SHANGHAI, Oct. 18 (Xinhua) -- With consumer preferences changing rapidly amid the COVID-19 pandemic, personalized products and services could be the key to win the favor of the Chinese market, said heads of several multinationals during the 2021 International Business Leaders' Advisory Council for the Mayor of Shanghai (IBLAC) held Friday.
Despite the turbulent international situation, China remains the fastest-growing consumption market in the world, according to Orit Gadiesh, chairman of Bain & Company.
With significant untapped consumption potentials, the Chinese market has offered multinational companies huge space for growth over the years.
Chinese consumers have shown a growing demand for personalized and localized products. To better cater to their needs, foreign companies should adapt their strategies for China, decide in China, digitalize the China business, and deliver at Chinese speed, said the chairman in her paper submitted to the conference.
The entrepreneur also suggested that companies tailor their operating models to facilitate faster and more local decision-making, and establish China as a distinct region and direct report within their global organizational structure.
She also pointed out that multinational companies will need to scale up their digital marketing efforts, customizing their strategies to different online platforms and keeping pace with China's evolving e-commerce trends.
"Chinese consumers are looking for products of high quality and innovation," said Fabrice Megarbane, CEO of L'Oreal China and president of L'Oreal North Asia Zone, via video link.
It is crucial to meet the personalized needs of consumers, Megarbane said. "We are also putting new effort behind technologies that can allow consumption to be more personal, whether in terms of retail or products."
In the upcoming fourth China International Import Expo, L'Oreal plans to launch five new brands and a personalized lipstick.
Earlier this year, the group upgraded the headquarters of its Chinese branch in Shanghai into its headquarter of the whole North Asia Zone.
In Shanghai, the group also set up its third global beauty tech hub to promote the innovation and digitalization of its products.
First founded in the late 1980s, IBLAC provides a communication platform for global business leaders and heads of Shanghai municipal government to discuss the grand plan of the city's opening up, which has jointly promoted the economic and social development of Shanghai.