Chinese Digital Consumers, Part 4 – Ecommerce & Online Payments

In this 4th and final chapter of “The Chinese Digital Consumer” we see just how far the online world dominates daily life in China.

Online purchasing in China is growing at an ever-increasing rate with 47% of consumers moving their spending across from offline to online. There are several reasons for this migration with convenience being at the top of the list. Consumers find it easy to compare prices, prefer home delivery and staying away from the crowds.

Not only are consumers utilising online shopping for local purchases but are also highly attracted to purchasing from overseas websites. This figure has doubled in recent years to over 64%. The younger generation are the primary drivers with the 18 to 35yr age range making up 66% of overseas purchasing.

ONLINE PAYMENTS

Another digital avenue experiencing extraordinary growth is the online payments and finance sector with consumers using mobile payments to transfer funds or pay for online shopping.

Almost doubling in the last few years, mobile payments are now utilised by more than 502 million Chinese consumers, this includes the age-old tradition of sending red envelopes over the Lunar New Year with 688 million sent through WeChat in 2018 over a 24-hour period! This clearly demonstrates how far Chinese consumers have embraced the digital lifestyle.

MOBILE PAYMENT TRIGGERS & BARRIERS

For more information on the Chinese Digital Consumer see Part 1, Part 2 and Part 3 of this series.

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