China’s economic boom has changed the purchasing patterns of the country, with its shoppers shifting from brick-and-mortar stores to buying online.
In 2015 alone, China’s total e-commerce sales are valued at $672 Billion, not including travel and events tickets purchased online.
Currently, China takes up 40% of the global retail e-commerce sales which makes it the fastest growing markets in the world. As of this writing, China has surpassed the volume of online purchases in the US, with its e-commerce industry expected to grow a whopping 20% annually by 2020.
This shift in buying behavior reflect how affluent the country has become with its citizens willing to splurge on items ranging from basic groceries, luxury bags, travels and other services.
Surprisingly, males make up 64.8% of the statistics, while women only make up 35.2% of the market. Demographics also show that 24-40-year-olds make up the population of online shoppers, most of who are professionals who are highly educated, married with kids and belong to the higher income brackets.
With the use of automated analytics and tools, online buying habits have become easier to predict, develop and understand, which helps boost sales.
The data gathered from these tools can be used to help determine pain points in customer experience and improve the chances of them buying again.
For example, making sure that a first-time customer gets his product smoothly from ordering to delivery can increase customer satisfaction and recommendations, resulting in conversions of new customers. These data can also help develop marketing strategies that can get new customers to the business.
Building an email list for newsletters through the data gathered from online orders enables you to reach out to your potential customers and also get a deeper understanding of your target market’s wants and needs through surveys, promo codes and contests to name a few.
The rapid urbanization, fast-paced technological developments, and thriving entrepreneurial spirit have been a great catalyst for the growth of China’s e-Commerce industry. That added to the buying power of the workforce and the highly adaptable markets and trends make China truly a force to be reckoned with.