eCommerce

PYMNTS Daily Data Dive: China’s Cross-Border Ecommerce A Huge Opportunity for Entrepreneurs

Entrepreneurs take note. The trends in the Chinese cross-border eCommerce market represent a huge opportunity for small businesses, according to Cleveland Brown, CEO of Payscout, a global payments provider. The appetite in China for goods from abroad is growing at an unfathomable rate, and one-quarter of the Chinese population is expected to be shopping on foreign-based websites either directly or through third parties by 2020.

In a press release from Payscout on Tuesday (October. 18), the company stated: "We encourage small to medium-sized businesses in particular to prepare themselves for taking advantage of the growing Chinese appetite for goods from abroad.” A higher standard of living and greater exposure to foreign products in China is increasing consumer appetite for goods from abroad. Payscout cited a report from global consulting firm Accenture and AliResearch, which predicts that by 2020, China will be the largest cross-border B2C market with over 200 million Chinese consumers expected to be cross-border shopping within five years.

Here are the numbers:

$1 trillion | The predicted value of the global B2C ecommerce market in 2020; this figure was $230 billion in 2014, according to Payscout

$245 billion | The expected transaction volume of imported goods purchased online by Chinese consumers by 2021

900 million | The number of people globally who will be international online shoppers; their purchases will account for 30 percent of global B2C transactions, according to the Accenture-AliResearch report

70% | The growth in cross-border digital shopping in China in 2015

25% | The percentage of the Chinese population that will be shopping on foreign-based websites or through third parties by 2020, according to eMarketer

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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