Livestreaming hosts promote sales at the 2023 China International Fair for Trade in Services in Beijing. [WANG JING/CHINA DAILY]
The ongoing cross-border e-commerce surge in China is unlocking fresh growth opportunities for foreign trade, experts and executives said recently.
They said there was a notable uptick in Customs-registered cross-border e-commerce enterprises from Chinese companies and a rise in funding, underscoring a dynamic landscape that is reshaping the global trade scenario.
A report released at the recently concluded E-Commerce Convention at the China International Fair for Trade in Services revealed that as of June, the number of Customs-registered cross-border e-commerce enterprises in China had reached 78,811, marking a 20.81 percent increase from the end of 2023.
The Ministry of Commerce said China's cross-border e-commerce trade volume has grown more than tenfold in the past five years. In the first half of 2024, China's cross-border e-commerce imports and exports totaled 1.22 trillion yuan ($172.7 billion), a 10.5 percent year-on-year increase, surpassing the overall growth rate of China's foreign trade by 4.4 percentage points during the same period.
Fu Longcheng, deputy head of China General Chamber of Commerce, said: "As an integral part of China's foreign trade, cross-border e-commerce has become a key driver of high-quality economic development.
"Through cross-border e-commerce platforms, a large number of small and medium-sized enterprises are vigorously expanding into global markets, gradually emerging as a new force in digital trade and injecting new vitality into global economic cooperation," Fu said.
Zeng Qiao, founder and chief executive officer of Morketing, a media service platform, said that both the Chinese and global cross-border e-commerce markets have continued to grow steadily.
Regarding strategies for cultivating overseas markets, Li Yan, CEO of Niu Technologies, an electric bike maker, emphasized the importance of localizing operations based on preferences of local customers.
This includes changing product appearance to cater to local customers, optimizing business operating models and adapting brand promotion to local styles.
Li said the integration of online and offline channels is crucial in overseas markets. Aside from online exposure, traffic generation, businesses' capabilities to handle massive online orders and timely deliveries also play a key role in attracting and retaining consumers.
In 2022, Niu Technologies' products entered the Amazon platform, focusing on markets in Germany, Italy and France. Currently, their products are distributed through 54 dealers to 52 countries and regions.
Yang Ou, vice-president of Happy Lamb, a hotpot chain, said that for Chinese catering businesses wishing to expand overseas, selecting the right market is the first step, followed by actively integrating into the local market during brand operations.
Yang said during the process of adapting business operations to the local environment and culture, leveraging local social media influencers, celebrities and media platforms for promotion is crucial to bridge the gap with local consumers. Happy Lamb has established over 100 chain hotpot restaurants in more than 90 cities across 10 countries and regions.
Huang Yong, vice-president of Yatsen Holding Ltd, a beauty product group that manages Perfect Diary, said: "In the past two years, the penetration rate of Chinese beauty and personal care brands in overseas markets has been steadily increasing. The overseas expansion of Chinese brands is driven by a combination of technological innovation and brand strength."
