Has your small business ever sold anything to China?
If not, don’t be surprised if you do in the near future. You probably already know that the spending power of China’s rising middle class is changing the global retail landscape forever, but you may be surprised at how enthusiastic they are about spending their earnings online. This year their total online retail spending is expected to exceed that of the U.S. and make the Chinese mainland the world’s largest online shopping market.
There are already 75 million more online shoppers in China than in the U.S. but the amazing thing is that only 40% of the population are Internet users compared to the figure of 71% in the U.S. This shows the absolutely massive potential for further growth.
Small businesses in the Western world should be thinking carefully about how they can take advantage of the huge e-Commerce boom in China. If you still are not convinced, this helpful infographic from Alibaba shows how much the average Chinese consumer spends via the Internet, what they buy, and how fast their e-consumption is growing.