August 7, 2018
Global companies covet Chinese e-commerce shoppers not only because China is the largest such market in the world, but because it is growing faster than any market that big has a right to. And, from a cross-border perspective, the growth is just as stunning. The percentage of Chinese e-commerce shoppers that have ordered from a non-Chinese merchant grew from 34 percent in 2016 to 67 percent in 2017, according to a new report from Westwin.
In the 2018 Research Report on Chinese Consumer Cross-Border Purchasing Behavior, the online marketing firm predicts cross-border e-commerce in the country will begin to enter a maturing phase of slower, but still significant, growth. The report estimates that the value of cross-border e-commerce transactions by Chinese consumers will reach 1.8 trillion RMB ($262.7 billion) this year and grow to 2.2 trillion RMB ($321.1 billion) in 2019.
Alipay is the dominant online payment method in China, used by 91 percent of consumers, while adoption of digital competitor WeChat Pay has grown to 64 percent. Bank cards hold their own, according to the report, with 68 percent of Chinese consumers using them for online transactions.
The most important characteristics Chinese consumers look for in online payment methods are convenience and speed (identified by 88 percent of respondents) and safety (tabbed by 79 percent).