China enters the year of the tiger as leader in online retail
In 2020, China’s online sales reached 2.3 trillion dollars, half of all online sales globally, and today eCommerce accounts for 77% of all retail sales in the country, which is about to celebrate its great national holiday, the Chinese New Year.
On February 1, China will be dressed in red to celebrate the beginning of the Year of the Tiger, a symbol of courage, strength and optimism.
There is no doubt that, just as the tiger is he king of all beasts in its horoscope, China is the king of eCommerce worldwide and is leading the digital transformation of retail with Alibaba and JD.com among others.
To achieve this, great efforts have been made to improve logistics to offer different delivery methods in order to reach every corner of the country. It is true that the willingness of consumers to embrace technological innovation and the great influence of social networks have helped drive the success of new sales channels such as social commerce.
Although it could be said that the introduction of Alipay payment systems and payments through WeChat gave consumers that final push and the confidence they were looking for.
Alipay is a payment system that gives consumers up to 10 days to change their mind if the purchase doesn’t suit them and already has 450 million users in China and more than 1.2 billion globally.
China is leading the way and we need to take a step forward in the digital transformation of retail.
At Openbravo we take the strength of the tiger to support and accompany retailers who are ready to start this journey.