Fashion
New research says almost half of the UK’s top online retailers are failing to capitalize on China’s burgeoning e-commerce market. E-commerce service provider Global-e reports that British companies are significantly missing out on a marketplace that’ll be worth $1.5 trillion within four years.
Chinese shoppers love doing it online. Buying big brands from around the world, It’s global, China’s Centre for Economic Exchange anticipates online retail will account for 30 to 40 per cent of world trade in less than a decade. E-commerce entrepreneur Amir Schlachet says most firms see that as a huge opportunity.
“Most of them actually do realize that China is an important market. It’s close to a trillion shoppers online. Very open to the world. It’s already around half of the online population actually buying cross border.” said Schlachet.
Recent research by market research company Emarketer backs him up, claiming nearly 45% of people in China shop on overseas websites. And the internet shopping giant Alibaba offered further evidence with figures for 2015 indicating a revenue rise of more than 30 percent. However, while many UK retailers have seen the online potential, to others claims Schlachet are failing to take advantage.
But global’s also local and the trick to getting into the Chinese online market baffles some. Shoppers in China want websites in Mandarin; prices in Renminbi the local currency and payment using local systems such as Tenpay.Union Pay and Alipay. So, while shops in Britain go out of their way to welcome Chinese shoppers, researchers at Global-e found traders needed help online.
It’s all a barometer of how globalization is changing the way we go shopping, but at the same time it’s a real indicator of how new businesses can start up to take advantage of that.
