CHINA
China is the largest eCommerce market globally, generating almost 50% of the world’s transactions. China’s eCommerce market is larger than the United States, the United Kingdom, Canada, Japan, Germany, France, Italy, and the European Union combined.
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Brief
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Key Players
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Highlights
Brief
The Chinese eCommerce market is almost incomprehensibly large. At nearly US$3 trillion, it dwarfs most countries’ GDPs and the entire North American and European eCommerce markets combined. That is an amazing opportunity for SMEs in Canada.
Faced with a small market or assuming the risk of a single (and often unpredictable) export market like the US, SMEs in Canada can feel the squeeze of a diluted brand, unstable supply chains, and small margins. Entering the Chinese eCommerce market can help diversify your options, increase revenues and cash flow, decrease risk, and make your business more robust.
Key Players
Alibaba’s Taobao and Tmall, JD.com, and Pinduoduo are the domestic platforms that dominate China’s eCommerce market. Other platforms, including Suning, Gome, Vipshop, Yihaodian, Dangdang, Mogujie, and JuMei, comprise the remaining market share.
Highlights
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52.1% of all eCommerce globally, more than North America's and Europe's combined
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US$ 2.9 trillion, three times larger than Canada's GDP
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842 million online buyers (and growing), more than twice the US and Canada's population, combined
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52% of China's total retail sales are online, the first country in the world ever to have more online sales than traditional retail sales
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US$ 261 billion in cross-border transactions
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Over 68% of Chinese consumers report considering foreign goods as better quality
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105 cross-border eCommerce pilot zones where overseas businesses benefit from preferential tax policies and streamlined customs procedures