What do you need to know about High-End E-commerce Chinese Buyers?
While there are major implications for all the retail sectors, the navigation in the e-commerce market in China is very tricky because some luxury brands rely more on the in-store experience rather than other types of goods.
As a seller, it is very important for you to know exactly what is required to meet the high-end Chinese customer needs. So, let’s understand more precisely what is e-commerce in the luxury sector! According to the latest report conducted by the consulting firm KPMG, more than 10,200 Chinese prefer shopping online.
The luxury goods makers are used to organize sales to ensure that their label had a prominent value. Customer wanted quality. This no more exists because the luxury goods sector has matured over time. Now, the word “style” is no more just “a word” for the Chinese. In fact, a quarter of the Chinese account is dedicated to luxury goods purchases.
China: World’s largest e-commerce market
China is on the way to become the world’s largest e-commerce market by 2015. But how does this growth affect the Chinese and how can they adapt? The E-commerce Research Center has done a survey on 1,762 potential online luxury shoppers, with 865 females and 897 males. The survey shows the following findings:
- 80% consumers are willing to buy online
- A growing number of Chinese consumers are willing to test waters with high-end e-commerce
- 62.7% respondents have experience in shopping online
- 57.4% have shown intention on shopping online soon
- 85.4% are ready to buy luxury goods online
- Only 14.6% said they are not yet prepared
China’s online retail market is reaching $23 billion, making them at the second place next to US and placing them at the top on the e-commerce index. From 2006, there was a 78% annual growth that is expected to explode to reach $81 billion in the coming five years as the online purchasing behaviors are evolving.
China has more than 513 million Internet users with the largest population of the world and 164 million online shoppers, who search for low prices online, free shipping on the transactions and promotions on the price. Chinese consumers prefer reading the online review of other online consumers and what they have to say about the products, service quality and the stores.
Ereputation of the Store is very important
The Reputation online of a ecommerce shop is very important. Opinion Leader and online magazine can help Brands and ecommerce shops to improve their image on the Web. IWOM(Internet Word of month) is very powerfull in China, because what is really important to get success is that influenceurs, other consumers or Friends of the target say good words about a website.
Over the past decades, the Chinese consumers’ habits have changed drastically as the income has risen and new concepts and products are entering the market. The consumer habits are evolving and the shopping trends can be revealed. You will find the old generation, which still relies on the “traditional” shopping habit while the younger generation is more inclined to the western quality conscious market.
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