Foreign firms optimistic about rebound

0 Comment(s)Print E-mail China Daily, May 5, 2020
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Employees of FESTO China keep a distance at lunch tables after the company resumed operations in Shanghai. [Photo/China Daily]

Riding the livestreaming wave, a Hilton facility in Jinan, Shandong province, has kicked off a weekly online broadcasting session, customizing recipes for international cuisines and beverages, and sharing baking techniques by leading chefs.

"People have become increasingly familiar with, and reliant on, online services. This has prompted us to carry out more aggressive digital reforms and become agile in our daily operations, such as the rollout of high-end catering delivery services," Qian, from Hilton, said.

Ferrero's De Felip pointed to the importance of having an e-commerce presence in China through partnerships with local platforms like Alibaba and JD.

"We are moving to a 'Next Normal' reality, which requires great resilience and operational efficiency in the way of doing business. The rise of the contactless economy will impose adjustments on our operations, will change consumer behavior, and market attractiveness will be different," he said.

He added that new models and businesses are quickly emerging in China, including the acceleration of omnichannel transformation, e-commerce and the big data-driven digital economy, which are creating new ways of engaging with consumers.

L'Oreal also sees China as a crucial market for new product launches and debuts. The latest moves have included a skin care product tailored for the domestic market and a smart foundation that uses algorithms to help determine skin tones and choose the right shade for the customer.

According to Megarbane, the company has further strengthened digital services, such as livestreaming, virtual product launches and makeup trials, as well as artificial intelligence-empowered skin condition examinations.

"I've always liked the Chinese way of interpreting 'crisis', or Wei Ji, which literally translates as 'opportunities embedded in crisis'," he said. "Don't waste any opportunities brought about by a crisis."

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