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The world’s biggest online market
Online retail is a tough market, but in 2016 China managed to overcome the US in total online retail sales with figures around $750 billion in online sales. November 11th is the biggest online shopping day in the whole world, all because it’s Single’s Day in China. Also in 2016, Tmall made a new record of $17.8 Billion USD in just twenty four hours, it made up an increase of $12 Billion USD from the sales made in 2013. Online retail in China is already big but it’s still growing at an unprecedented pace. The top platforms in China for online retail are Tmall, JD, and WeChat, but China also has many other online platforms which are even more specialized. Many overseas brands want a market share on Tmall, JD and WeChat. There’s also Taobao which is the biggest C2C online retail platform but it has many issies with lax moderation and sales of fake products.
The company Tmall, which was known as Taobao Mall before, is the associate store of Tbaobao, therefore being the largest B2C online retail platform by sales revenue in China, having a 55%-60% of the market share in 2016. In 2011 Tmall separated from Taobao to work in better regulated online retail stores while also increasing its fees, this made fake sellers leave the platform and increase its stores’ service quality.
The platform which holds the second place as the biggest is called JD Mall, it is the main competition of Tmall and holds 20-25% of the market share and has gains of 182 billion RMB (26 billion USD). It was created in 1998 with another name and became JD in 2013, it has excellent service in many languages and can be used comfortably from overseas.
WeChat has had a huge role in changing modern Chinese life. Since it set up WeChat Pay in China everyone foresaw that online retail would also start appearing on WeChat. Indeed, it got major investments in the start of 2015 to fasten and improve the online payment system making more people to acquire goods via WeChat. Nowadays WeChat is a main participant in the online retail market.
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