New Infrastructure Strengthens Digital Transformation of Life Services

The new coronavirus epidemic highlights the significance of the digital transformation of the life service industry. During the new coronavirus epidemic, online retail, online education, online entertainment, remote office, video conferencing, etc., drove the acceleration of the digitalization process of the life service industry and spawned new formats and models of contactless services.
"The digital life service industry is more resilient in the new coronavirus epidemic situation, which not only protects people's normal life, study and work in a strictly isolated environment, but also supports the survival and development of a large number of small and medium-sized enterprises.

Under the new coronavirus epidemic, due to the obstruction of offline operations, online has become the main channel for many life service merchants to operate, and the digital service industry has demonstrated strong resilience. The “Digital Report on the Development of China ’s Life Service Industry” released at the seminar pointed out that the life service e-commerce platform represented by Meituan has played a role in ensuring residents ’basic life service needs, supporting merchants through difficulties, and helping society fight against epidemics The important and unique role has become an indispensable new urban infrastructure.

In the post-epidemic era, the online service demand of the whole society will further expand, which will continue to promote the digital transformation of the service industry and promote the quality, efficiency and power changes of the service economy. This digital transformation has very broad prospects and will bring new impetus to the next service economic transformation.

Specifically, digital transformation has given life service industry many new features.

First of all, the digitization of life service industry makes data the core production factor. Data is added to service economic activities, which solves the problem that services mainly rely on labor input, slow technological progress, and information asymmetry, which greatly improves service efficiency. The modernization of the service industry will be more reflected in the improvement of marginal efficiency and the increase of total factor productivity brought by the input of data elements. Data infrastructure and data processing capabilities are becoming the commanding heights of the service industry competition.

Secondly, the digitization of life service industry will expand the boundary of production possibilities. Entering the later stage of industrialization, the proportion of service industry continues to increase. However, due to the low organic composition of service industry capital, the growth rate of total factor productivity has slowed down, and economic growth has shown a structural slowdown. Digitalization has brought about revolutionary changes in the service industry. It can effectively expand the boundaries of production possibilities, break through the structural slowdown brought about by economic service, and inject new impetus into economic development.

Third, the digitization of life services will have a larger effect. Digitalization of offline services online can greatly expand the number of network users, and promote the rapid accumulation and increase of the number of users. This aggregation effect will further enhance the attractiveness of users and attract more users to participate, thereby driving The improvement of the overall digitalization and intelligence of the industry has led to revolutionary changes in service methods.

From the perspective of development trends, China's economic service process will continue. With the development of urbanization, the income level of residents has increased, the middle-income group has expanded, the consumption structure has become more personalized, diversified, and service-oriented. The proportion of service demand will continue to increase, which will form a stronger driving force for the digital transformation of the service industry.

We should increase support for the digital transformation of the life service industry. Specifically, it strengthens the top-level design from the perspective of the entire industry chain, promotes life services companies to "use the cloud to provide intelligence", encourages different industries to explore unique digital transformation paths, strengthens the new infrastructure to support the digital transformation of the life services industry, and promotes Governments and enterprises form synergy in the digital transformation.

He emphasized that the new infrastructure needs a large number of market players to participate, the most important of which is the participation of leading technology companies. For example, Meituan, as a leader in the digital lifestyle service industry, can fully utilize the advantages of the digital e-commerce platform and participate in the new infrastructure to better facilitate the digital transformation of the service industry.

" The new coronavirus epidemic has pressed the fast-forward key for industry digitalization. It is believed that during the" Fourteenth Five-Year "period, the digital transformation of the service industry will achieve greater development and inject new impetus into the high-quality development of China's economy."