Leading consulting firm Frost & Sullivan, in partnership with China retail strategy expert Azoya Consulting, just released a new study on "The Cross-border eCommerce (Haitao) Opportunity in China"
China's online shopping market is the largest in the world, with over 500 million online shoppers set to spend over US$1 trillion in 2018. Of this, cross-border eCommerce (Haitao) purchases (i.e., from a retailer located outside China) are set to reach US$125 billion, according to a new research report,
The research also revealed that:
- Cross-border online shopping is growing strongly, with 63% of Chinese shoppers planning to increase their spending in 2018 compared to 2017
- Fashion is the top category bought from overseas retailers (bought by 22% of online shoppers in the past month), beauty and cosmetics (20%) and mom and baby (15%)
- Japan is the overseas origin country that Chinese online shoppers have most confidence in (72% having confidence in Japanese vendors), followed by South Korea (60%), the US (55%), Australia (37%), France and Germany (both 26%) and the UK (23%)
- Women are higher cross-border online shoppers than men, spending US$976 on average per year, which is 20% more than men. Men seek fast delivery, whilst women seek Chinese language customer support, and relevant content on the supplier's website. Women are more likely to use an overseas supplier's standalone direct-to-consumer website (21% vs. 18% of men).