The past 30 years have seen China transform to become one of the world’s greatest economies. And while it still remains easy to acknowledge the rise of China, businesses need to accept the fact that there is need to match the speed and depth of the development of this complex market place if they are to succeed in doing business in china.
One of the industries that have transformed the most in the past few years is e-commerce industry. The booming online retail industry has attracted investment from all around the world for all the good reasons. Not a while ago, there was really not much to talk about e-commerce in China but it is a different story now. There is so much competition in the industry that it is making it hard for any company to come up with an effective China business strategy that will facilitate their entry into the market.
Today, there are over 618 million internet users in China who have created the perfect online business platform ideal for companies looking to invest in one of the world’s best e-commerce markets. Even as China continues to surprise many by the speed at which e-commerce has grown and the manner in which it is impacting the economy, china market entry still remains as one of the biggest concerns for companies looking to tap into the market.
However, this does not discredit China as your ideal business hub. What is most fascinating about e-commerce in China is that the future looks promising as China is set to become the leading e-commerce market for a foreseeable future.
Amidst all the talk about the growth of online retail opportunities in China, there are some major online retailers every China business consulting agency can recommend because of what they’ve managed to achieve and can be as examples for companies wishing to enter the market.
Where are Chinese Customers Online:
As mentioned above, China has undergone some major transformations especially in e-commerce. In light of this businesses need to find ways to match both the speed and depth of this otherwise complex market. So far, these retailers have mastered the craft and can be used as a go-to market strategy and as a market penetration technique.
This is the leading online retailer in China with over 40 million visitors received on a daily basis. Alibaba operate and hosts more than 5400 brands.
Yet another popular online shopping that is highly rated by Chinese online consumers. It is the largest online retailer in China and is famous for selling products in 12 main categories from different brands.
Regarded as one of the highly rated online shopping, Taobao is operated by the popular Alibaba Group. As a marketplace, Taobao has been in existence since May, 2010 and normally facilitates C2C retail. It achieves this by offering businesses a platform where they can open online stores, which solely cater for Chinese speaking regions.
A relatively new online retailer that most china business consultants are referring to is the new star on the block. It was recently reported by REALITY TODAY that a NYC realtor sold his property worth $13 million to a Chinese buyer via this messaging app. WeChat has grown to become a vital element of brands’ digital strategy in China.
The growth of e-commerce in China has certainly provided companies with countless of opportunities to set up businesses online. And with a future that looks promising, it’s about time international companies master strategies to build presence in front of Chinese customers online.
Casey W. Xiao-Morris is China Business Consultant at Leverage China, LLC, specializing in capturing China’s market opportunities for American companies. Casey can be reached at cxmorris@LeverageChina.com