Online shopping: Where 500 million Chinese buy
CHINESE online shoppers prefer to buy from Japan, Korea, the U.S. and Australia, in that order, according to new research by Frost and Sullivan An estimated 500 million Chinese are now shopping online . . .
SYDNEY — Cross-border online shopping spending in China has exceeded US$100 billion, almost eight times larger than Australia’s total online shopping market, according to new research by Frost & Sullivan, in conjunction with the Chinese retail strategy firm Azoya Consulting.
The study reveals that 87% of Australian respondents see China as a lucrative market, with huge opportunities arising from affluent Chinese consumers seeking quality products from other countries - but only 20% are satisfied with their current online capabilities in reaching Chinese shoppers.
“With China now the world’s largest online shopping market, Australian retailers and brands need to consider the best approach to reach Chinese consumers if they want to take advantage of this booming opportunity,” said Mark Dougan, managing director, Australia/New Zealand, of Frost & Sullivan.
“The complexities and challenges involved mean a one-size-fits-all approach isn’t appropriate to meet market demands. They need to carefully determine which model will work best for them.”
The study of 1,000 cross border online shoppers in China, as well as 100 international brand owners and retailers in Australia, New Zealand, the US, Canada and the European Union, was conducted in 2018 to understand the strategies, expectations and experiences of online sales in China.
Mid-size and large retailers with annual revenue of over US$50 million participated in the study, with 36% earning annual sales of more than US$1 billion.