Alternative payments keeps China on top of the global e-commerce tree
China is set to retain its dominant position in the global e-Commerce landscape, boasting 9.9% growth to surge to CNY 15.2 trillion ($2.2 trillion) in 2023, driven by the ongoing shift of consumer preferences from offline to online shopping. According to GlobalData’s E-Commerce Analytics, e-Commerce sales in China grew at a CAGR of 11.2% between […]
Card payments in China set for post-Covid surge
The Chinese government’s recent announcements regarding the termination of zero-COVID policies and the relaxation of restrictions will drive 3.6% growth in the country’s card payments this year. That’s according to GlobalData, which has analysed a market that was among the fastest-growing globally, but experienced an adverse impact from the COVID-19 pandemic. Ravi Sharma, Lead Banking and Payments […]
Luxury brands set to benefit most from China’s re-opening
Luxury brands will continue to focus on China as the expected revival in its economic growth will drive up sales by 6.1% and 6.0% in 2023 and 2024, respectively. GlobalData cites disruptions caused by COVID-19 and China’s stringent measures against the pandemic kept consumers away from stores, some of which had to close temporarily or operate […]
AliExpress touts ‘Global Shopping Festival’ initiative
Overseas local merchants are being invited to participate in the 11.11 Global Shopping Festival by China-based retail online marketplace, AliExpress. Merchants from Italy, Spain, Turkey and Russia are being asked to take part in the event, with AliExpress hoping its commitment will enable SMEs from around the world to come together for the event. “AliExpress is […]
