Online shopping transactions up 42% on previous year
Latest IDG research reveals that in the third quarter of 2013, China’s online shopping market is up 4.0% on the previous quarter and 42.4% on the previous year. These market transactions were valued at 454.76 billion yuan, among which B2C transactions accounted for 36.6%. Within the B2C market, the top 10 B2C players dominated 89.7%, Alibaba’s Tmall representing 51.1%, Jingdong ranking 2nd with 17.5% and TenCent (including QQ online shopping) accounting for 6%.
Source: QQ Blog
Taobao.com selling fund products
Alibaba’s online shopping platform Taobao has expanded their services into the financial sector. The 1st of November 2013 saw the e-commerce giant launch a third-party platform selling fund products, only a day after the company received the go-ahead from the China Securities Regulatory Commission. Investors will be able to buy mainly low-risk money market and bond funds for as little as 100 yuan (US$16.40) with no redemption fees or charged subscription. The sale of these funds marks Alibaba’s latest venture into China’s tightly controlled capital market, six months after the introduction of their Yu’E Bao money market fund available through their online payment service provider Alipay.
Source: Shanghai Daily
Yiwu B2B Online transactions estimated at 5 Billion Yuan for 2013
Yiwu, a central city in Zhejiang province China is well known as one of the most active free trade markets in China with added fame for its small commodity trade. Data provided by Alibaba has shown that in the first half of 2013, Yiwu’s B2B online transactions reached 2.51 billion yuan (USD 410 million) and is expected to hit 5 billion yuan (USD 816 million) by the end of the year. The Zhejiang city was also found to have 22,512 domestic B2B members, as well as 3,000 foreign trade B2B members; accounting for 3.75% of China’s total B2B members.
Source: China Internet Watch
Online Shopping accounts for ¼ of online transactions in China
The China Textile Industry Association vice-president Sun Rui Zhe has spoken about the high demand for textiles and clothing in China, and the effect of online transactions on the industry. The vice-president stated that online shopping is affecting the entire clothing industry, with most apparel companies now providing e-commerce platforms for their products due to rapid growth in the number of online transactions. He revealed that in 2012, online clothing transactions reached 318.88 billion yuan, making up around a quarter of China’s total online transactions – reinforcing the importance of e-commerce within the textiles industry.
Source: IT Feed
Tencent Receives Orders Worth 1.6 Billion Yuan in a Period of 5 Days
Anticipating the upcoming Double Eleven sales, Tencent’s e-commerce platforms launched a 5-day long sale, the name of which roughly translates to “1020 Crazy Shopping.” Approximately 2.5 million customers made 5.5 million orders in the span of those 5 days. Tencent even reach a record high on October 20th, when the sales volumes for that day reached 350 million yuan.