March 20, 2018
Chinese consumers are shopping outside their borders in record numbers, highlighting the need for merchants to have an effective international e-commerce payments program to reach this enormous customer base. For the third year in a row, the value of cross-border purchases originating in China grew more than 50 percent. In 2017, cross-border e-commerce surged nearly 81 percent to 90.24 billion yuan (more than $14.3 billion), according to data from China Customs.
A November 2017 estimate by marketing research firm eMarketer predicted Chinese e-commerce would be even higher than the China Customs data, but the growth is significant nonetheless.
“The average Chinese consumer is now more tech-savvy, more exposed to foreign brands through overseas travel and the Internet and, crucially, more willing to spend,” Shelleen Shum, senior forecasting analyst for eMarketer, said at the time. “With shopping sites such as TMall Global, JD Worldwide and Kaola adding more brands to their offerings and improving cross-border logistics and processing times, there is an opportunity for foreign brands to tap into the demand for high-quality products, especially in categories like baby, maternity, health and beauty.”