How much will retail sales in China grow in 2019? As such, China’s e commerce sector is more than three times the size of the US market, which ranks second. The online Chinese translator working on your project will be a native speaker so you will be able to address your audience in the most natural way possible without the fear of sounding too literal. From a numbers perspective, this means that 85.1% of China ecommerce users are aged between 16 and 35 years old. Continue reading! In addition, close integration of consumer payments is creating a best practice example for the whole world. 74.8% of the market is dominated by mainstream e-commerce platforms such as Taobao, JD, Pinduoduo while the grocery vertical e-commerce platforms have a … The government will likely distribute the new currency through traditional banks, making it fully centralized and exactly like traditional paper money. China is the most prominent leader in eCommerce with a market size three times bigger than its closest counterpart, the US. Millennials and Gen Z accounts for 85.1% of the online sales in China, according to China Internet Watch. Despite a desire for bargains, UK shoppers spend a As China goes, so goes the global ecommerce market. The data confirms that in 2019, China will become the largest retail market in the world. The Chinese economy is thriving, and more than one billion consumers are ready to purchase goods and services. We’ll share our industry insights and develop together Chinese marketing and ecommerce strategies for your business. It might sound tempting to do business with the largest economy in the world but you should be prepared well in advance to avoid any issues in the China eCommerce market. Now that we have covered the basics, let’s look at the Chinese e commerce trends in the year 2020. The YoY growth rate of the B2C online shopping market was 43.7% in Q3 2017 whilst that of C2C was only 13.5%. The most popular online payment methods in China are Alipay, WeChat Pay, and UnionPay. Tmall has a market share of 50%-60% which puts Alibaba’s market value at $480.8 billion. Globally, China accounts for more than half (55.8%) of all online retail sales, with that figure expected to rise to 63% by 2022. Chinese consumers love using their smartphones so it’s the ideal place to put data-oriented C2M (Customer to Manufacturer) marketing into use. As China expands its worldwide trade through the belt and road initiative (BRI) and other development initiatives, DCEP has the potential to create significant financial autonomy and less exposure to the US. A real-life example is Alibaba’s grocery platform Freshippo where customers can shop in person (click-and-collect), dine-in, and have goods delivered via online ordering. In particular, cosmetics, baby products, food, and beverages (organic), high-fashion, and jewelry. In particular, China is leading omnichannel retailing in high customer expectations, smart sales assistants, mobile-first, self-service kiosks, and virtual reality / augmented reality. According to the latest research from Statista, the size of the African e-commerce market in 2017 has reached $16 billion. China's E-commerce Payment Market is expected to be USD 5.5 Billion by 2026. Mobile devices play a crucial role in connecting B2C. The UK-based skincare brand Bulldog is set to be the first cruelty-free cosmetics brand to sell in mainland China, imported under the general trade (and not cross-border e commerce). Revenues for eCommerce continue to increase. The number of people who shop online has shown a tremendous growth recently. There is an increasing demand for cross-border eCommerce. Alibaba’s platforms account for approximately 76% of m-commerce transactions in China. China e-commerce logistics market is projected to exhibit a considerable CAGR of 18.8% during the forecast period (2019-2025). We also offer many other services like sourcing products from China, China influencer marketing, and more. 2. International as well as local Chinese businesses are able to deliver brand name goods to consumers within China. Stay ahead with your business in China and around the world by optimizing your online presence for search engines – Baidu SEO (leading in China) and Google SEO. GIRK CAKMAK, Tmall and JD are the biggest domestic e-commerce platforms in China covering almost 75% total China e-commerce market share. General overview Further information regarding this statistic can be found on page 36. China offers significant growth opportunities for the market coupled with the trend towards the e-commerce industry and significant demand for smart packaging in the country. Purchase the E-Commerce in China country report as part of our internet retailing market research for March 2020. Share of social e-commerce in China’s online shopping market expanded from 0.1% to 7.8% between 2015-2018. Consumers are interested in foreign brands more than ever before. The Government of China … The Market Size of E-commerce in China We compared the Chinese and American E-commerce markets using statistics collected from official sources such as e-Marketers . It is estimated that e-commerce in China will be worth US$540 billion by 2015, and by 2020 worth more than e-commerce in the U.S., the UK, Japan, Germany and France combined. Chinese consumers value the significantly reduced prices – particularly lower Tier residents take advantage of the group-buying model. 6 Gross merchandise volume of China's e-commerce market from 2010 to China’s online retail B2C e-commerce market reached 1,526.76 billion yuan (US$226.38bn) in Q4 2018, showing an increase of 28.4% compared to the same period of the previous year. Do you want to hear more about the Chinese e commerce environment …? Alibaba’s acquisition of Kaola cannot be a coincidence, right? Tmall by Alibaba Group KOCs also act as influencers but are more authentic. China’s eCommerce market size is estimated to be growing at an annual rate of 22.5% over the past few years which makes a total market size of $1.8 trillion. By Tingmin Koe 23-Nov-2020 - Last updated on 23-Nov-2020 at 02:12 GMT . Alibaba and JD.com have already launched their own group-buying functions! While retail sales in China sputter in the face of economic and geopolitical challenges, ecommerce continues to thrive. Analysis on the Chinese B2C E-Commerce Market, 2019-2023 - Over Half of the World's Online Retail Purchases Take Place in China - ResearchAndMarkets.com Fortune Global 500 company Jingdong (JD.com) has continued to grow within China’s e-commerce market with its multiple retail acquisitions, and retail tech and supply chain innovations. Insights into the growth of Chinese eCommerce. To summarize, the China e commerce market is leading online commerce worldwide. China is on the verge of becoming a cashless society and this is the time for eCommerce to shine. Of course, everyone has their personal opinions on which one is the best eCommerce company in China, and it is a matter of preference. Group buying will gain more traction, especially in lower-tier areas. China’s social e-commerce market has witnessed continuous growth in the past few years and is projected to grow even further during the forecast period (2019-2023). With around 632 million internet users, China is the fastest-growing and largest e-commerce market in the world. China holds the potential to become the biggest market for virtually everything, and e-commerce is no exception. China e-commerce logistics market is estimated to grow significantly at a CAGR of around 15.2% during the forecast period. we are excited to hear about your project! Lower Tiers have more money available for shopping (due to lower living costs) and are happy to spend it on consumer goods. All have apps and optimized mobile websites where loading speed, user interface, display quality, and payment methods are perfected with the smartphone user in mind. Retail sales in China will grow 3.5% to $5.291 trillion this year. The other retail outlets of health foods in China include pharmacies, supermarkets, cross-border e-commerce, social commerce, daigou, and new retail. China Paradigm interviewed Daphne Tuijn, a China e-commerce market specialist and co-founder and CEO of both WebShopInChina and Chaoly.She shares with us precious tips to better understand how to sell online through China e-commerce platforms and how to leverage data by using growth hacking in China. According to the projections, by 2020 e-commerce market in China will be bigger than American, British, Japanese, German and French e-commerce markets combined. It is the oldest among all its competitors having launched 10 years earlier than its closest rival, WeChat Pay. China e-commerce logistics market is projected to exhibit a considerable CAGR of 18.8% during the forecast period (2019-2025). Most online customers prefer to pay with credit cards. The Market Size of E-commerce in China We compared the Chinese and American E-commerce markets using statistics collected from official sources such as e-Marketers. In particular, Chinese online banks like WeCash (unrelated to WeChat or Tencent) emerge as startups to bring easy and uncomplicated financial services to individuals and institutions, often incorporating machine learning and AI technology. As the pressure on China’s policy-makers is increasing, decision-makers are opening the general trade for cruelty-free products bit by bit. First introduced as a concept 5 years ago, China is now finalizing the preparation for the release of its DCEP (Digital Currency/Electronic Payments). After the COVID-19 outbreak, it has become even more common with the action launched by the Payment & Clearing Association of China (PCAC) advising people to use online payment. In order to get an idea about China’s e commerce market and online landscape let’s start with the largest online retailers: However, the exact market share among these online commerce platforms varies according to the source. The China e commerce market is the largest in the world with a volume of 1.94 trillion USD in 2019. It is no surprise at this point that it’s the reason market leaders are investing in warehouses all over the country. Digital commerce players continue to innovate and recalibrate. High-quality luxury goods from abroad are very popular. Together with live-streaming, short videos and short video apps are conquering the Chinese market. How much will retail sales in China grow in 2019? China is a consuming nation with its transition into the largest e-commerce market. China is home to the world’s largest market for automobile sales. GlobalData says that the e-commerce market in China to grow at a compound annual growth rate (CAGR) of 13.3% from an estimated $1.5 trillion in 2019 to $2.6 trillion by 2023. By setting up exclusive clubs or groups like WeChat groups, brands can communicate a certain lifestyle and the corresponding products. Together with the short video apps, it will become even more important as a sales medium and we will see the new ways it can be used in. In 2019, around 25 million vehicles had been sold in China, accounting for more than a quarter of global vehicle sales. Economy. E-commerce market in China – predictions . Advertising in China has never been easier and more complex at the same time. China's E-commerce Payment Market is expected to be USD 5.5 Billion by 2026. The major players dominating the social e-commerce market in China are Yunji Inc., Pinduoduo Inc., Xiaohongshu and Alibaba Group Holding Limited (Taobao and Tmall). The reports show that the expected China eCommerce market growth for 2020 is at 20.1%. Big data analyzes massive volumes of information to apply data-oriented marketing in China. This behavior drives the need for new approaches to create a personal and ready-to-buy social commerce experience. China’s e-commerce market in numbers: statistics and forecast. In fact, more than 80% of smartphone users in China use mobile payments compared to 27% in the US. E-commerce is surging, opening up opportunities for companies if they pay close attention to the quickly evolving marketplace. In fact, these are very common payment methods in China that they’re not only used for online shopping but also at the checkout of many physical stores. In 2014, JD formed a strategic partnership with Tencent, the leading technology company in China. The market will continue to grow at a rapid pace, and there is now more clarity as to how foreign firms can take advantage of the e-commerce market in China. China's grocery B2C e-commerce transactions totaled 544.94 billion yuan in 2019 and are estimated to exceed 1.38 trillion yuan by 2022. Implications for brands: China’s lucrative cross-border e-commerce market is projected to reach $164 billion in 2020, according to Statista. This hot new trend reached a volume of more than 300 billion USD in 2019. Recommerce or reverse commerce will come to the fore. This government-sanctioned cryptocurrency is planned as the digital version of RMB. JD.com is a B2C online retail and marketplace platform at the same time. It is expected that mobile commerce will take a market share of ecommerce of 72.9% by 2021. A major development in China E-commerce has been the shift from C2C to a B2C dominated model (Q1 2016 – Q3 2017) as this market has evolved. This cross-channel content strategy aims at improving the user experience and creating better relationships with the target audience across all points of contact. Now, these are the e commerce segments where China is a pioneer: We all know that internet users in China mostly browse on their phones or tablet. Tmall is the third most visited website in the world and it is the top cross-border eCommerce marketplace in China. Tmall Global, the top CBEC marketplace in China. Copyright © 2020 Tenba Group | Privacy Policy | Legal Notice | FAQ, The 2020 Mautic Marketing Automation Review, 9 Baidu Optimization Tips with Baidu Tongji. When It Comes to The China Ecommerce Market, Youngsters Rule. This also opens up the market to vegan, cruelty-free and sustainable cosmetics and beauty brands. Foreign brands can cooperate with these platforms depending on their business model to sell their services. Tmall is leading the e commerce landscape with a market share of 50%-60%, JD.com follows with 15%-20%, Kaola and RED and others like WeChat (with their own WeChat store) divide the rest between them. So it is only fair to expect expansion and innovation in the market as technology shapes Chinese consumers’ new shopping habits. This is quite ahead of the global average, which is currently at 64%. The list of the biggest eCommerce companies in China continues with Suning.com for electronics, Kaola for high-quality “Western” products, and Xiao Hong Shu (Little Red Book) for young people’s lifestyle shopping. The market is driven largely by millennials who love fast fashion and want to find the best price possible. About 10 years ago China accounted for less than one percent of the global e-commerce market; today its share is 42%. Western shoppers may think that the products could have poor quality. Western Europe owns three of the top six ecommerce markets, led by the UK ($141.93 billion), Germany ($81.85 billion) and France ($69.43 billion), but as more mature markets, each is growing at year-over-year rates well below the global ecommerce … Right now JD.com follows Alibaba with a market share of 15%-20% in the China eCommerce scene. Tenpay or Alipay. This last trend brings all the previous ones together, literally. Same as with social network platforms, a designated Chinese search engine (Baidu) and other China-specific tools and regulations, China is seeking new solutions for their country and market in terms of cryptocurrency. This number hit 749 million users at the end of the first half of 2020. There are currently 649.57 million regular e-commerce users in China, who spend $899.06 USD online annually. The increased use of mobile devices and social media created social shopping also known as social e commerce. With an expected 33 percent of the global market in 2015 and over 37 percent in 2018, the Asia Pacific region is becoming the leader of the e-commerce industry. China is an online shopping behemoth, and its e-commerce payment market is worth trillion-dollars. China Paradigm interviewed Daphne Tuijn, a China e-commerce market specialist and co-founder and CEO of both WebShopInChina and Chaoly.She shares with us precious tips to better understand how to sell online through China e-commerce platforms and how to leverage data by using growth hacking in China. While there are third-party vendors who deliver their products to consumers, JD.com also sells items directly to consumers. Up until now, cosmetics sold in China have to be tested on animals by law – it is the only country with such a regulation. The idea of scanning a QR code sounds more quick and sanitary than dealing with worn-out cash, looking for coins, or paying the fees that banks charge in the case of a merchant. Of course, the first platform on the list is owned by Alibaba. The world’s largest e-commerce market is the China e-commerce market. China's E-Commerce Market Is Bigger Than Just Single's Day. With Tenba Group’s FREE consultation you can get to know us better and Over the years, the Chinese e-commerce market has changed a lot, revolutionizing the traditional system for both consumers and sellers. 1 ETF To Gain By Investing.com (Tezcan Gecgil/Investing.com ) Stock Markets Nov 12, 2020 04:37AM ET For example, Tencent collects and classifies information into different dimensions, which consist of more than 3,000 tags, including basic attributes, social interests, entertainment interests, media preferences, etc. The most succes… This business giant offers a number of popular e-commerce platforms for each customer to choose from. Thus, all eCommerce sites are optimized for mobile without exception. But professionals from all over the world who have works with China know that entering this large and promising market is an adventure fraught with pitfalls.. It will not surprise you that more than 300 million Chinese are using short video apps. KUBRA CAMIR, How big is the opportunity? Kaola will become a part of Tmall, stealing market share from competitor JD.com. The China e commerce market is the largest in the world with a volume of 1.94 trillion USD in 2019. By combining information from online and offline consumer behavior, businesses overcome the limits of space and time. However, unlike Bitcoin and related currencies, DCEP is government-sanctioned. In the Middle Kingdom, however, group buying is expected to grow as Pinduoduo, JD.com, and Alibaba launch their own group-buying functions. The China Social E-commerce Market report provides a detailed analysis of the area marketplace expanding, competitive landscape, global and regional market size, growth analysis.It also provides market share, opportunities analysis, product launches as well as recent developments with sales analysis, segmentation growth, market innovations and value chain optimization, SWOT analysis. 34 Breakdown of the m-commerce market in China Q2 2017, by company . China is also the largest e-commerce market in the world by value of sales, with an estimated US$899 billion in 2016. Euromonitor International is the leading provider of strategic market research reports. Online shopping has become more common over the past years with the latest developments in technology, the Internet becoming a more important place, and more people having access to online platforms. But it could sound quite surprising that 80% of the retail eCommerce sales are made via mobile devices. China e-commerce logistics market is estimated to grow significantly at a CAGR of around 15.2% during the forecast period. Livestreaming is already huge in China and it’s not uncommon for Chinese influencers to endorse a product during their livestream. In 2017, the buyer penetration rate has reached almost 45%. Moreover, it is expected to reach $22 billion by 2022. Specifically, their super-app WeChat, which lets users pay, play, chat, shop, order everyday services and products, and more. Brands that incorporate KOCs into their marketing strategy can benefit from a boost in the brand image and increased sales. Click here to read more about, Jingdong (JD) is a B2C marketplace with in-house delivery and logistics. Despite the Coronavirus outbreak, these numbers are expected to grow in 2020. This trend hasn’t really arrived outside of China yet. Thus, the line between business and socializing continues to blur. Retail sales in China will grow 3.5% to $5.291 trillion this year. Let’s take a look at the most important China eCommerce market trends for this year. The “now” consumer follows trends and has unplanned interactions with brand and retail experiences. The Government of China … Cryptocurrency miners and users are facing severe regulation in the Middle Kingdom. Get Free Customization in This Report . It refers to international sales at an online market platform to Chinese consumers (B2C, B2B, C2C). Key opinion consumers (KOCs) are “normal” buyers who create videos and posts about their own product reviews and recommendations. The advantage of a closed group is that they already consist of loyal customers and fans. Beginning an e-commerce business in China requires extensive planning and market research. Or that those platforms are unreliable and impose hidden costs. Pin duo duo became the 3rd biggest which followed by Suning, VIP and Gome. It’s not only cheaper but also environment-friendly! Vertical eCommerce websites will be more popular among consumers as they create a community for like-minded consumers to interact. This cross-border e commerce player offers a large variety of goods, focusing on selling high-quality “Western” products to middle-class Chinese customers. China’s mobile e-commerce market is one of the most fascinating, dynamic and advanced in the world. China's e-commerce market size was the biggest in the world, according to the E-Commerce in China 2019 report released recently by the Ministry of Commerce, the People's Daily overseas edition reported on Thursday. Despite coming into the scene 10 years later, WeChat Pay managed to own a competitive share in the market - thanks to having its own system built in the most popular social media platform in China, WeChat -as if you couldn’t tell-. Chinese consumers show a strong preference for omnichannel retail services where they can find the benefits of physical stores combined with the advantages of online shopping platforms, and it seems to be getting more popular with the increasing trust in eCommerce platforms and online transactions. It is estimated that China's e-commerce sales make up 3.2% of the country's GDP, this is compared to 2.7% in the US. China is an online shopping behemoth, and its e-commerce payment market is worth trillion-dollars. General overview E-commerce in China . The Double 11 event on 11 November 2017 – also known as Singles’ Day, when single people in China celebrate, and which has become a popular shopping holiday – was a clear example of how China’s consumption-led economy is evolving digitally. For example, WeCash with 130 million users in 5 countries allows individuals to get their credit score straightforward and apply for loans. That is plus 27% year over year and a quarter of China’s total retail sales volume. You can improve your e-commerce in China and make new marketing strategies by paying attention to the feedback that customers give you, based on their purchasing decisions and reviews. GlobalData says that the e-commerce market in China to grow at a compound annual growth rate (CAGR) of 13.3% from an estimated $1.5 trillion in 2019 to $2.6 trillion by 2023. Recent research clearly indicates that electronic commerce, commonly referred to as e-commerce, presently shapes the manner in which people shop for products. That is plus 27% year over year and a quarter of China’s total retail sales volume. You are now familiar with the key players in this segment and the general e commerce environment in China. Fintech companies in competition with institutions delivering traditional financial services are having a good run. China e-commerce market to be more than double the size of the US market in 2022 China’s online retail market is expected to hit $1.8tn in 2022, … Global infrastructure improves and small businesses gain better access to global markets. And JD.com formed a strategic partnership with Tencent (WeChat) to take on Alibaba. China's grocery B2C e-commerce transactions totaled 544.94 billion yuan in 2019 and are estimated to exceed 1.38 trillion yuan by 2022. Perhaps the most notable new rule is that all e-commerce firms in China must now have a business license , which requires a WFOE setup in China … Experts predict that retail ecommerce sales will reach $4.13 trillion in 2020. This compares to the global average of 64%. The B2C e-commerce market in China is in the growth phase of its economic life cycle. Not only animal rights activists will be happy to hear that China now moves away from these mandatory tests. Animal testing has been mandatory in China but the policy-makers are moving away from these regulations as the number of animal right activists increase. Businesses gain deep insights into the likes and dislikes of their (potential) customers, their movement, and behavior patterns. More and more companies are targeting lower-tier cities as a part of their expansion strategy and adopting new initiatives to keep up with the current eCommerce trends in China. We present the main highlights of the Chinese e commerce landscape in 2020. It is no surprise that China is the land of smartphones. Digital commerce players continue to innovate and recalibrate. Right after mentioning sustainability, it’s time to talk about cruelty-free products. China's E-commerce Payment Market is expected to be USD 5.5 Billion by 2026. So, this sums up our 12 trends in 2020 in the China e commerce market. Specific goods, specific places Although over half of the supplements sold in China were from the US or Australia, consumers have a specific country preference when it comes to certain products. Most of the online operating suppliers are able to cut down on rent by not having brick-and-mortar shops and that reflects on prices. Therefore, set up your own website for the Chinese market and implement an e commerce solution! China consistently scored number one in three key metrics: largest market by revenue ($636.09 billion in 2018), highest number of online shoppers (1 billion), and the highest number of cross- border online shoppers (149.42 million). With a market size of almost $2 trillion US Dollars, 190 thousand businesses, and 1.5 million people employed in the industry; China’s online shopping adventure is sure to grow. On the verge of becoming a cashless society, China is on top of the eCommerce game and is highly sought after by foreign investors. In 2019, e-commerce made up 36.6% of total retail sales. With Artificial Intelligence and Machine Learning powered technologies, the loan terms are customized to the needs of the applicants which allows small businesses to be included in China’s eCommerce scene. Chinese consumers rely on apps like Alipay, WeChat Pay, and UnionPay for online shopping and payments at physical stores alike. Get Help for Your E-Commerce in China from a Reputable Agency. And Kaola are the leading channels trade in 2020 report as part of tmall, stealing market followed... Animal right activists increase version of RMB cash to cashless at a more china e+commerce market pace many! China is an online shopping behemoth, and its e-commerce payment market expected. % which puts Alibaba’s market value at $ 480.8 billion translation services and Chinese localization services at Chinese. Biggest which followed by Suning, VIP and Gome most fascinating, dynamic advanced... 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