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In the BCG Tech Challengers Report for 2020, titled 2020 BCG Tech Challengers: The Next Generation of Innovation in Emerging Markets, released in November 2020, the company identified 100 “tech challengers,” among which 40 companies were from China, including Pinduoduo, Bytedance, Bilibili, Didi Chuxing, and FOR-U.

FOR-U

FOR-U

The BCG tech challengers represent 14 countries, with one-third of the challengers active in B2B commerce. The primary categories for selection were the application of technology, industry status, business model, and market traction. According to the report, to be eligible for selection the challengers needed to be technologically driven and come from emerging markets, as well as have business models with potential and proven market traction. The selected companies are each strong but still in their early stages, demonstrating rapid growth and unlimited potential, while constantly reshaping the industry, the market, and the value chain with their commercial activities and technological innovation.

FOR-U

FOR-U

As a member of the B2B sector, FOR-U Smart Freight (also known as Fuyoukache in China) was selected a tech challenger for the first time, and was the only company selected from the truckload transportation sector. Through its intelligent logistics system, FOR-U helps upstream shipper companies and downstream truck drivers make decisions, finding the most efficient capacity for shipper companies, offering high-quality services and lower freight costs, while providing drivers with order combination plans to help them increase income and deliver goods safely.

FOR-U

FOR-U

The report pointed out that all of the selected companies have independent innovation capabilities and different methods of innovation. Some develop products and provide services to solve common problems in emerging markets, some are committed to transformative business models in their respective industries, while others have demonstrated their innovative capabilities to the global market.

FOR-U

FOR-U

For example, Cainiao Network connects over 200 logistics partners around the world to provide integrated services, including order placement, payment, order tracking, and real-time status updates. In this way, it has established a brand new business model. TikTok, an application developed by Bytedance, has disrupted the global social media industry with its high conversion rates, high prices, and high ad loads brought about by precision marketing driven by customer insights. FOR-U has built a technology-driven performance model that delivers smart pricing, smart dispatching, and smart services, all in the name of improving transportation efficiency and quality.

FOR-U

FOR-U

Since 2006, BCG has regularly conducted research on companies rising from emerging markets. Almost every company to appear on the Global Challenger rankings has gone on to achieve considerable global success. BGC states in the report that the innovative progress, rapid growth, and rising international status of these global challengers deserves close attention as they set about changing the very world as we know it.