Tencent returned to Advertising Week to help brands and marketers connect with more than a billion Chinese consumers. During multiple sessions, including one entitled “Discover China,” Tencentleaders shared expert insights on how to manage the scale, complexity and challenges of China’s $4.4 trillion market, which is forecast to grow to US$6.2 trillion by 2021, according to Boston Consulting Group. They also shared new data and observations on Chinese consumers, highlighting innovations that are transforming content, commerce and conversations.
Tencent also unveiled a one-stop shop and comprehensive service offering to support marketers seeking to capture attention, create brand preference and tap the tremendous spending power of Chinese consumers. This offering includes brand advertising, performance advertising and on-the-ground support for brands. It helps marketers harness the power of WeChat, China’s leading social media platform, which serves more than 1.06 billion users and is an essential part of daily life and culture.
China is the world’s largest and most promising Internet market, noted Tencent Corporate Vice President Steven Chang, in a presentation called “China is Knocking”. He described how technology drives culture, noting the transformative nature of China’s social media, the growing importance of IP (intellectual property) and the emergence of a cashless society.
“China is the next frontier and an unprecedented opportunity for brands and marketers. It is a huge and complex digital society with a passion for advanced technologies,” said Chang. “Navigating this market can be challenging, but there has never been a better time to start. We are a trusted partner to many of the world’s leading companies and are ready to help others succeed.”
Chang underscored Tencent’s vital role in the daily lives of China’s 802 million Internet users, 98 percent of whom spend 60 percent of their online time with the company’s products. He shared several examples of how Tencent’s integrated IP-based marketing ecosystem enables new forms of creativity and cultural experiences. He also showed how AI (artificial intelligence) and Smart Retail promise new ways to connect with Chinese consumers, who embrace new experiences and the latest technology.
Yinyin Gao, Senior Product Director of Tencent’s Smart Retail Initiative, discussed how the company is dissolving the boundaries between the digital and physical worlds to enable new forms of connectivity and commerce for brands, marketers, retailers and consumers. She shared insights on the unique nature of Chinese consumers and best practices for brands and retailers to address their evolving needs using advanced digital platforms and China’s unique Internet ecosystem. She described WeChat as “super connector” or “super app” that connects 1.06 billion users with goods, services and brands, both online and offline.
Benny Ho, Senior Director of Tencent’s International Business Group, discussed the growing power of Chinese tourists, who spent $33.2 billion in 2016 according to the US Travel Association and have become an essential audience for the fashion, retail and travel industries. He described how brands have become more sophisticated about courting Chinese tourists, engaging them before and during trips using WeChat. The company has already delivered outstanding results for global brands like Cirque du Soleil, Michael Kors and Simon Property Group, enabling them to target new customers and capitalize on the growing numbers of Chinese tourists.