Sustainable Growth of Cross-border eCommerce as at Q1 2021
Figures released by China’s General Administration of Customs presented that 419.5 billion yuan was spent on the import and export of China’s cross-border eCommerce as of Q1 2021, equivalent to a YOY increase of 46.5%, within which the import sector represented 138.6 billion yuan, translating to a YOY rise of 15.1% (China Internet Watch, Apr 2021).
To many brand owners and merchants who are interested in tapping into the potentially large group of consumers China made up of over 1.4 billion population and over 200 million middle-class citizens (Azoya, July 2021), the growth of retail eCommerce is critical for their planning ahead regarding strategies to market their products targeting at the GBA market. In essence, it is estimated by eMarketer that retail eCommerce will achieve a 21%-growth, reaching 52.1% by 2021, among which live-streaming eCommerce is seen by many as having a very prosperous outlook – reaching 961 billion yuan in 2020, representing a YOY rise of 121.5%, and is expected climb further to 1201.2 billion yuan by 2021 (iiMedia,Feb 2020).
(Source: China internet Watch, April 2021)
Reference : https://www.xsocialgroup.com/x-insights