:28.84,0:03:32.52,Default,,0000,0000,0000,,from grocery shopping\Nto buying insurance products.
Dialogue: 0,0:03:34.24,0:03:37.82,Default,,0000,0000,0000,,But it is not very difficult\Nto understand if you think about it.
Dialogue: 0,0:03:37.84,0:03:40.58,Default,,0000,0000,0000,,A lot of the Chinese consumers\Nare still very new
Dialogue: 0,0:03:40.60,0:03:43.82,Default,,0000,0000,0000,,in their middle-class\Nor upper-middle-class lifestyles,
Dialogue: 0,0:03:43.84,0:03:46.82,Default,,0000,0000,0000,,with a strong desire\Nto buy everything new,
Dialogue: 0,0:03:46.84,0:03:48.90,Default,,0000,0000,0000,,new products, new services.
Dialogue: 0,0:03:48.92,0:03:51.62,Default,,0000,0000,0000,,And with this integrated ecosystem,
Dialogue: 0,0:03:51.64,0:03:56.12,Default,,0000,0000,0000,,it is so easy for them to buy,\None click after another.
Dialogue: 0,0:03:57.52,0:04:02.02,Default,,0000,0000,0000,,However, this new shopping behavior\Nis creating a lot of challenges
Dialogue: 0,0:04:02.04,0:04:04.78,Default,,0000,0000,0000,,for those once-dominant businesses.
Dialogue: 0,0:04:04.80,0:04:08.66,Default,,0000,0000,0000,,The owner of a fashion company\Ntold me that he's so frustrated
Dialogue: 0,0:04:08.68,0:04:12.80,Default,,0000,0000,0000,,because his customers keep complaining\Nthat his products are not new enough.
Dialogue: 0,0:04:13.32,0:04:16.12,Default,,0000,0000,0000,,Well, for a fashion company,\Nreally bad comment.
Dialogue: 0,0:04:17.52,0:04:20.98,Default,,0000,0000,0000,,And he already increased the number\Nof products in each collection.
Dialogue: 0,0:04:21.00,0:04:22.20,Default,,0000,0000,0000,,It doesn't seem to work.
Dialogue: 0,0:04:22.80,0:04:26.22,Default,,0000,0000,0000,,So I told him there's something\Nmore important than that.
Dialogue: 0,0:04:26.24,0:04:29.70,Default,,0000,0000,0000,,You've got to give your consumer\Nexactly what they want
Dialogue: 0,0:04:29.72,0:04:30.96,Default,,0000,0000,0000,,when they still want it.
Dialogue: 0,0:04:31.72,0:04:36.26,Default,,0000,0000,0000,,And he can learn something\Nfrom the online apparel players in China.
Dialogue: 0,0:04:36.28,0:04:39.54,Default,,0000,0000,0000,,These companies, they collect\Nreal consumer feedback
Dialogue: 0,0:04:39.56,0:04:42.06,Default,,0000,0000,0000,,from mobile sites, from social media,
Dialogue: 0,0:04:42.08,0:04:45.38,Default,,0000,0000,0000,,and then their designers\Nwill translate this information
Dialogue: 0,0:04:45.40,0:04:47.10,Default,,0000,0000,0000,,into product ideas,
Dialogue: 0,0:04:47.12,0:04:50.60,Default,,0000,0000,0000,,and then send them\Nto microstudios for production.
Dialogue: 0,0:04:51.16,0:04:54.98,Default,,0000,0000,0000,,These microstudios are really key\Nin this overall ecosystem,
Dialogue: 0,0:04:55.00,0:04:57.18,Default,,0000,0000,0000,,because they take small orders,
Dialogue: 0,0:04:57.20,0:04:59.38,Default,,0000,0000,0000,,30 garments at a time,
Dialogue: 0,0:04:59.40,0:05:02.60,Default,,0000,0000,0000,,and they can also make\Npartially customized pieces.
Dialogue: 0,0:05:03.80,0:05:06.98,Default,,0000,0000,0000,,The fact that all these production designs
Dialogue: 0,0:05:07.00,0:05:08.46,Default,,0000,0000,0000,,are done locally,
Dialogue: 0,0:05:08.48,0:05:13.02,Default,,0000,0000,0000,,the whole process, from transporting\Nto product on shelf or online
Dialogue: 0,0:05:13.04,0:05:15.62,Default,,0000,0000,0000,,sometimes takes only three to four days.
Dialogue: 0,0:05:15.64,0:05:17.34,Default,,0000,0000,0000,,That is super fast,
Dialogue: 0,0:05:17.36,0:05:20.98,Default,,0000,0000,0000,,and that is highly responsive\Nto what is in and hot on the market.
Dialogue: 0,0:05:21.00,0:05:25.30,Default,,0000,0000,0000,,And that is giving enormous headaches\Nto traditional retailers
Dialogue: 0,0:05:25.32,0:05:28.16,Default,,0000,0000,0000,,who are only thinking\Nabout a few collections a year.
Dialogue: 0,0:05:30.28,0:05:33.68,Default,,0000,0000,0000,,Then there's a consumer's need\Nfor ultraconvenience.
Dialogue: 0,0:05:34.24,0:05:37.46,Default,,0000,0000,0000,,A couple of months ago,\NI was shopping with a friend in Tokyo.
Dialogue: 0,0:05:37.48,0:05:38.74,Default,,0000,0000,0000,,We were in the store,
Dialogue: 0,0:05:38.76,0:05:41.58,Default,,0000,0000,0000,,and there were three to four people\Nstanding in front of us
Dialogue: 0,0:05:41.60,0:05:43.06,Default,,0000,0000,0000,,at the checkout counter.
Dialogue: 0,0:05:43.08,0:05:44.62,Default,,0000,0000,0000,,Pretty normal, right?
Dialogue: 0,0:05:44.64,0:05:47.42,Default,,0000,0000,0000,,But both of us dropped our selection
Dialogue: 0,0:05:47.44,0:05:48.64,Default,,0000,0000,0000,,and walked away.
Dialogue: 0,0:05:49.44,0:05:51.68,Default,,0000,0000,0000,,This is how impatient we have become.
Dialogue: 0,0:05:52.56,0:05:56.42,Default,,0000,0000,0000,,Delivering ultraconvenience\Nis not just something nice to have.
Dialogue: 0,0:05:56.44,0:05:59.52,Default,,0000,0000,0000,,It is crucial to make sure\Nyour consumer actually buys.
Dialogue: 0,0:06:00.36,0:06:02.54,Default,,0000,0000,0000,,And in China, we have learned
Dialogue: 0,0:06:02.56,0:06:06.70,Default,,0000,0000,0000,,that convenience is really the glue\Nthat will make online shopping
Dialogue: 0,0:06:06.72,0:06:09.70,Default,,0000,0000,0000,,a behavior and a habit that sticks.
Dialogue: 0,0:06:09.72,0:06:13.30,Default,,0000,0000,0000,,It is sometimes more effective\Nthan a loyalty program alone.
Dialogue: 0,0:06:13.32,0:06:15.02,Default,,0000,0000,0000,,Take Hema.
Dialogue: 0,0:06:15.04,0:06:19.08,Default,,0000,0000,0000,,It's a retail grocery concept\Ndeveloped by Alibaba.
Dialogue: 0,0:06:19.60,0:06:21.58,Default,,0000,0000,0000,,They deliver a full basket of products
Dialogue: 0,0:06:21.60,0:06:24.86,Default,,0000,0000,0000,,from 4,000 SKUs to your doorstep
Dialogue: 0,0:06:24.88,0:06:26.74,Default,,0000,0000,0000,,within 30 minutes.
Dialogue: 0,0:06:26.76,0:06:30.86,Default,,0000,0000,0000,,What is amazing is that they deliver\Nliterally everything:
Dialogue: 0,0:06:30.88,0:06:33.10,Default,,0000,0000,0000,,fruits, vegetables, of course.
Dialogue: 0,0:06:33.12,0:06:35.46,Default,,0000,0000,0000,,They also deliver live fish
Dialogue: 0,0:06:35.48,0:06:37.80,Default,,0000,0000,0000,,and also live Alaska king crab.
Dialogue: 0,0:06:38.96,0:06:41.22,Default,,0000,0000,0000,,Like my friend once told me,
Dialogue: 0,0:06:41.24,0:06:42.94,Default,,0000,0000,0000,,"It's really my dream coming true.
Dialogue: 0,0:06:42.96,0:06:45.90,Default,,0000,0000,0000,,Finally, I can impress my mother-in-law
Dialogue: 0,0:06:45.92,0:06:48.90,Default,,0000,0000,0000,,when she comes to visit me\Nfor dinner unexpectedly."
Dialogue: 0,0:06:48.92,0:06:52.22,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:06:52.24,0:06:54.90,Default,,0000,0000,0000,,Well, companies\Nlike Amazon and FreshDirect
Dialogue: 0,0:06:54.92,0:06:57.82,Default,,0000,0000,0000,,are also experimenting in the same field.
Dialogue: 0,0:06:57.84,0:07:01.42,Default,,0000,0000,0000,,The fact that Hema\Nis part of the Alibaba ecosystem
Dialogue: 0,0:07:01.44,0:07:04.96,Default,,0000,0000,0000,,makes it faster and also\Na bit easier to implement.
Dialogue: 0,0:07:05.76,0:07:07.66,Default,,0000,0000,0000,,For an online grocery player,
Dialogue: 0,0:07:07.68,0:07:10.50,Default,,0000,0000,0000,,it is very difficult, very costly,
Dialogue: 0,0:07:10.52,0:07:13.30,Default,,0000,0000,0000,,to deliver a full basket quickly,
Dialogue: 0,0:07:13.32,0:07:15.94,Default,,0000,0000,0000,,but for Hema, it's got a mobile app,
Dialogue: 0,0:07:15.96,0:07:17.62,Default,,0000,0000,0000,,it's got mobile payment,
Dialogue: 0,0:07:17.64,0:07:23.34,Default,,0000,0000,0000,,and also it's built 20 physical stores\Nin high-density areas in Shanghai.
Dialogue: 0,0:07:23.36,0:07:27.26,Default,,0000,0000,0000,,These stores are built\Nto ensure the freshness of the product --
Dialogue: 0,0:07:27.28,0:07:30.18,Default,,0000,0000,0000,,they actually have\Nfish tanks in the store --
Dialogue: 0,0:07:30.20,0:07:34.48,Default,,0000,0000,0000,,and also to give locations\Nthat will enable high-speed delivery.
Dialogue: 0,0:07:34.92,0:07:36.94,Default,,0000,0000,0000,,I know the question you have on your mind.
Dialogue: 0,0:07:36.96,0:07:38.22,Default,,0000,0000,0000,,Are they making money?
Dialogue: 0,0:07:38.24,0:07:39.58,Default,,0000,0000,0000,,Yes, they are making money.
Dialogue: 0,0:07:39.60,0:07:40.86,Default,,0000,0000,0000,,They are breaking even,
Dialogue: 0,0:07:40.88,0:07:44.46,Default,,0000,0000,0000,,and what is also amazing\Nis that the sales revenue per store
Dialogue: 0,0:07:44.48,0:07:48.50,Default,,0000,0000,0000,,is three to four times higher\Nthan the traditional grocery store,
Dialogue: 0,0:07:48.52,0:07:52.16,Default,,0000,0000,0000,,and half of the revenue orders\Nare coming from mobile.
Dialogue: 0,0:07:53.04,0:07:55.90,Default,,0000,0000,0000,,This is really proof that a consumer,
Dialogue: 0,0:07:55.92,0:07:59.50,Default,,0000,0000,0000,,if you give them ultraconvenience\Nthat really works in grocery shopping,
Dialogue: 0,0:07:59.52,0:08:02.38,Default,,0000,0000,0000,,they're going to switch\Ntheir shopping behaviors online,
Dialogue: 0,0:08:02.40,0:08:03.60,Default,,0000,0000,0000,,like, in no time.
Dialogue: 0,0:08:05.48,0:08:08.58,Default,,0000,0000,0000,,So ultraconvenience and spontaneity,
Dialogue: 0,0:08:08.60,0:08:10.46,Default,,0000,0000,0000,,that's not the full story.
Dialogue: 0,0:08:10.48,0:08:12.62,Default,,0000,0000,0000,,The other trend I have seen in China
Dialogue: 0,0:08:12.64,0:08:13.88,Default,,0000,0000,0000,,is social shopping.
Dialogue: 0,0:08:14.44,0:08:17.06,Default,,0000,0000,0000,,If you think of social shopping\Nelsewhere in the world,
Dialogue: 0,0:08:17.08,0:08:18.52,Default,,0000,0000,0000,,it is a linear process.
Dialogue: 0,0:08:19.56,0:08:21.70,Default,,0000,0000,0000,,You pick up something on Facebook,
Dialogue: 0,0:08:21.72,0:08:24.34,Default,,0000,0000,0000,,watch it, and you switch to Amazon
Dialogue: 0,0:08:24.36,0:08:27.06,Default,,0000,0000,0000,,or brand.com to complete\Nthe shopping journey.
Dialogue: 0,0:08:27.08,0:08:28.74,Default,,0000,0000,0000,,Clean and simple.
Dialogue: 0,0:08:28.76,0:08:31.86,Default,,0000,0000,0000,,But in China it is a very different thing.
Dialogue: 0,0:08:31.88,0:08:36.62,Default,,0000,0000,0000,,On average, a consumer would spend\None hour on their mobile phone shopping.
Dialogue: 0,0:08:36.64,0:08:39.30,Default,,0000,0000,0000,,That's three times higher\Nthan the United States.
Dialogue: 0,0:08:39.32,0:08:41.26,Default,,0000,0000,0000,,Where does the stickiness come from?
Dialogue: 0,0:08:41.28,0:08:44.68,Default,,0000,0000,0000,,What are they actually doing\Non this tiny little screen?
Dialogue: 0,0:08:45.12,0:08:47.58,Default,,0000,0000,0000,,So let me take you\Non a mobile shopping journey
Dialogue: 0,0:08:47.60,0:08:49.52,Default,,0000,0000,0000,,that I usually would be experiencing.
Dialogue: 0,0:08:51.00,0:08:53.96,Default,,0000,0000,0000,,11pm, yes, that's usually when I shop.
Dialogue: 0,0:08:54.80,0:08:58.42,Default,,0000,0000,0000,,I was having a chat in a WeChat\Nchatroom with my friends.
Dialogue: 0,0:08:58.44,0:09:00.54,Default,,0000,0000,0000,,One of them took out a pack of snack
Dialogue: 0,0:09:00.56,0:09:03.84,Default,,0000,0000,0000,,and posted the product link\Nin that chatroom.
Dialogue: 0,0:09:04.32,0:09:08.02,Default,,0000,0000,0000,,I hate it, because usually\NI would just click that link
Dialogue: 0,0:09:08.04,0:09:10.66,Default,,0000,0000,0000,,and then land on the product page.
Dialogue: 0,0:09:10.68,0:09:12.94,Default,,0000,0000,0000,,Lots of information, very colorful,
Dialogue: 0,0:09:12.96,0:09:14.38,Default,,0000,0000,0000,,mind-blowing.
Dialogue: 0,0:09:14.40,0:09:17.14,Default,,0000,0000,0000,,Watched it and then\Na shop assistant came online
Dialogue: 0,0:09:17.16,0:09:20.22,Default,,0000,0000,0000,,and asked me, "How can I\Nhelp you tonight?"
Dialogue: 0,0:09:20.24,0:09:22.42,Default,,0000,0000,0000,,Of course I bought that pack of snack.
Dialogue: 0,0:09:22.44,0:09:26.50,Default,,0000,0000,0000,,What is more beautiful is I know\Nthat the next day, around noontime,
Dialogue: 0,0:09:26.52,0:09:29.38,Default,,0000,0000,0000,,that pack of snack\Nwill be delivered to my office.
Dialogue: 0,0:09:29.40,0:09:32.02,Default,,0000,0000,0000,,I can eat it and share it\Nwith my colleagues
Dialogue: 0,0:09:32.04,0:09:34.92,Default,,0000,0000,0000,,and the cost of delivery,\Nmaximum one dollar.
Dialogue: 0,0:09:36.24,0:09:39.18,Default,,0000,0000,0000,,Just when I was about to leave\Nthat shopping site,
Dialogue: 0,0:09:39.20,0:09:41.06,Default,,0000,0000,0000,,another screen popped up.
Dialogue: 0,0:09:41.08,0:09:45.74,Default,,0000,0000,0000,,This time it is the livestreaming\Nof a grassroots celebrity
Dialogue: 0,0:09:45.76,0:09:49.02,Default,,0000,0000,0000,,teaching me how to wear\Na new color of lipstick.
Dialogue: 0,0:09:49.04,0:09:52.14,Default,,0000,0000,0000,,I watched for 30 seconds --\Nvery easy to understand --
Dialogue: 0,0:09:52.16,0:09:55.22,Default,,0000,0000,0000,,and also there is\Na shopping link right next to it,
Dialogue: 0,0:09:55.24,0:09:57.88,Default,,0000,0000,0000,,clicked it, bought it in a few seconds.
Dialogue: 0,0:09:58.60,0:10:00.10,Default,,0000,0000,0000,,Back to the chatroom.
Dialogue: 0,0:10:00.12,0:10:01.98,Default,,0000,0000,0000,,The gossiping is still going on.
Dialogue: 0,0:10:02.00,0:10:04.86,Default,,0000,0000,0000,,Another friend of mine posted the QR code
Dialogue: 0,0:10:04.88,0:10:06.54,Default,,0000,0000,0000,,of another pack of snack.
Dialogue: 0,0:10:06.56,0:10:08.08,Default,,0000,0000,0000,,Clicked it, bought it.
Dialogue: 0,0:10:09.08,0:10:10.66,Default,,0000,0000,0000,,So the whole experience
Dialogue: 0,0:10:10.68,0:10:14.46,Default,,0000,0000,0000,,is like you're exploring\Nin an amusement park.
Dialogue: 0,0:10:14.48,0:10:17.10,Default,,0000,0000,0000,,It is chaotic, it is fun
Dialogue: 0,0:10:17.12,0:10:19.52,Default,,0000,0000,0000,,and it's even a little bit addictive.
Dialogue: 0,0:10:20.52,0:10:24.94,Default,,0000,0000,0000,,This is what's happening\Nwhen you have this integrated ecosystem.
Dialogue: 0,0:10:24.96,0:10:27.66,Default,,0000,0000,0000,,Shopping is embedded in social,
Dialogue: 0,0:10:27.68,0:10:32.38,Default,,0000,0000,0000,,and social is evolving\Ninto a multidimensional experience.
Dialogue: 0,0:10:32.40,0:10:36.10,Default,,0000,0000,0000,,The integration of ecosystems\Nreaches a whole new level.
Dialogue: 0,0:10:36.12,0:10:39.44,Default,,0000,0000,0000,,So does its dominance\Nin all aspects of our life.
Dialogue: 0,0:10:40.72,0:10:44.34,Default,,0000,0000,0000,,And of course, there are huge\Ncommercial opportunities behind it.
Dialogue: 0,0:10:44.36,0:10:47.18,Default,,0000,0000,0000,,A Chinese snack company, Three Squirrels,
Dialogue: 0,0:10:47.20,0:10:50.98,Default,,0000,0000,0000,,built a half-a-billion-dollar business\Nin just three years
Dialogue: 0,0:10:51.00,0:10:54.82,Default,,0000,0000,0000,,by investing in 300 to 500 shop assistants
Dialogue: 0,0:10:54.84,0:10:58.98,Default,,0000,0000,0000,,who are going to be online\Nto provide services 24/7.
Dialogue: 0,0:10:59.00,0:11:01.02,Default,,0000,0000,0000,,In the social media environment,
Dialogue: 0,0:11:01.04,0:11:02.98,Default,,0000,0000,0000,,they are like your neighborhood friends.
Dialogue: 0,0:11:03.00,0:11:04.70,Default,,0000,0000,0000,,Even when you are not buying stuff,
Dialogue: 0,0:11:04.72,0:11:08.12,Default,,0000,0000,0000,,they will be happy to just tell you\Na few jokes and make you happy.
Dialogue: 0,0:11:09.00,0:11:11.10,Default,,0000,0000,0000,,In this integrated ecosystem,
Dialogue: 0,0:11:11.12,0:11:15.58,Default,,0000,0000,0000,,social media can really redefine\Nthe relationship between brand,
Dialogue: 0,0:11:15.60,0:11:17.60,Default,,0000,0000,0000,,retailer and consumer.
Dialogue: 0,0:11:19.44,0:11:22.90,Default,,0000,0000,0000,,These are only fragments\Nof the massive changes
Dialogue: 0,0:11:22.92,0:11:24.62,Default,,0000,0000,0000,,I have seen in China.
Dialogue: 0,0:11:24.64,0:11:26.62,Default,,0000,0000,0000,,In this huge laboratory,
Dialogue: 0,0:11:26.64,0:11:30.32,Default,,0000,0000,0000,,a lot of experiments\Nare generated every single day.
Dialogue: 0,0:11:31.04,0:11:33.54,Default,,0000,0000,0000,,The ecosystems are reforming,
Dialogue: 0,0:11:33.56,0:11:37.74,Default,,0000,0000,0000,,supply chain distribution,\Nmarketing, product innovation,
Dialogue: 0,0:11:37.76,0:11:38.98,Default,,0000,0000,0000,,everything.
Dialogue: 0,0:11:39.00,0:11:43.26,Default,,0000,0000,0000,,Consumers are getting the power\Nto decide what they want to buy,
Dialogue: 0,0:11:43.28,0:11:44.58,Default,,0000,0000,0000,,when they want to buy it,
Dialogue: 0,0:11:44.60,0:11:47.62,Default,,0000,0000,0000,,how they want to buy it,\Nhow they want to social.
Dialogue: 0,0:11:47.64,0:11:51.06,Default,,0000,0000,0000,,It is now back to business\Nleaders of the world
Dialogue: 0,0:11:51.08,0:11:54.42,Default,,0000,0000,0000,,to really open their eyes,\Nsee what's happening in China,
Dialogue: 0,0:11:54.44,0:11:57.44,Default,,0000,0000,0000,,think about it and take actions.
Dialogue: 0,0:11:58.32,0:11:59.54,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:11:59.56,0:12:02.36,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,0:12:07.76,0:12:10.24,Default,,0000,0000,0000,,Massimo Portincaso: Angela, \Nwhat you shared with us
Dialogue: 0,0:12:10.26,0:12:12.38,Default,,0000,0000,0000,,is truly impressive and almost incredible,
Dialogue: 0,0:12:12.40,0:12:17.66,Default,,0000,0000,0000,,but I think many in the audience\Nhad the same question that I had,
Dialogue: 0,0:12:17.68,0:12:18.90,Default,,0000,0000,0000,,which is:
Dialogue: 0,0:12:18.92,0:12:22.26,Default,,0000,0000,0000,,Is this kind of impulsive consumption
Dialogue: 0,0:12:22.28,0:12:26.50,Default,,0000,0000,0000,,both economically and environmentally\Nsustainable over the longer term?
Dialogue: 0,0:12:26.52,0:12:30.26,Default,,0000,0000,0000,,And what is the total price to be paid
Dialogue: 0,0:12:30.28,0:12:34.98,Default,,0000,0000,0000,,for such an automized\Nand ultraconvenient retail experience?
Dialogue: 0,0:12:35.00,0:12:37.90,Default,,0000,0000,0000,,Angela Wang: Yeah.\NOne thing we have to keep in mind
Dialogue: 0,0:12:37.92,0:12:41.64,Default,,0000,0000,0000,,is really, we are at the very beginning\Nof a huge transformation.
Dialogue: 0,0:12:42.20,0:12:45.34,Default,,0000,0000,0000,,So with this trading up\Nneeds of the consumer,
Dialogue: 0,0:12:45.36,0:12:48.50,Default,,0000,0000,0000,,together with the evolution\Nof the ecosystem,
Dialogue: 0,0:12:48.52,0:12:52.30,Default,,0000,0000,0000,,there are a lot of opportunities\Nand also challenges.
Dialogue: 0,0:12:52.32,0:12:53.90,Default,,0000,0000,0000,,So I've seen some early signs
Dialogue: 0,0:12:53.92,0:12:56.78,Default,,0000,0000,0000,,that the ecosystems\Nare shifting their focus
Dialogue: 0,0:12:56.80,0:12:59.38,Default,,0000,0000,0000,,to pay attention\Nto solve these challenges.
Dialogue: 0,0:12:59.40,0:13:03.66,Default,,0000,0000,0000,,For example, paying more\Nconsideration to sustainability
Dialogue: 0,0:13:03.68,0:13:05.62,Default,,0000,0000,0000,,alongside just about speed,
Dialogue: 0,0:13:05.64,0:13:08.50,Default,,0000,0000,0000,,and also quality over quantity.
Dialogue: 0,0:13:08.52,0:13:11.46,Default,,0000,0000,0000,,But there are really\Nno simple answers to these questions.
Dialogue: 0,0:13:11.48,0:13:14.10,Default,,0000,0000,0000,,That is exactly why\NI'm here to tell everyone
Dialogue: 0,0:13:14.12,0:13:19.00,Default,,0000,0000,0000,,that we need to watch it, study it,\Nand play a part in this evolution.
Dialogue: 0,0:13:19.68,0:13:21.22,Default,,0000,0000,0000,,MP: Thank you very much.
Dialogue: 0,0:13:21.24,0:13:22.46,Default,,0000,0000,0000,,AW: Thank you.
Dialogue: 0,0:13:22.48,0:13:25.12,Default,,0000,0000,0000,,(Applause)