China is one of the top countries European retailers should shift their focus to in 2019. The country is a world leader in eCommerce with 40% of all transaction taking place there. Here is how European retailers can boost their business in China and the role Chinese online payment methods have.
Chinese consumers are putting a high value on luxury items from manufacturers and security of brand names in recent years. This is drastically increasing cross-border shopping within the country. In addition, new Chinese eCommerce regulations will increase cross-border shopping opportunity within the nation. Here are some key elements to consider to ensure success when expanding to the Chinese online retail market.
Know Key Attributes of Chinese Cross-border Shoppers
European retailers must know the Chinese consumer and allow them to shop in a way that they feel comfortable. Cross-border shoppers are often price-sensitive and in many cases, imported goods are cheaper. In addition, there is a stigma within the nation about counterfeit brand. Hence, overseas products are often viewed as higher quality. Chinese consumers value authentic brands and it’s highly important for them that they’re getting the real thing.
Chinese shoppers are willing to accept shipping delays, as long as they receive the items they want. However, it is important to note that shoppers expect to have Chinese online payment methods which make shopping easier and more efficient for them.
Key Opinion Leaders and Their Power
It is important to the Chinese shopper that they have validation of the brand or product from their peers and influencers. As all consumer worldwide, Chinese shoppers are bombarded with brand message. Hence, they often seek the opinions of Key Opinion Leaders (social media influencers) in China. These influencers are extremely powerful and can truly make or break a brand.
It is important for European brands which want to penetrate the market, to partner with influencers. 68% of Chinese shoppers report that social media played a large role in their purchasing decisions in the past.
Mobile is Everything
Mobile ownership and usage rates are at an all-time high in China. Due to this, phones are a primary device for eCommerce purchases in China. European retailers must ensure that their websites are mobile friendly. In addition, Chinese shoppers spend a significant amount of time watching digital videos. It is vital that European retailers understand how to promote retail products by using WeChat and QR codes.
Chinese Online Payment Methods
One of the most important aspects which will contribute to the success of European retail wishing to expand to the Chinese market is Chinese online payment methods. Online shoppers want to have payment options which they are familiar with and allow them to shop online seamlessly and without any hassle. Ecommerce shoppers within China undoubtedly prefer WeChat Pay as a payment method. Furthermore, they are much more likely to make a purchase if this payment method is provided. If online retailers ensure they provide shoppers with Chinese online payment methods they are familiar with, they also ensure lower cart abandonment rates while shopping.
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