Apply Pay Is Not Innovative Compared to What’s Happening in China

With Apple’s fanfare announcement of Apple Pay on new iPhone6 and Apple Watch, Gary Rieschel of Qiming Ventures seemed unimpressed and said it was a non-event in China as Alipay and Tenpay had been doing exact that for years.

Watch the Silicon Dragon show:

Are we seeing a reversing tide when it comes to innovation in consumer and mobile sectors? Your comments are welcome.

Will China Lead Innovation In Mobile Social Commerce?

Social commerce is a novel term in the US, and many people are not familiar with it. Some think it refers to those annoying ads on Facebook. According to Wikipedia, social commerce is the use of social networks in the context of e-commerce transactions.

In China, social commerce has taken up a life of its own and become the backbone of e-commerce.

While the “Ice Bucket Challenge” has gone viral on Facebook, Chinese consumers use social media in a much more thoughtful way. Instead of posting some silly videos and pictures, they turn to social media to solve real life problems, to seek advice from friends and opinion leaders, and to decide what products to buy or not to buy.

Read the full article on Forbes.

The Rise of the New Global Middle Class

The global middle class will explode in the next fifteen years, growing from 1.8 billion in 2009 to 4.9 billion in 2030. About 66 percent will be in Asia Pacific, compared to only 7 percent in North America and 14 percent in Europe. New Asian Pacific consumers will wield nearly 60 percent of total purchasing power, double that of North America and Europe combined. This is a significant shift in economic power from West to East that hasn’t been seen in the last 300 years. Its impacts could dwarf the Industrial Revolution.

China and India will make the biggest waves in this surge of the new global middle class. In 2009, these two Asian countries comprised just over 5 percent of global middle class consumption; in 15 years, their share of global middle class consumption will increase to 41 percent or more.

What do you make of this? Comments are welcome.

Book Excerpt: Seeds Of Alibaba’s IPO Planted In 2004 Battle With eBay

In light of Alibaba’s upcoming IPO, I thought it would be appropriate to run a series of excerpts from my book The Chinese Dream, which documents Alibaba’s humble beginning, its triumph over eBay, and Jack Ma’s legendary story.

The first episode is set in 2004. eBay just entered China and planned to dominate China’s nascent online market. An unknown Chinese company, Alibaba, started a sister site called Taobao to compete with eBay. Everyone thought this was a crazy idea. However, Jack Ma, Alibaba’s founder and CEO, was undeterred. He asked his team to stand upside down so that they could look at the world from a totally new perspective.

He said, “EBay may be famous in the United States, but in China, if you ask one hundred people whether they’ve heard about eBay, I believe that less than 10 percent have heard of it. But if you ask one hundred people whether they’ve heard about Alibaba, 90 percent know about us…. I believe we have a chance.”

Read the full story on Forbes.com.