U.S. Retailers Unprepared to Tap Into Chinese 'Singles Day' Miss an eCommerce Opportunity More Than Twice the Size of Cyber Monday
DUBLIN, IRELAND--(Marketwired - Nov 11, 2014) - eShopWorld, a leader in Global eCommerce and Logistics Management, with the only modular solution that gives online retailers control over the end-to-end customer journey, today announced its Market Insight on China report and a related infographic.
According to the report, last year on November 11 -- China's 'Singles Day' -- ecommerce giant Alibaba reported sales of USD 5.7 billion, compared to total U.S. Cyber Monday sales of USD 2.29 billion. This year Alibaba predicts Singles Day sales will jump 40 percent to a whopping USD 8.2 billion. (Source: EarningsForecast.com, Earnings Forecast Buzz for Alibaba, Genworth Financial, Gilead Sciences, Zynga, Abercrombie & Fitch, and Plug Power, November 10, 2014)
The eShopWorld Market Insight points to a growing, internet-savvy middle class in China that is fueling the ecommerce explosion and has propelled China past the U.S., making it the largest ecommerce market in the world. By 2020, online spending in China is projected to total more than that of the U.S., UK, Japan, Germany and France combined according to the market insight. (Source: McKinsey & Company, China's E-Tail Revolution, March 2013)
"The growth of ecommerce in China in recent years has been nothing short of jaw dropping," said Martin Tully, SVP Global Sales & Marketing, eShopWorld. "Global brands and midsize U.S retailers should be actively considering how to capitalize on the booming Chinese e-commerce market. Online shoppers in China are increasing buying items from overseas and particularly from the U.S."
However, Tully cautions, "U.S. retailers entering the Chinese eCommerce market need to ensure that the Chinese customer's ecommerce experience, from checkout to returns, is 'glocalized' and seamless or they risk tarnishing their brand in this important market."
The eShopWorld Market Insight on China aggregates important facts and statistics to help retailers better understand the China e-commerce opportunity. Below are examples of some of the information contained in the report.
Online Shoppers in China Buy from U.S. Retailers
Approximately 84 percent of Chinese cross-border shoppers buy from U.S. websites (including those on Chinese digital marketplaces such as Alibaba's Tmall), and forecasts predict that nearly 40 million shoppers will spend ¥1 trillion (USD 161 billion) by 2016. (Source: PayPal, Modern Spice Routes survey, June 2013)
Social Media Plays Critical Role in China eCommerce Market
The eShopWorld Market Insight references several sources that conclude that social media has a bigger influence in China than any other country.
China is the World Leader in M-Commerce
The ubiquitous use of social media has also helped China to become the world leader in m-commerce.
To read the complete eShopWorld Market Insight on China, go to http://insights.eshopworld.com/china-insights/. An infographic that depicts key facts from the market insight can be viewed and downloaded at http://insights.eshopworld.com/china-infographic/.
About eShopWorld
eShopWorld is a leader in Global eCommerce and Logistics Management, with the only modular solution that gives online retailers control over the end-to-end customer journey - from global checkout to returns. The company enables B2C brands to sell globally, but feel local to cross-border shoppers. eShopWorld's innovative software, extensive logistics infrastructure and cross-border expertise empower retailers to efficiently sell into international markets while delivering a seamless, glocalized online shopping experience. For more information, visit www.eshopworld.com or follow @eshopworld.
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