When it comes to world's E-Commerce top players, China comes to the minds of most people - if not everyone. The reasons for China rising to the top differ, from foresight, hard work, comic positioning, trends, etc. In this blog post, five major trade that project China higher and higher are discussed.
To begin the list of trends China is currently on, we have E-commerce shopping festivals. These are highly popular and have now been regarded as a global phenomenon- specifically the 11/11 sale which as the same implies, happens yearly on the 11th of November. According to Nielson China, which is a global measurement and data analytics company, 79% of consumers who responded to their survey said they planned to participate in this years 11/11 sale.
The next trend is consumption upgrade. This simply means a rise in the preference and taste of middle to upper class consumers. They now look for quality in goods and some of these standards of goods are not available domestically. Sometimes even the designs of the packaging are what attract these customers as well as their safety and environmental designs.
Thirdly, we have new retail. This is where there is a merger between offline (brick and mortar) and online. So instead of there being competition, there is collaboration. New retail was a term brought about my Jack Ma back in 2016 and had since become a common term used within the e-commerce landscape.
Lastly, there is digital payment. Having had a hands on experience from visiting China, I witnessed the real deal of a cashless society. From the street vendors to the plush high-end stalls, payments are made through the touch of a screen. Transactions are done from the mobile phone, even when using vending machines. Alipay and Wechat are the two driving forces behind this cashless society with others also on the rise.
https://www.weforum.org/agenda/2018/01/china-ecommerce-what-we-can-learn/
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