A customer pushes a trolley through a Le Marche store, co-developed by Carrefour and Tencent, in Shanghai. [Photo by Yin Liqin/For China Daily]

The adoption of mobile devices is a major factor in New Retail. By the end of last year, mobile commerce accounted for 55.5 percent of all retail e-commerce in China, said a survey by eMarketer. The consultancy also forecast that sales via mobile commerce will likely reach $1.5 trillion in 2019, representing a quarter of the country's overall retail market.

Changing consumer behavior is also stoking New Retail. The survey indicated a consumer preference for online-to-offline－or O2O channels－with people saying that before making a purchase, they want to virtually see how furnishings and accessories would look in their home.

Separately, more than half said they want to compile a shopping list on a store app and receive a floor map to locate products.

As the concept evolves from jargon to practice, China's tech giants are busy throwing their hats into the ring. First, it was Alibaba Group Holding Ltd that pitched its tent. It has clinched a flurry of stake-controlling deals, from InTime Retail to RT-Mart, or built its own retail prototypes like the Hema Fresh Market in order to take on existing physical stores.