Tmall Global Release 5 Major Import Consumption Trends
- On October 21, 2020
- china cross-border e-commerce, china imported e-commerce, Tmall Global, Tmall international
The epidemic has reshaped people’s consumption patterns, and Tmall Global is hoping to take this opportunity to lead new consumption trends.
On October 16, 2020, Tmall Global held a 2020 import trend conference with the theme “Prophet in the Sky”.
2020 Tmall Global predicts the consumption trend of imported products in various categories such as beauty care, facial mask beauty, color cosmetics, hair dyeing, red wine and perfume, and recommends TOP50 products in each category to help Chinese consumers “international purchase”.
Fast Growing in High Level
In the cross-border e-commerce industry, Tmall Global’s market share has ranked first in China for 7 consecutive years. At the same time, Tmall Global is also the preferred e-commerce platform for overseas businesses. Up to now, more than 26,000 overseas brands from 84 countries and regions around the world have entered Tmall Global, covering more than 5,300 categories, and more than 80% of brands have entered the Chinese market for the first time.
Corresponding to the high market share and huge brand volume is the strong purchasing power of Chinese consumers on Tmall Global. In the past period of time, the sales of multiple categories of goods on Tmall Global have seen substantial increases.
The strong purchasing power pushed up the data. According to data released by Tmall Global, the number of new merchants entering Tmall Global this year has increased by 250% year-on-year, the growth rate of new products is 150%, and the growth rate of new products with platform sales exceeding one million levels has reached 360%.
People have always believed that “large volume and high growth are difficult to coexist”, and Tmall Global is breaking this curse with tangible data. Tmall Global has built a shopping ecology across the country and abroad with massive commodities, reasonable prices, and high-quality consumers.
In today’s business world, nothing is more competitive and persuasive than this business ecosystem.
In addition to the rapid growth of data, another “good” message that has recently emerged is “the return of overseas consumption.” The cessation of outbound consumption caused by the epidemic has promoted the return of overseas consumption. The purchasing power of consumption in overseas markets has returned to consumption in China, which objectively helped Tmall Global to reach a new high in data.
In the past few years, the overseas consumption figures of Chinese tourists have been steadily increasing. Statistics from the National Tourism Administration show that in 2017, the number of Chinese citizens traveling abroad was 131 million, an increase of 7% over the same period last year.
In 2018, this data has been further improved. The “China Outbound Tourism Development Annual Report 2019” issued by the China Academy of Tourism International pointed out that in 2018, the scale of China’s outbound tourism market increased to 149 million people, an increase from 2017 14.7%. Chinese outbound tourists spend more than 130 billion U.S. dollars abroad, a growth rate of more than 13%.
In 2018, the consumption of overseas fragrance products was about 76.8 billion, and that of Korean perfume and cosmetics was about 50 billion. The total market size was about 126.8 billion. The overseas return due to the impact of the epidemic is expected to be around 130 billion. In 2019, the scale of China’s duty-free market was less than 50 billion, and the remaining nearly 100 billion consumer demand flocked to cross-border shopping platforms. As the industry’s number one platform, Tmall Global is the first beneficiary.
The total consumption of Chinese overseas travel is about 14.7% of the total social retail sales. This huge consumption power has promoted the rapid growth of Tmall Global and also brought confidence to Tmall Global and overseas businesses.
From October 1-7 this year, Tmall Global’s sales increased by 79% year-on-year. Among them, the sales of imported beauty equipment increased by 930%, the sales of household cleaning products increased by 180%, the traditional health products increased by 165%, and the pet health products increased by 209%.
Although people cannot go abroad, consumers who are keen to shop still buy a lot of cash through Tmall Global.
Live Streaming e-commerce brings a new sales model to imported goods
As commodities from overseas, many cross-border brands and products are not familiar to Chinese people. Previously, Chinese consumers mainly relied on word-of-mouth recommendations from acquaintances to make purchase decisions. Such buying behaviors are prone to “Matthew effect” shopping runs. On the one hand, the well-known brands of Chinese people are bought frantically, while other high-quality brands are left out because of poor information communication.
Therefore, although many consumers have shopping needs, they do not know how to purchase products that suit them due to the differences in information dissemination. In order to meet their shopping needs, some consumers will learn more about the products before buying them. From a certain perspective, this reduces the consumer’s shopping experience and also prolongs the consumer’s shopping decision-making process.
The emergence of Live Streaming e-commerce helps consumers understand overseas brands and the entire shopping process, breaking the information barrier between consumers and overseas products. Imported products not only gained more exposure and recommendation opportunities, but also gained the same information dissemination ability as domestic products, ushering in a round of rapid growth.
In the past year, Tmall Global has more than 500 new beauty brands settled in, 13 of which have sold over 100 million and 33 have sold over 10 million. Among them, more than 120 overseas makeup brands entered the Chinese market for the first time through Tmall Global, and their brands cover the United States, the United Kingdom, Japan, Germany, Poland, Dubai and other countries.
In the field of children’s nutrition, Tmall Global is also continuing to help overseas brands to penetrate the Chinese market, such as Childhood Time, Lifespace, Swisse, and Culturelle.
In addition, Tmall Global has also brought surprises to imported brands in the pet industry. According to data, from January to July 2020, Tmall’s international pet industry sales increased by more than 90% year-on-year, of which imported raw meat sales increased by more than 100% year-on-year, pet snacks increased by more than 300% year-on-year, and pet health products increased by 120%. And pet shampoo increased by more than 1100%.
Today’s Tmall Global is stepping up to new heights.