The Department of Commerce reported that the value of online retail in China on November 11th broke the record of 300 billion yuan [43 billion USD]. This is an increase of around 27% in comparison with the same period last year. November 11th is known as 'Double 11', a day when single's celebrate. These are the six main characteristics of China's online retail on 'Double 11':
1. The market becomes ever more international. The value of international import by online traders between November 1st and 11th reached 30 billion yuan [4.3 billion USD]. The 5 main import origins were Japan, the USA, South Korea, Australia, and Germany. One famous domestic online retailer had nearly 19 thousand products of overseas brands from 75 countries on promotion. At the same time, more than 2 million overseas consumers purchased nearly 3 billion yuan [430 million USD] worth of products from Chinese online retailers.
2. New online consumers are mainly young people and people in third- or fourth tier cities. More than 70% of online consumers were born in the 1980's and 90's, making them the force behind online retail.
3. Brand consumption is trending. Consumers prefer products with well-known brands, and domestic brands in particular catch their attention. There were 6 domestic brands in the top 10 brands with highest retail value. And there were 8 domestic brands in the top 10 brands with largest retail volume.
4. Online retail has become more varied, in addition to traditional e-commerce the trade via social media has become an important addition to the market. This allows online traders to better satisfy the diverse and personal demand of consumers.
5. Delivery efficiency increased. Data-driven, AI-warehouses with automated distribution technology are extensively applied in distribution. Delivery is no longer measured in days but in hours and minutes.
6. Online and offline retail integrate. Several million offline stores participated in 'Double 11' promotional activities, and major e-commerce platforms worked hard to improve their offline services. Together they promoted the integration of online and offline marketing and retail channels.
Source: xinhuanet.com