Prior to the outbreak of the pandemic, China's e-commerce market had already been booming for years, but the pandemic greatly increased consumers' willingness to shop online. Brands and retailers are counting on e-commerce to compensate the losses suffered by offline retailers due to store closures and the drop in foot traffic.
With traditional e-commerce platforms maturing, the participation of social media is critical for those who strive to attract online traffic. Nowadays, social media is not only used for connecting contacts but also entertainment and commerce, with an ever-rising influence on purchasing decisions.
The use of digital wallets for proximity payment has enjoyed continued growth in 2020 due to required social distancing rules enforced as a result of the COVID-19 pandemic. In February 2020, the initial outbreak stage of the pandemic, the Payment and Clearing Association of China (PCAC) issued a proposal to encourage people to use mobile payment, online payment and proximity payment to avoid the risk of infection.
Following 5G technology development, China continued to speed up infrastructure construction with a focus on shifting from traditional projects to digital infrastructure in 2020. Despite the economic impact of the COVID-19 pandemic in 2020, the 5G industry is gradually maturing and the application of 5G technology has accelerated in a wide range of business fields.
Leading internet companies such as Alibaba, Xiaomi and Huawei have participated in the digital technology upgrading. For example, AliCloud, owned by Alibaba, has been setting up 10 industrial internet platforms covering various industry sectors, such as textiles, clothing, food and beverages.
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