Cross-border ecommerce is still at a very early stage in China, and it only takes a small share of the whole foreign trade industry. However, companies such as Tencent predict that in two to three years, there will be a breakthrough due to increasing market pressure. Nowadays, there is a huge consumer base seeking quality overseas products or products unavailable domestically. So, the expected change will be driven by such needs, along with increasing numbers of overseas purchasing platforms and cross-border ecommerce solution providers. As a result, there will be fewer but bigger platforms providing overseas products of the best quality and service.
As chairman of the Cross-border eCommerce Community (CBEC), I was invited to speak during the Cross-border E-commerce Conference, held in Shanghai, at the end of May. During the first day of the event, focused on import, I shared information on the online shopping behavior and the cross-border ecommerce activities across emerging markets.
During my presentation, I put into perspective the cross-border ecommerce impact, market share and consumer import and export preferences – interesting data for the Chinese merchants. Through extensive research, Payvision – CBEC’s founding partner – conveniently put together infographics covering more than 20 countries, supporting the global expansion and development of merchants worldwide. You can find and download these infographics for free: http://www.payvision.com/infographic
When we look at mPOS, it is expected to grow significantly, by 1000 percent. A great share of this growth will still come from Asia but we will see a much higher percentage from the U.S. and Europe. These regions are catching up and learning from China about how to integrate all the existing ecommerce solutions into a complete omnichannel experience.
It’s also interesting to analyze the Chinese consumer buying power and the forecast for the coming years. In China, the saving rates are very high, representing a tremendous opportunity to increase the consumer buying and grow domestic demand. The savings are forecast to continue increasing as capital flows easier thanks to the bold initiatives of the Chinese government, such as Free Trade Zone in Shanghai and other six cities in China. There is still a long way to go to develop cross-border ecommerce in China, however the future is bright!
Within the expanding cross-border ecommerce ecosystem, CBEC’s ambition is to become the link for merchants and solution providers across different regions on the globe, which in the end will grow the entire ecommerce ecosystem. So let us know if you are interested in becoming a partner of the Cross-border eCommerce Community!