China’s E-commerce market continues to see double digit growth year after year.During the time of Single’s day which is celebrated in China online shopping saw a spurt of 39% as compared to the event which was held in 2016.
This shows the confidence in the CHINESE consumers and also shows that the consumption will also continue to rise.
So which are the five major factors which drive China’s economy?
E-commerce shopping festivals.
E-commerce shopping festivals are a sure shot trend to cash on on the booming e-commerce market.As they are an opportunity for local brands as well as the new brands which are entering the market.
Why? Because it is a perfect opportunity to get them noticed and also to leverage against other brands.
Consumption upgrade is the new trend which is beginning to gain momentum.With rising disposable incomes,consumers are more and more confident in spending money on a number of different categories such as clothing,cosmetics.From upper to middle class,consumers are now increasing the demand for the foods which were not available domestically.
Online and Offline are merging rather than competing-
There has been an integration of online and offline services and retail elements such as products,services,logistics,big data,marketing and management.
This online to offline model is transforming China’s e-commerce business tremendously.Grocery stores are also a good bet on the online and offline models.
Consumers can also enjoy the door to door delivery within 30 minutes of time which is one of the most preferred choices today for them.
It has given rise to digital payments.
Ali pay and We chat are the most preferred online payments in China and are already an integral part of the e-commerce network.
Now people also don’t need to use the credit and the debit cards and which has come as a much relief for the Next generation.
Setting a precedent-
Innovation in the E-commerce market in China has been on an ever growing trajectory and also is responsible for pioneering new -commerce experiences in the form of emerging technologies and a lot of cross-border commerce and private label products.
China shifting shopping landscape is setting a precedent and is paving a way for a new and emerged e-commerce platform.It is also setting various trends such as mobile payments,digital payments,online and offline marketing.
The action has just started for China.