aining traction with alike models at competitive price points. Another company rolling out huge discounts in the Chinese market is JD.com. It has launched its Chinese New Year promotion and a “10-billion-yuan Discount’ day, that runs until the 17th of February. JD.com’s mega offline shopping destinations, Jd Mall and JD E-Space, are also set to revolutionise the shopping experience for consumers in eleven cities across China during the festive season. Tens of thousands of physical shops on JD’s ShopNow platform will host live-streaming rooms, allowing customers to interact with sellers in real time and make informed purchasing decisions. Meanwhile, JD.com’s European omni-channel retail brand, Ochama, is dedicated to providing overseas consumers with a seamless and enjoyable experience during the Chinese New Year. JD Global Sales recently expanded its services to meet the needs of Chinese consumers in five European countries – France, Germany, Italy, the Netherlands, and Spain. A nuanced perspective Given the competitive landscape in the APAC region, there are some overarching market trends worth noting. Xiaofeng Wang, principal analyst at Forrester, believes consumers are going to be a bit more cautious during this year’s festivities. Forrester’s Consumer Benchmark Survey for 2023 data showed that 65 per cent of online consumers in Australia, 61 per cent in metro China, and 67 per cent in metro India are saving less because of inflation.“As higher prices have taken a bite out of pandemic-era savings consumers will expect to maximise economic value in their spending,” Wang told Inside Retail. Therefore, Wang believes retailers will focus on economic values such as discounts, special offers, bundles, and payment plans to motivate purchases. In light of recent smartphone market dynamics, as highlighted by Apple’s discount strategy in China, Wang believes that retailers need to be more holistic in their strategies to entice future consumers. “Apple’s discount strategy provided positive economic value to consumers, but today’s consumers are more sophisticated, and a singular dimension alone won’t suffice,” she added. Embracing holistic strategies Wang identified three additional dimensions of value that retailers should consider: functional ones like product features and quality, experiential ones like convenience, and symbolic ones such as cultural confidence. Logistics is another competitive dimension that could be a key differentiating factor in this tightening market. Consumers expect timely shipping during The Lunar New Year period and companies that can offer the most efficient delivery services stand to benefit greatly. In addition to these factors, Wang emphasised that retailers need to be culturally sensitive about their promotions. “In some markets, it’s called Chinese New Year, while in others it’s called Lunar New Year or Spring Festival. Be relevant to the market if you should greet in Mandarin, Cantonese or other dialects or languages. Do your homework before launching your campaigns in each market,” stressed Wang. The risk of losing unique brand identity with over-use and market-saturation of similar campaigns that become difficult to differentiate between with many Lunar New Year campaigns featuring the same Chinese horoscopes. “It’s particularly so in the year of the dragon, the most popular horoscope. Consumers might be overwhelmed by dragon-related campaigns,” she explained. Technology matters As technological advancements are playing a more crucial role in the retail sector these days, it’s becoming imperative for retailers to leverage emerging technologies to enhance the customer experience during the Lunar New Year festivities. Wang believes that one area is ripe for more experimentation, and that is the payment area. “Make it easier for consumers to pay for their products, be it online or offline. Retailers should proactively provide more payment options, and one good example is the buy now pay later option,” she added. Another area that retailers can improve on is providing customers with the convenience of tracking deliveries in real time and providing timely responses via customer service channels. “Always provide the option of connecting to human customer support if you are using a chatbot,” highlighted Wang. Ultimately, in the wake of changing consumer sentiments, Wang believes retailers need to build and maintain brand loyalty and trust during this festive period. “Be creative and provide something unique to your loyal customers. For example, luxury brands are offering customers exclusive digital red packets with branded covers that consumers can stand out while sending red packets to friends and family members,” concluded Wang.