Wondering about the next steps for expanding your online business? Head east – to China, that is.
According to McKinsey&Company, China’s annual ecommerce sales passed those of the U.S. back in 2013, and are estimated to reach around $610 billion by 2018.
One Epsilon survey shows that the Chinese market finds “interactions with ecommerce sites have become so frequent and so satisfying that Chinese consumers seem to be redefining their expectations of all brands relative to their ecommerce experiences.” If you think the time may be right to broaden your customer base to that part of the world, here are a few fun facts to consider before starting your own Chinese expansion.
Chinese cross-border buying habits are growing. According to eMarketer, more than 15 percent of China’s population will make ecommerce purchases from abroad this year, worth $85.76 billion. That population percentage is expected to grow to 25 percent, with $157.7 billion spent, by 2020.
Social shopping is a hallmark of the Chinese ecommerce experience. Studies have shown that Chinese shoppers enjoy engaging with ecommerce stores and sharing their findings on social media. Similarly, they also pay attention to the brands and stores their friends like. Positive online feedback can boost your store’s ratings in multiple areas, especially if it demonstrates the ease of international transactions and overall value.
Chinese shoppers have spending power. Both young, affluent buyers and those in midlife with stable incomes enjoy using their disposable income on American goods. Tap into this enthusiastic customer base, and you could realize some impressive figures of your own.