China delivers 40% of global e-commerce retail sales, with a market value that exceeds US $1 trillion.
China has overtaken the US to become the world’s number one online shopping market, with the country currently accounting for more than 40% of global e-commerce retail sales. As a result, China’s e-commerce market value now exceeds US $1 trillion. Two of China’s biggest players in this market played a big part in this. In 2017, Alibaba and Tencent delivered record-breaking profits, demonstrating just how healthy China’s consumer market remains. Alibaba’s profit almost doubled to US $2.1 billion and Tencent’s grew by 70% to a value of US $2.7 billion during the period.
Cross-border e-commerce has grown rapidly in China, signalling the importance of foreign brands to Chinese consumers. The cross-border e-commerce market reached 7.5 trillion RMB in 2017 (the figure includes both B2C and B2B cross-border e-commerce). The main driver for this is Chinese consumer demand for a wider selection of better quality products.
Enterprise Ireland has ramped up its supports to encourage more companies to capitalise on the potential of this lucrative market. Several companies supported by Enterprise Ireland, including Emerald Green Baby, Ovelle, Irish Breeze, Max Benjamin, Allied Imports, Newbridge and ClevaMama, are already present on e-commerce platforms in China.
Enterprise Ireland provides support in the following areas:
- Introductions to Chinese e-commerce platforms
- Introductions to Chinese third-party operators, who can assist in a variety of sectors, such as jewellery, mother and baby products, and cosmetics
- Connections with local Chinese buyers, including department stores and hotels
For more information on how Enterprise Ireland can help you access the Chinese market contact our Shanghai office on +86 21 6010 1380 or email firstname.lastname@example.org.