China continues to surprise the rest of world; its fast paced growth and dynamic economy of immense scale staggers many outside its borders. Its latest epic accomplishment is achieving record breaking sales through online channels that dwarf the U.S. and Europe in volume and XXX penetration.
It was only a few years back that the banking industry in China could barely support the simplest of transactions and credit cards were limited, and to a large degree this is still true. China was able to bypass these hurdles by embracing digital solutions. Online payment gateways and using credits to top up accounts are some of the ingenious methods driving an online sales boom.
In 2011 over 70% of registered internet users had made an online purchase. Put into numbers that is more people than are in the United States in total. According to iResearch, Alipay “Express Payment” was the most used express payment method used in 2011.
The total sales for 2011 was over 800 billion Yuan or more than 125.5 billion US$. That is a staggering figure from a country with limited banking and logistics that is still primarily driven by scooters and bikes.
The growth is continuing to accelerate. In the next three years the online sales will be expected to triple to over 360 billion US$ per year. Not since the days of Sears and Roebuck in the 19th century in America did we see such a growth in sales where goods and people were not in the same place.
Knowing how to navigate China’s digital world is essential to any brand’s success. PRDA is experienced in helping brands find their voice online.
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