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Shanghai is a city full of life. With its population of 24 million, Shanghai embraces vibrant growth, fosters rising diversity, and attracts visionaries, innovators, and adventurers. Fintech, artificial intelligence, and e-commerce are booming. Now is a great time to explore this multicultural, inspirational city as it experiences quick growth and ever greater influence.
Meet Your Guide
Qingsong (Dora) Ke
Singularity University Chapter: Shanghai Chapter
Profession: Associate Director for Asia Pacific, IE Business School and IE University; Mentor, Techstars Startup Weekend; Mentor, Startupbootcamp; China President, Her Century
Your City Guide to Shanghai, China
Top three industries in the city: Automotive, Retail, and Finance
1. Coworking Space: Mixpace
With 10 convenient locations in the Shanghai downtown area, Mixpace offers affordable prices and various office and event spaces to both foreign and local entrepreneurs and startups.
2. Makerspace: XinCheJian
The first hackerspace and a non-profit in China, Xinchejian was founded to support projects in physical computing, open source hardware, and the Internet of Things. It hosts regular events and talks to facilitate development of hackerspaces in China.
3. Local meetups/ networks: FinTech Connector
FinTech Connector is a community connecting local fintech entrepreneurs and start-ups with global professionals, thought leaders, and investors for the purpose of disrupting financial services with cutting-edge technology.
4. Best coffee shop with free WiFi: Seesaw
Clean and modern décor, convenient locations, a quiet environment, and high-quality coffee make Seesaw one of the most popular coffee shops in Shanghai.
5. The startup neighborhood: Knowledge & Innovation Community (KIC)
Located near 10 prestigious universities and over 100 scientific research institutions, KIC attempts to integrate Silicon Valley’s innovative spirit with the artistic culture of the Left Bank in Paris.
6. Well-known investor or venture capitalist: Nanpeng (Neil) Shen
Global executive partner at Sequoia Capital, founding and managing partner at Sequoia China, and founder of Ctrip.com and Home Inn, Neil Shen was named Best Venture Capitalist by Forbes China in 2010–2013 and ranked as the best Chinese investor among Global Best Investors by Forbes in 2012–2016.
7. Best way to get around: Metro
Shanghai’s 17 well-connected metro lines covering every corner of the city at affordable prices are the best way to get around.
8. Local must-have dish and where to get it: Mini Soupy Bun (steamed dumplings, xiaolongbao) at Din Tai Fung in Shanghai.
Named one of the top ten restaurants in the world by the New York Times, Din Tai Fung makes the best xiaolongbao, a delicious soup with stuffed dumplings.
9. City’s best-kept secret: Barber Shop
This underground bar gets its name from the barber shop it’s hidden behind. Visitors must discover how to unlock the door leading to Barber Shop’s sophisticated cocktails and engaging music. (No website for this underground location, but the address is 615 Yongjia Road).
10. Touristy must-do: Enjoy the nightlife and the skyline at the Bund
On the east side of the Bund are the most modern skyscrapers, including Shanghai Tower, Shanghai World Financial Centre, and Jin Mao Tower. The west side of the Bund features 26 buildings of diverse architectural styles, including Gothic, Baroque, Romanesque, and others; this area is known for its exotic buildings.
11. Local volunteering opportunity: Shanghai Volunteer
Shanghai Volunteer is a platform to connect volunteers with possible opportunities in various fields, including education, elderly care, city culture, and environment.
12. Local University with great resources: Shanghai Jiao Tong University
Established in 1896, Shanghai Jiao Tong University is the second-oldest university in China and one of the country’s most prestigious. It boasts notable alumni in government and politics, science, engineering, business, and sports, and it regularly collaborates with government and the private sector.
This article is for informational purposes only. All opinions in this post are the author’s alone and not those of Singularity University. Neither this article nor any of the listed information therein is an official endorsement by Singularity University.
Image Credits: Qinsong (Dora) Ke
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Exponential technologies (AI, VR, 3D printing, and networks) are radically reshaping traditional retail.
E-commerce giants (Amazon, Walmart, Alibaba) are digitizing the retail industry, riding the exponential growth of computation.
Many brick-and-mortar stores have already gone bankrupt, or migrated their operations online.
Massive change is occurring in this arena.
For those “real-life stores” that survive, an evolution is taking place from a product-centric mentality to an experience-based business model by leveraging AI, VR/AR, and 3D printing.
Let’s dive in.
Last year, 3.8 billion people were connected online. By 2024, thanks to 5G, stratospheric and space-based satellites, we will grow to 8 billion people online, each with megabit to gigabit connection speeds.
These 4.2 billion new digital consumers will begin buying things online, a potential bonanza for the e-commerce world.
At the same time, entrepreneurs seeking to service these four-billion-plus new consumers can now skip the costly steps of procuring retail space and hiring sales clerks.
Today, thanks to global connectivity, contract production, and turnkey pack-and-ship logistics, an entrepreneur can go from an idea to building and scaling a multimillion-dollar business from anywhere in the world in record time.
And while e-commerce sales have been exploding (growing from $34 billion in Q1 2009 to $115 billion in Q3 2017), e-commerce only accounted for about 10 percent of total retail sales in 2017.
In 2016, global online sales totaled $1.8 trillion. Remarkably, this $1.8 trillion was spent by only 1.5 billion people — a mere 20 percent of Earth’s global population that year.
There’s plenty more room for digital disruption.
AI and the Retail Experience
For the business owner, AI will demonetize e-commerce operations with automated customer service, ultra-accurate supply chain modeling, marketing content generation, and advertising.
In the case of customer service, imagine an AI that is trained by every customer interaction, learns how to answer any consumer question perfectly, and offers feedback to product designers and company owners as a result.
Facebook’s handover protocol allows live customer service representatives and language-learning bots to work within the same Facebook Messenger conversation.
Taking it one step further, imagine an AI that is empathic to a consumer’s frustration, that can take any amount of abuse and come back with a smile every time. As one example, meet Ava. “Ava is a virtual customer service agent, to bring a whole new level of personalization and brand experience to that customer experience on a day-to-day basis,” says Greg Cross, CEO of Ava’s creator, an Austrian company called Soul Machines.
Predictive modeling and machine learning are also optimizing product ordering and the supply chain process. For example, Skubana, a platform for online sellers, leverages data analytics to provide entrepreneurs constant product performance feedback and maintain optimal warehouse stock levels.
Blockchain is set to follow suit in the retail space. ShipChain and Ambrosus plan to introduce transparency and trust into shipping and production, further reducing costs for entrepreneurs and consumers.
Meanwhile, for consumers, personal shopping assistants are shifting the psychology of the standard shopping experience.
Amazon’s Alexa marks an important user interface moment in this regard.
Alexa is in her infancy with voice search and vocal controls for smart homes. Already, Amazon’s Alexa users, on average, spent more on Amazon.com when purchasing than standard Amazon Prime customers — $1,700 versus $1,400.
As I’ve discussed in previous posts, the future combination of virtual reality shopping, coupled with a personalized, AI-enabled fashion advisor will make finding, selecting, and ordering products fast and painless for consumers.
But let’s take it one step further.
Imagine a future in which your personal AI shopper knows your desires better than you do. Possible? I think so. After all, our future AIs will follow us, watch us, and observe our interactions — including how long we glance at objects, our facial expressions, and much more.
In this future, shopping might be as easy as saying, “Buy me a new outfit for Saturday night’s dinner party,” followed by a surprise-and-delight moment in which the outfit that arrives is perfect.
In this future world of AI-enabled shopping, one of the most disruptive implications is that advertising is now dead.
In a world where an AI is buying my stuff, and I’m no longer in the decision loop, why would a big brand ever waste money on a Super Bowl advertisement?
The dematerialization, demonetization, and democratization of personalized shopping has only just begun.
The In-Store Experience: Experiential Retailing
In 2017, over 6,700 brick-and-mortar retail stores closed their doors, surpassing the former record year for store closures set in 2008 during the financial crisis. Regardless, business is still booming.
As shoppers seek the convenience of online shopping, brick-and-mortar stores are tapping into the power of the experience economy.
Rather than focusing on the practicality of the products they buy, consumers are instead seeking out the experience of going shopping.
The Internet of Things, artificial intelligence, and computation are exponentially improving the in-person consumer experience.
As AI dominates curated online shopping, AI and data analytics tools are also empowering real-life store owners to optimize staffing, marketing strategies, customer relationship management, and inventory logistics.
In the short term,retail store locations will serve as the next big user interface for production 3D printing (custom 3D printed clothes at the Ministry of Supply), virtual and augmented reality (DIY skills clinics), and the Internet of Things (checkout-less shopping).
In the long term,we’ll see how our desire for enhanced productivity and seamless consumption balances with our preference for enjoyable real-life consumer experiences — all of which will be driven by exponential technologies.
One thing is certain: the nominal shopping experience is on the verge of a major transformation.
The convergence of exponential technologies has already revamped how and where we shop, how we use our time, and how much we pay.
Twenty years ago, Amazon showed us how the web could offer each of us the long tail of available reading material, and since then, the world of e-commerce has exploded.
And yet we still haven’t experienced the cost savings coming our way from drone delivery, the Internet of Things, tokenized ecosystems, the impact of truly powerful AI, or even the other major applications for 3D printing and AR/VR.
Perhaps nothing will be more transformed than today’s $20 trillion retail sector.
Hold on, stay tuned, and get your AI-enabled cryptocurrency ready.
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