Core Insights - The 8th China International Import Expo (CIIE) held from November 5 to 10, 2025, showcased participation from 155 countries and regions, with 4,108 overseas enterprises exhibiting, marking a record exhibition area of over 430,000 square meters, reflecting China's commitment to high-level opening-up [1] - The Hong Kong brand "Xiaozhu" established a 200-square-meter "Hong Kong Traditional Medicine Pavilion" at the expo, integrating Hong Kong design with traditional herbal culture, highlighting innovative achievements in Chinese herbal wisdom [1][4] - Xiaozhu was confirmed by iResearch as the global online sales leader in the "cross-border Chinese herbal dietary supplements" category, based on comprehensive sales data analysis from major e-commerce platforms [1][3] Company Insights - Xiaozhu's dietary supplements combine traditional Chinese medicine theories with modern nutritional science, focusing on safety, long-term use, and personalized adjustments, utilizing ingredients like ginseng, astragalus, and angelica [3] - The brand emphasizes a health philosophy that prioritizes balance and gradual improvement, aligning with modern consumers' preferences for holistic health and self-repairing management [4] - Xiaozhu's innovative practices in merging traditional herbal wisdom with modern nutrition have garnered media attention, with coverage from multiple outlets, including CCTV [6] Industry Insights - The trend of integrating traditional Chinese health concepts into global health practices is gaining momentum, with Xiaozhu positioned as a key player in this movement [4] - iResearch, as a leading commercial data and research institution in China, provides professional industry research and data services, helping brands achieve business growth and strategic upgrades [9]

Core Insights - The report outlines the development logic of the online lending industry in China, emphasizing the impact of the digital economy and projected growth in user base and credit balance by 2025 [1][2] - It highlights the shift in consumer behavior towards credit, with non-housing consumer loans expected to reach 21.7 trillion yuan by 2024, and the online lending market projected to grow to 3.5 trillion yuan [1][8] - The report indicates that regulatory changes may lead to a profit decline of 3%-6% for over 24% interest rate businesses, prompting platforms to diversify their financial services [1][13] Industry Growth and Trends - By 2025, the number of internet users in China is expected to reach 1.12 billion, significantly influencing the digital economy and consumer credit behavior [2] - The online lending market is characterized by a high concentration, with the top five players holding a 76% market share in 2024, indicating a trend towards increased market consolidation [1][17] Consumer Behavior and Credit Usage - Credit has become an integral part of daily life for Chinese residents, with a notable increase in non-housing consumer credit despite a decline in housing loan balances [8][10] - The proportion of subprime loans has risen from 11.3% at the end of 2021 to 12.6% by the end of 2024, indicating a shift of users from prime to subprime lending platforms [11] Regulatory Environment - The new regulations aim to stabilize the financial market by enforcing stricter compliance and risk management practices among lending platforms [13][41] - The regulations are expected to reduce the profitability of loans with interest rates above 24%, leading to a potential market contraction for these products [45][48] Business Models and Competitive Landscape - The primary business models in the online lending sector include "credit enhancement cooperation" and "profit-sharing cooperation," which reflect the evolving nature of risk management and revenue generation [23] - Platforms are increasingly focusing on enhancing their core competencies in customer acquisition, risk control, and funding access to maintain competitive advantages [25][30] Financial Performance and Challenges - The report notes that the balance of narrow consumer credit in China has grown from 14.9 trillion yuan in 2019 to 21.7 trillion yuan in 2024, driven by government stimulus and recovering consumer demand [15] - The profitability of platforms operating in the 24% interest rate range is under pressure due to rising costs and regulatory constraints, with many smaller players facing potential losses [45][51]

Core Insights - The "new silver-haired population" aged 45 and above has grown from 460 million in 2020 to 660 million in 2023, becoming a significant driver of the consumption market, shifting from "basic elderly care" to "quality living" [1][2] - The report by iResearch and Kuaishou reveals that the consumption needs of this demographic are evolving from basic utility to a pursuit of quality and comfort, aligning well with Kuaishou's content and e-commerce ecosystem [1][2] Industry Trends - The consumption scale of the 45 and above demographic in China has exceeded 14 trillion yuan in 2023, with a continuous increase in consumption proportion [2] - Policies such as the "Silver Economy 26 Articles" and an increase in average life expectancy to 79 years are driving the expansion of the new silver-haired market, making it a key force in boosting domestic demand [2] Digital Empowerment - Digital platforms like Kuaishou are becoming central to the lifestyle consumption of the new silver-haired population, which is actively embracing online life [4][5] Demographic Breakdown - The new silver-haired population can be categorized into four groups: Practical, Vitality, Calm, and Zen, each with distinct attitudes and consumption preferences [7][10] - The Vitality group (45% of the population) is the main driver of "self-satisfying consumption," while the Practical group (18.6%) balances family and self, and the Calm group (22.8%) focuses on basic consumption [10] Core Consumption Scenes - Health, travel, and fashion are identified as the three core scenes for the new silver-haired population's "comfortable" lifestyle, with a shift from basic functionality to quality experience [11][13][15] - Health is the foundation of a "comfortable" life, with 50.1% of users repeatedly watching health content and 61.7% having made related purchases [13] Kuaishou's Ecological Advantages - Kuaishou leverages diverse content formats like short videos and live streaming to engage the new silver-haired population, with 90% actively searching for short dramas and 80% regularly engaging in live streams [20] - Trust is a significant factor for this demographic, with concerns about safety in health products and transparency in travel pricing, which Kuaishou addresses through official certifications and user reviews [21][28] Future Trends - The market is expected to evolve towards a focus on comfort, ease, and satisfaction, with products transitioning from "age-appropriate" to "enjoyable" experiences [24][25] - Services are expanding from single offerings to multi-faceted ecosystems, integrating health, travel, and home services to create a seamless experience for users [26] Conclusion - The pursuit of a "comfortable" life is a fundamental aspect of the new silver-haired population's lifestyle, driving the transformation of the silver economy from survival to quality living [29]

Core Insights - The "new silver-haired population" aged 45 and above has grown from 460 million in 2020 to 660 million in 2023, becoming a significant driver of the consumption market, shifting from basic elder care to a focus on quality of life [1][4] - The report by iResearch and Kuaishou highlights that the consumption needs of this demographic are evolving from basic utility to a pursuit of quality and peace of mind, aligning well with Kuaishou's content and e-commerce ecosystem [1][4] Group 1: Demographic Characteristics - The new silver-haired population is characterized by "vitality, value, and a fulfilling life," breaking traditional stereotypes and creating an economic system that balances family responsibilities with self-actualization [2][4] - Kuaishou identifies four typical user groups within this demographic: Practical, Vitality, Calm, and Zen, each exhibiting unique consumption behaviors and attitudes [2][3] Group 2: Market Size and Growth Potential - The population aged 45 and above has steadily increased, representing 44.7% of the total population, with a market consumption scale exceeding 14 trillion yuan, indicating significant market opportunities [4][6] - The consumption scale of the new silver-haired population is projected to expand towards 20 trillion yuan, driven by policies such as the "Silver Economy 26 Articles" [4][6] Group 3: Consumption Behavior and Preferences - The new silver-haired population shows a strong preference for health and wellness products, with top categories including nutritional supplements, travel experiences, and fashion items [13][14] - Their consumption decisions are increasingly influenced by personal interests and emotional values, moving from survival needs to quality of life enhancements [38][41] Group 4: Kuaishou's Strategic Positioning - Kuaishou's content e-commerce ecosystem is well-suited to meet the values and needs of the new silver-haired population, focusing on health, personal interests, and quality experiences [8][28] - The platform emphasizes a "self-prioritizing" approach, with a significant percentage of users focusing on health and personal development rather than traditional family-centric values [8][34] Group 5: Trends in Consumption - The consumption mindset of the new silver-haired population is shifting from "survival needs" to "quality self-enjoyment," indicating a willingness to invest in personal comfort and experiences [38][41] - There is a growing trend towards a family-oriented consumption model, where decisions often encompass the needs of multiple family members, reflecting a shift towards comprehensive family solutions [41][44]

Core Insights - The 2025 Double 11 event marks a significant transformation in the e-commerce landscape, characterized by an extended promotional period, simplified promotional strategies, and a diversified competitive environment [1][2][3] Market Overview - The market scale for Double 11 reached a new historical high, with total online retail sales nearing 1.8 trillion yuan, reflecting a year-on-year growth of over 10% [2] - This growth represents a staggering increase of approximately 35,000 times compared to the first Double 11 in 2009, which had sales of only 52 million yuan [2] Growth Trends - The growth rate has slowed down, but the quality of sales has improved, indicating a shift from rapid growth to a more mature market phase [3] - The promotional period has been extended to over 30 days, leading to a more distributed sales pattern rather than a peak on November 11, which alleviates logistics pressure and enhances user experience [3] Platform Differentiation - Different platforms are adopting unique development models: Taobao focuses on flash sales, JD leverages its supply chain, and Pinduoduo emphasizes cost-effectiveness and direct connections with manufacturers [4] - Market shares remain stable, but competition in specific categories and user demographics is intensifying [5] User Growth - Active user numbers for major e-commerce apps have generally increased compared to 2024, with JD showing the most significant growth at 24.7% [8] Consumption Behavior - Consumer behavior is shifting towards rationality, with distinct competition among categories and the rise of new consumption trends [10] Category Performance - In the 3C digital category, JD holds over 60% of online sales, maintaining its leading position due to advantages in product authenticity and service [12][14] - JD also leads in the home appliance category, while Taobao/Tmall and Douyin are gaining traction in smaller appliances [15][17] - In the apparel category, JD has achieved significant growth, with a sales increase of 30%, outperforming the industry average [20] - For daily necessities, JD, Pinduoduo, and Douyin rank as the top three in growth, with JD leading at a 29% year-on-year increase [23] Emerging Consumption Trends - Five key emerging consumption trends are identified: smart consumption, health-oriented products, emotional value-driven purchases, personalized customization, and instant retail [24][26] Innovation in E-commerce - AI technology has been deeply integrated into various aspects of e-commerce, enhancing operational efficiency and user experience [27][29] - Marketing strategies have shifted towards simplified, transparent pricing models, with innovations in live streaming and social marketing [31][33] - User experience has been prioritized across platforms, focusing on service quality, logistics, and customer support [34][36] Industry Evolution - The Double 11 event signifies a transition from scale-driven growth to quality-focused development, highlighting the importance of user trust and experience in the evolving e-commerce landscape [38][39]

Core Insights - The global dietary supplement market is experiencing strong growth, with China leading at a 10% growth rate, highlighting its potential as a vibrant growth engine [1][2] - The cross-border import health product market in China has grown 19 times over 16 years, with the top five brands holding over 60% market share, indicating a high concentration in this segment [4] - Despite a considerable market size, China's per capita consumption is only 22% of that in the U.S., with a penetration rate below 30% and a mere 10% of users being loyal, revealing significant growth potential [6] Market Dynamics - The Asia-Pacific region is projected to hold a 38% market share by 2024, with China as the core growth engine at a 10% growth rate, surpassing other major regions [2] - The cross-border import health product market has seen its import value rise from $410 million to $7.75 billion from 2008 to 2024, with a compound annual growth rate of 20.2% [4] Growth Potential - China's dietary supplement market shows substantial growth potential compared to mature markets, with a per capita consumption of $23.3, a penetration rate below 30%, and a low user loyalty rate of 10% [6] - The significant gaps in consumption, penetration, and user loyalty indicate a solid foundation for long-term growth through consumer education and product experience optimization [6] Learning from Japan - Japan's mature market experience, characterized by a balanced regulatory framework, high penetration, and user loyalty rates, provides valuable lessons for China's health product market [9] - Japan's market is expected to reach $13.32 billion by 2024, with a compound annual growth rate of 11.3%, showcasing its resilience during economic downturns [9] Targeted Nutrition Strategies - The dietary habits, cooking methods, and genetic traits of Asian populations necessitate targeted nutritional supplementation [14] - The introduction of age- and gender-specific nutritional strategies is seen as an optimal solution to balance scientific precision and cost-effectiveness [22][24] Industry Practices - FANCL has pioneered the adult age-specific nutrition package, focusing on the unique characteristics of Asian populations and setting a precedent in the industry [26] - The shift from standardized products to personalized nutrition is driven by the need for tailored solutions based on individual health requirements [22][38] Consumer Trends - Social media reflects a trend towards diversified nutritional supplementation, moving from standardized to personalized and precise solutions [18] - The increasing complexity of nutritional products has led to consumer concerns about safety and convenience, driving demand for one-stop solutions [20][34] Innovation and Technology - The industry is evolving towards high-quality upgrades driven by precise nutrition and technological innovation, with a focus on improving absorption rates and product experience [32][38] - FANCL's approach emphasizes high absorption and scientific formulation, moving away from merely high content to effective nutrient delivery [32] Conclusion - The dietary supplement market in China is poised for significant growth, driven by targeted strategies, consumer education, and technological advancements, with companies like FANCL leading the way in innovation and market adaptation [1][6][26]

Core Insights - The private domain e-commerce industry is experiencing rapid growth due to the saturation of user growth and rising customer acquisition costs, necessitating refined and differentiated operational strategies to meet user demands and enhance brand competitiveness [1][2][12] Industry Overview - Development Background and Drivers - The number of online shopping users in China reached 970 million in 2024, with a penetration rate close to 90%, indicating limited natural growth potential. This shift has led the e-commerce industry to transition from acquiring new users to managing existing ones [2] - Private domain e-commerce, characterized by lower customer acquisition costs and a focus on long-term user value, aligns with the industry's current demand for lifecycle management and refined operations [2] Demand Side - User Needs - Users are increasingly prioritizing service and personalized experiences, with a significant emphasis on after-sales service, product variety, and personalized fulfillment, which aligns with the refined operational strategies of private domain e-commerce [4] Supply Side - Brand Focus - In the era of stock competition, brands are increasingly focusing on digital and channel operational capabilities to enhance competitiveness through private domain layouts [6][7] Policy Environment - The government has introduced various policies to promote the healthy development of the private domain e-commerce sector, encouraging participation from individuals and small businesses to stimulate new consumption and individual economic growth [9][10] Industry Characteristics - Stages of Development - The private domain e-commerce industry has evolved through several stages, currently entering an AI-driven phase where digital capabilities and innovative models are key growth engines [12][13] Operational Model - Private domain e-commerce drives growth through a comprehensive refined operation model that enhances user lifecycle value, from multi-channel customer acquisition to user asset management and trust-building through personalized content [15] Market Space - The industry is projected to grow at a rate of 6.3% in 2024, reaching a scale of 2.3 trillion yuan, with expectations of surpassing 3 trillion yuan by 2025 due to consumption incentives and technological advancements [18][19] Participant Ecosystem - The private domain e-commerce ecosystem consists of brands, store owners, platforms, and consumers, with various player types contributing to a diverse operational landscape [21][24] Platform Insights - Player Types - Different player types, including comprehensive, vertical, and brand platforms, serve as core suppliers of goods and services, while tool players provide the necessary operational infrastructure [24] Market Landscape - Survival Player Advantages - Leading platforms in the private domain e-commerce space focus on marketing innovation, user recognition, and supply chain capabilities to establish core competitive advantages [27] User Insights - User Demographics - The majority of private domain e-commerce users are women aged 24-39, with a high level of education and income, indicating a broad reach across various city tiers [41] User Behavior - Purchasing Patterns - Users primarily purchase daily consumables, with price discounts, product variety, and personalized service experiences driving increased purchase frequency [43][44] User Experience Feedback - User satisfaction is high, with over 80% expressing satisfaction with their shopping experiences, indicating potential for further enhancement through refined operations [48] Store Owner Insights - Profile - Female store owners, primarily aged 31-40 and well-educated, are motivated by self-improvement and economic independence through private domain e-commerce [51][54] Merchant Private Domain Layout - Nearly 90% of surveyed merchants have initiated private domain layouts, indicating positive early results in revenue contributions and operational efficiency [59] Future Trends - Operational Refinement - The shift from traffic-oriented to user-centric operations is essential for sustainable growth, emphasizing long-term relationships with users [68] Future Trends - Technology Integration - The application of AI technology across various operational aspects is expected to enhance efficiency and optimize industry development [71] Future Trends - Model Export - Leading players are exploring overseas markets by leveraging successful domestic models, indicating a trend towards international expansion [73]

Group 1 - L'Oréal has dropped out of the top 10 beauty brands, with domestic brands gaining market share, particularly on platforms like Douyin, where domestic brands occupy 7 out of the top 10 spots [3][9] - The beauty market is experiencing a significant shift, with domestic brands like Han Shu and Proya leading, while international brands face pressure [3][9] - The cosmetic market is seeing a rise in niche segments, such as neck care, with brands like KAZOO and SDX emerging as notable players [3] Group 2 - The medical beauty market is projected to reach 370 billion by 2025, attracting beauty companies to diversify into this sector [4] - Companies like Juzhi Biotech have received NMPA approval for innovative collagen products, indicating increased competition in the collagen injection market [4] - Challenges in the medical beauty sector include high regulatory barriers and product homogenization, necessitating breakthroughs in technology for sustainable growth [4] Group 3 - The soap market is undergoing a transformation, with a shift towards high-end products priced between 10-20 yuan, driven by consumer demand for natural ingredients [5] - Handmade soaps are gaining popularity among environmentally conscious consumers, although they face challenges in scaling production [5] - Brands are innovating by expanding usage scenarios for soaps, indicating a trend towards personalized and situational products [5] Group 4 - PDRN technology is transitioning from a niche medical beauty ingredient to a mainstream skincare component, with innovations in raw materials and product formulations [6] - The market is seeing a diversification of PDRN applications, including anti-aging and sensitive skin care, enhancing its appeal [6] - Companies are leveraging AI and molecular optimization to improve product efficacy and absorption [6] Group 5 - Hong Kong is emerging as a testing ground for domestic beauty brands aiming for global expansion, with brands like Guansha and Dr. Wong adopting different strategies to penetrate the market [8] - The recovery of Hong Kong's tourism sector provides a significant opportunity for these brands to attract international customers [8] Group 6 - The luxury beauty sector is entering a "cooling period," with major players like Kering and L'Oréal focusing on resource sharing and strategic partnerships rather than aggressive expansion [10] - L'Oréal's acquisition of Kering's Creed brand for 4 billion euros highlights the trend of luxury brands consolidating their beauty portfolios [10] - The collaboration also signals a growing interest in health and longevity science within the beauty industry [10] Group 7 - The medical beauty industry is focusing on technological advancements, with new materials becoming a strategic priority [11] - Recent funding trends indicate a strong interest in injectable fillers and functional skincare materials [11] - Companies are exploring innovative applications of new materials to enhance safety and efficacy in medical beauty products [12] Group 8 - The domestic fragrance brand "Song Dynasty Fragrance" is rapidly expanding, with a unique dual pricing strategy for online and offline sales [13] - The brand's marketing approach, particularly targeting male consumers, has raised concerns about brand positioning and long-term image [13] - The brand's growth is heavily reliant on social media platforms like Douyin for sales [13] Group 9 - The return of popular Douyin beauty influencer Zhu Guagua highlights the ongoing importance of influencer marketing in driving brand growth [14] - Zhu Guagua's success is attributed to a focus on high-quality beauty selections and effective promotional strategies [14] - The trend indicates that brands need to balance collaborations with top influencers and their own direct sales channels for optimal growth [14] Group 10 - Hermès is exploring the skincare market, with plans to launch products post-2028, indicating a strategic move to expand its beauty portfolio [15] - The brand's current beauty offerings primarily include perfumes and cosmetics, with a recent decline in sales prompting a reevaluation of its strategy [15] - This initiative reflects a broader trend of luxury brands diversifying their product lines to enhance market presence [15] Group 11 - Yatsen Group has released China's first beauty innovation white paper, showcasing advancements in research and sustainable development in the beauty sector [16] - The white paper emphasizes the importance of collaboration between academia and industry to drive innovation [16] - Yatsen's investment in R&D highlights its commitment to leading in the global beauty technology landscape [16] Group 12 - The acquisition of Italian hair care brand Foltène by Juhui Group marks a significant step in expanding its portfolio in the hair care market [17] - The brand's focus on gender-specific hair loss products aligns with growing consumer demand in China [17] - This acquisition reflects a trend among domestic beauty companies to pursue multi-brand strategies for international growth [17]

Core Viewpoint - The Chinese massage and foot therapy industry is experiencing significant growth and structural upgrades, driven by the "Healthy China 2030" strategy and increasing health awareness among the public, with the market expected to exceed 730 billion by 2026 and online user penetration surpassing 45% [1][2]. Market Size and Trends - By 2026, the user base in the massage and foot therapy industry is projected to reach nearly 250 million, with order volume approaching 30 billion and transaction value exceeding 730 billion [2]. - The industry has entered a stable and mature development phase, with online platforms becoming a crucial part of its growth [2]. Industry Development and Growth - The therapeutic wellness segment is becoming the growth engine of the industry, fueled by aging population demands, chronic disease management, and a shift in consumer focus from relaxation to proactive health maintenance [6][10]. Market Concentration - The therapeutic wellness market remains fragmented, but leading brands in high-tier cities are expanding rapidly, resulting in an increase in market concentration, with the top 10 brands' order share rising from 9.8% in 2020 to 13.5% in 2025 [10][13]. Store Growth Distribution - The number of therapeutic wellness stores is growing rapidly, with first-tier and new first-tier cities averaging a growth rate of around 20%, while second-tier and lower-tier cities are experiencing even higher growth rates of 26.9% and 44.1%, respectively [15]. User Characteristics - The user base is increasingly female and younger, with diverse needs driving sustained growth in the industry. Women are particularly focused on health maintenance and are more likely to engage in therapeutic services [38][57]. Female-Friendly Services - The upgrade of environments and services to be more female-friendly is creating a therapeutic and social experience that meets women's needs for safety, comfort, and privacy [41]. Consumption Trends - There is a noticeable trend of increased user frequency, with users making three or more transactions contributing significantly to the industry's gross transaction value (GTV) [47]. Project Preferences - Women primarily prefer therapeutic projects such as massage and foot therapy, with a notable inclination towards combinations like massage plus moxibustion for enhanced effects [66]. Purchase Experience - Female users often make their first therapeutic experience by directly visiting stores, while younger women (90s and 00s) are more inclined to use online group purchases and visit in groups [80]. Consumer Spending - Female users' single transaction spending is concentrated in the range of 100-299 yuan, with an average spending of 254 yuan on therapeutic projects, slightly higher than the overall average [85]. Repurchase Behavior - Nearly half of female users choose to repurchase from the same store due to the ability to negotiate service combinations and discounts, while around 40% opt for online repurchases due to price advantages [87]. Satisfaction Factors - Key factors influencing female user satisfaction include the skill of the therapists, the effectiveness of the service, and the comfort of the store environment [95].

Industry Environment - Japan's consumer market thrives on high-frequency innovation, evolving from imitation to user-driven innovation since the 1980s, with companies establishing consumer research centers to deeply explore needs [3][4] - The "medicinal food" industry in China has surpassed 370 billion yuan, with a total industry valuation exceeding 2 trillion yuan, driven by health awareness and policy support [5] - The plant-based protein beverage market is facing pressure, but leading companies are preparing for peak seasons with channel expansion and new product promotions [6] Beverage Market Trends - HPP cold brew tea, combining high-pressure cold sterilization with cold brewing, is gaining popularity among young consumers, despite its higher cost and niche market status [7] - The beverage market is witnessing a return of sugary drinks, with brands like Yuanqi Forest and Wahaha launching new sugary products, reflecting consumer preferences for taste and pleasure [8] - The bottled water market is shifting from price competition to value competition, with companies like Nongfu Spring and China Resources leading through product innovation and channel transformation [9][10] Brand Dynamics - Mondelez International reported a 5.9% revenue growth in Q3 2025, but faced profit margin pressures due to rising costs and declining consumer confidence in emerging markets like China [20] - Xu Fu Ji's Meilu energy biscuits have rapidly gained popularity in the sports nutrition market, leveraging event sponsorships and targeted marketing strategies [21] - Coca-Cola's Q3 2025 revenue reached $12.455 billion, driven by price increases and strong sales of sugar-free products, despite a slight decline in the Chinese market [22] Plant-Based and Health Trends - Yangyuan Beverage is enhancing its leadership in the plant-based protein beverage sector through product innovation and channel restructuring [23] - The low-sugar trend is becoming mainstream, with brands like Holleyou launching new products that balance health and taste [25] - Mengniu's milk powder business has achieved double-digit growth by focusing on emotional marketing and channel optimization to meet diverse consumer needs [26] Emerging Opportunities - The plant milk market is projected to exceed 100 billion yuan by 2025, with B2B channels becoming crucial for growth [14] - The sports drink segment is rapidly growing, with brands like Magic leveraging product upgrades and sports marketing to strengthen their market position [33] - The electrolyte drink market is dominated by brands like Dongpeng and Alien, with both focusing on channel strategies and product diversification to capture market share [31][32]