Fast rise for Chinese cross-border eCommerce
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Chinese cross-border eCommerce will rise at a rate of 18 per cent annually through to 2020, predicts market research house Mintel in a new report.
Mintel’s Haitao Retailing says Chinese spending on cross-border eCommerce soared more than 60 per cent in 2015.
“The reason we chose to do this report was both due to Haitao becoming so large, and because this market is now becoming well-regulated, and encouraged by the central government,” said the report’s author Matthew Crabbe.
“This was therefore clearly an important development in China’s international trade, its domestic consumer market, and as a route to entry for foreign companies hoping to sell to Chinese consumers.”
Mintel surveyed more than 3000 Chinese online shoppers, of whom nearly 60 per cent said they had bought foreign products online from domestic shopping websites between June and November.
The most popular products were beauty and skincare lines from South Korea, Japan and France; and food from Hong Kong, Macau, Taiwan and New Zealand. They also shopped for personal electronic devices from Japan and the US.
Questions & Answers
Q.What is the expected growth rate for Chinese cross-border eCommerce annually?
What is the expected growth rate for Chinese cross-border eCommerce annually?
Mintel predicts Chinese cross-border eCommerce will increase by 18 per cent each year until 2020. This growth follows a 60 per cent rise in spending in 2015.
Q.Which product categories are most popular among Chinese online shoppers for foreign goods?
Which product categories are most popular among Chinese online shoppers for foreign goods?
Beauty and skincare items from South Korea, Japan, and France are popular. Food from Hong Kong, Macau, Taiwan, and New Zealand, and personal electronics from Japan and the US are also sought after.
Q.Why did Mintel decide to produce this report on Haitao Retailing?
Why did Mintel decide to produce this report on Haitao Retailing?
The report was prompted by the significant growth of Haitao and the increasing regulation and government encouragement of this market. It highlights its importance to China's trade and consumer market.
Q.How many Chinese online shoppers were surveyed for this report?
How many Chinese online shoppers were surveyed for this report?
Mintel surveyed over 3,000 Chinese online shoppers for their report. Nearly 60 per cent of these shoppers had purchased foreign products online via domestic sites.
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