Single’s Day—China’s annual shopping extravaganza in November—is the world’s biggest shopping event, with an estimated RMB 965.1 billion ($139.83 billion) in sales in 2021, according to the China e-Business Research Center. It is also changing the way consumers shop by showcasing new retail concepts such as the metaverse, nonfungible tokens, sustainability, and agile commerce.

China continues to lead the world in all things ecommerce, including innovation. Social commerce livestreaming is just one of many new stories for 2021 and beyond.

2020 was a tumultuous year to say the least, but as the adage goes, in crisis there is opportunity. This idea is literally embedded in the Chinese word for “crisis” (危机): Its second character means opportunity. China’s populace appeared to have embodied that spirit. In a challenging year, entrepreneurs and regulators alike worked together to steady the ship and found ways to restore some normalcy through resilience, digital innovations, and timely policies.

China has proven to be a hotbed for digital innovations, especially in the past few years. During this time, marketers worldwide have observed the latest trends coming out of the country, applying what they learn to their own markets.

Understanding innovation from China. China’s retail and ecommerce market has historically been markedly different from other countries, particularly those outside Asia. But in the coming years, retail trends in every market will increasingly mirror those originating in China. It’s critical for brands and retailers alike to be aware of the latest developments.

When digital and food intersect, all types of innovation can be brewed up; digital grocery buyers in China crave an ever-greater variety of food and are hungry for new experiences—live seafood has proven popular. But young consumers in China want to indulge themselves in information, and this is where livestreaming commerce can fill that void.

Innovations Show Renewed Promise During Pandemic

Both are hotbeds of fintech innovation and boast high fintech adoption, along with young, financially underserved populations. The government-led fintech clampdown in China has discouraged foreign investors, which might give a boost to Indian fintechs.

Revolut will use the investment to fund continued product innovation, as well as to expand into the US, India, and other international markets. Is it worth it? The massive funding round is proof of investors’ optimism about Revolut’s long-term success. But its two-pronged strategy could complicate its progress.

The US is similarly looking push investments in local foundries as part of President Biden’s United States Innovation and Competition Act (USICA). If successful, these efforts could generate local job opportunities, help manage supply chains, and cut down on importation costs.

Much of India’s cashless payment innovation has centered on retail and peer-to-peer (P2P) transfers, but e-RUPI caters to essential transactions like medical payments, food vouchers, and bill payments.

Also known as Double 11 or 11.11, it is now also a ​​must-watch event for marketers to catch a glimpse of retail tech innovations and shopping trends. Its wild success has inspired local competitors, such as JD.com and ByteDance-owned Douyin, to launch shopping festivals of their own. These festivals are increasingly spreading beyond China’s borders.

“While online shopping definitely accelerated in 2020, saying physical retail is more or less obsolete is not true,” said Nishtha Mehta, a China-based corporate innovation coach. “In fact, we saw the acceleration of offline retail as well—there’s more of a shift toward a true omnichannel integration.”.

Smartphone innovation has hit a plateau. Handset vendors are iterating on designs and materials as well as improved camera and display technologies but lack clear direction for growth. Samsung, for example, is hoping new form factors like foldables will generate interest in yet another premium smartphone category, despite consumer ambivalence.

Japan is a highly industrialized country with robust traditions of manufacturing, technological expertise, and innovation. Yet its consumers aren’t in the forefront of many device adoption trends. For example, smartphone ownership has yet to pass 90% in Japan, but it did rise to 88.2% of internet users ages 16 to 64 in H1 2020, per GlobalWebIndex polling.

The US is similarly looking to invest in local foundries as part of President Biden’s United States Innovation and Competition Act (USICA). If successful, these efforts could generate local job opportunities, help manage supply chains, and cut down on importation costs.

OOH advertisers are seeking more ways to improve ROI, and technological innovations are delivering efficiency and new sensory experiences to the industry. Digital screens have made outdoor ads more cost-effective and enable brands to convey information in a timely manner. Advertisers in China are also increasingly fusing outdoor and digital ads using QR codes.

This could lead to some innovation stagnation, as well as a cautious outlook from investors and overseas partners.

Just last month, MagniX and GE Innovation were awarded $74.3 million and $179 million respectively to develop electrical propulsion technologies that could potentially be used in US air fleets by 2035. What’s the catch? Limitations in battery technology mean electric planes’ batteries are still far less efficient than jet fuel.

Cryptocurrency allowed Cash App to diversify its business, providing capital that can fund ongoing innovation, and offering flexibility so that its competitors might not have to explore new growth tactics.