Boosted by favourable government policies and an increasing Chinese propensity for foreign goods, many Chinese consumers are now interested in buying foreign products online. Mintel's new report 'Haitao Retailing' reveals that almost 58 per cent consumers bought foreign products online from domestic shopping websites, with quality of products (63 per cent) and pricing (38 per cent) as the prime concerns when shopping for imported products online.
The cross-border online shopping market value grew at a compound annual growth rate (CAGR) of 63.3 per cent in 2015, while the total online retail market during the same period saw 48.8 per cent CAGR growth.
“The continued growth of online retail, backed by increased consumer interest in spending time online, especially in rural areas, combined with the government's support of online sales and an uptake of m-commerce and online payment systems, indicate that online retail will continue strong growth in the near future. Indeed, the future outlook for 'haitao' shopping looks good. However, it is an increasingly competitive market. Brands need to stand out by offering something different. Chinese consumers want top quality, and they need to have that quality proven through good information and good service,” said Matthew Crabbe, APAC research director at Mintel.
Comparing Chinese domestic and overseas online shopping websites, foreign sites are perceived by shoppers to do better in terms of product quality, while domestic websites do better in most other areas, such as good value for money spent and fast delivery.
“Not all Chinese consumers feel the need to have foreign products or services. However, fashion, furniture, food and drinks are much more significant online shopping categories, representing opportunity for online retail market growth. And we are seeing there is another great opportunity for niche brands, with specialist products having the potential to make an initial market entry into China via overseas online retail channels,” added Crabbe.
“Consumer attitudes to cross-border online shopping can be summarised with reputation, reviews and recommendations. Helpful advice and information about products, a good return policy and a variety of delivery options are important in building reputation. Good service and good products are the key areas where online retailers must learn to compete in the future,” Crabbe concluded. (NA)
Fibre2fashion News Desk - India
| On 10th Apr 2021
Turkish exporters have seen a noteworthy surge in exports to the...
Those working in the woven cotton textile sub-sector in South Africa...
| On 10th Apr 2021
H&M has joined hands with Zalora and has launched on the e-commerce...
Estimate loss of $8-$10 billion in turnover
Value of 'Made in India' should get more importance
Consumer sentiment will be conservative after lockdown
Delhi-headquartered Cantabil Retail India Ltd was founded by Vijay Bansal...
Miko Srl, a subsidiary of US-based Sage Automotive Interiors and a member...
Yawer Ali Shah
Synthetic colours and dyes were all the rage till the very first ban on...
Bebop Sensors' smart fabrics allows for a new level of interaction between ...
Wearable Technology Lab, University of Minnesota
A new study led by researchers at the University of Minnesota's Design of...
Michaela Griggs & Peggy Schulz
Founded in 1929, Barco Uniforms started as an apparel company for beauty...
Anjali Bhaskar has an experience of 12 years in the fashion industry. She...
Megha Kumari & Jigar Mali
Label Megha & Jigar
New Delhi based label Megha & Jigar blends India's unique handcrafts...
Sandeep Gonsalves & Sarah Gonsalves
Sarah & Sandeep
Established in 2012, Sarah & Sandeep is a luxury menswear label...
Letter to Editor
Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.
Subscribe today and get the latest information on Textiles, Fashion, Apparel.
Download Free Report
Rising Opportunities in Technical Textiles Market: 2020-2026
Thank you for showing interest in our free report on 'Rising Opportunities in Technical Textiles Market: 2020-2026'
You will receive an email shortly with a link to download the report and in case if you don't receive our email, you can write back to firstname.lastname@example.org.