01-May-18, Retail In Asia
Cross-border e-commerce is the new fashion trend in China, powered by a rising middle class and robust economic growth. An estimated 125 million Chinese consumers purchased USD105 bn of overseas products in 2017.
Image: Frost & Sullivan
In China cross-border e-commerce is often referred to as Haitao, which is overtaking the traditional method of buying through daigou agents (personal buyers) or friends/family based overseas as consumers seek a more legitimate, formal avenue for purchasing overseas products.
The average Haitao shopper is spending RMB5,300 (USD848) a year on products through this channel, with 60% intending to spend more. Fashion, beauty & cosmetics, and grocery are the most popular categories.