Business success achievable for women in digital economy

Each year, International Women's Day is a good reminder of what we have achieved in promoting gender equality and of what we can do to better release the potential of women. This year, we are called on to break the bias in communities, in workplaces, at schools, colleges and universities on this special day and beyond.

In fact, over the past two decades, female social status has been greatly improved as more biases were broken, such as the notion that women were inferior to men in high technology learning and not suitable for the business world, while more women showed with their actions that such biases were groundless.

During this bias-breaking process, we can see more women have been well-educated, became independent, got employed at decent workplaces in various industries, including the ever-changing internet sector, or set up their own businesses.

Out of all the achievements to close the gender gap, I had observed that the entry barrier for women entrepreneurship had been much lowered due to technological advancements and economic growth, compared with 18 years ago, when I established DHgate to bridge Chinese suppliers and global buyers.

Back then, women founders were still very rare, especially in the internet sector. However, surprisingly 55 percent of all business founders in the internet sector in China were female, according to a whitepaper issued by the State Council in 2019 to review the country's achievements in promoting gender equality over the 70 years since the People's Republic of China was founded in 1949.

Grasping opportunities in digital era

Behind the rapid rise in female entrepreneurship is the improvement in China's telecommunication infrastructure, the popularity of smartphones, the prosperous digital economy, and more women who have stepped up to break the bias that the high-tech sector is more a male domain.

By June 30, 2021, Chinese netizens reached 1.01 billion, 99.6 percent of whom connected to the internet via a mobile phone, according to data released by the Cyberspace Administration of China. By comparison, at the end of June 30, 2004, the year when DHgate was established, the number of Chinese netizens was merely 87 million, while fewer than 2.6 million connected to the internet on a mobile phone.

Correspondingly, in 2020, the digital economy in China reached 3.92 trillion yuan, accounting for 38.6 percent of the entire GDP and marking a 9.8 percent year-on-year growth, according to a report issued last year by a think tank affiliated with the Cyberspace Administration of China.

As an e-commerce veteran, it is safe for me to say that it is much easier for anyone, male or female, to establish a new business in this sector than 18 years ago.

It is much easier to set up an online store with Software-as-a-Service tools such as MyyShop and Shopify, and to seek suppliers, promote across borders, and get paid online. That is partly because we are more digitally connected now due to the convenience of social networks such as WeChat (with 1.1 billion daily active users), Douyin (with 600 million DAUs) and TikTok (1 billion DAUs). Imagine how many people were capable of making and editing videos back in 2004. Now it is almost intuitive for Generation Z.

While e-commerce in centralized marketplaces, including Alibaba, DHgate, and Amazon, can be viewed as the initial combination of internet and foreign trade, the emerging decentralization trend, featuring shoppers buying from a wide variety of channels ranging from web links shared by a friend or an online celebrity's live streaming session, marks the restructuring of production, trade, and consumption at home and across the border.

With the restructuring, there are opportunities for anyone with new ideas, novel models, innovative technologies to found their own businesses, to seek success and recognition while playing a very positive role in society. It is important to note that the e-commerce market is a level playing field for both men and women, since the internet itself crosses the boundaries easily and offers more flexibility.

Stand out to share and get inspiration

While it is never easy for anyone to start and scale up a business in any sector, the entrepreneurial trip could be more enjoyable if we are more willing to share with and learn from others.

Women leaders crave financial resources, as well as social and business networks, more than men, according to a survey conducted across 21 economies on over 500 women-led micro, small and medium-sized enterprises in 2021 by the APEC Business Advisory Council (ABAC), APEC Women Connect, and DHgate. Their firms have not received enough external support and are also looking for training resources.

To address such challenges, women founders can actively participate in various entrepreneurial competitions, such as the 2022 BRICS Women Innovation Contest, to share their stories and listen to others'. Simultaneously, women leaders can also extend their business network, expand their global vision, meet potential partners, and access investors.

Cross-cultural and international communication is essential for women to engage in a larger community to get inspired and inspire others, while seeking new opportunities in their untapped areas.

Entrepreneurship leads to a less traveled road, with charm and even more difficulties for founders, even as the business environment is improving and getting more friendly. For women, passion and love for our work matters during this long journey, while role models at home and abroad can be an incredible supporting power at critical moments.

Diane Wang, founder, chairperson, and CEO of DHgate, leading cross-border B2B e-commerce marketplace in China. She is co-chair of the Women in Business Action Council at B20 2022, and convener of the Inclusion Working Group at the APEC Business Advisory Council, driving the digitalization agenda for women and MSMEs.

The opinions expressed here are those of the writer and do not necessarily represent the views of China Daily and China Daily website.

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