biggest Online Shopping Day Belongs To China




It doesn’t hurt to know when to walk away. If the price doesn’t match your expectations or what is listed online, you should just walk away and try a different location. It doesn’t hurt to rattle off prices that competitors have quoted you. Don’t be afraid to do a little lying, not all shop keepers are friends with each other. If you’re purchasing a console, the shopkeepers will tend to make you pay first before they test the console. It’s kind of like that in the States where you can ask GameStop to test your console. Make sure that everything is in the box after they test your console.

Online retail generated $121 billion in sales in China last year, up 66% from 2010, according to Barclays Capital. The size of China’s ecommerce market is expected to more than triple over the next three years, with sales reaching $420 billion by 2015. That’s 20% more than what the U.S.’s ecommerce market is forecast to bring in that year. Still, ecommerce is a young industry in China. Although more people are shopping online in China as the U.S., penetration is much lower, relative to the population; only 14% of China’s 1.3 billion residents shop online, compared to about 54% in the U.S. Chinese shoppers are also gravitating towards lower-priced items.

This holiday season, the shortest in more than a decade, created a backlog of shoppers. According to a national survey, about 32 million people had not even started shopping by Dec. 9, and so desperate armies of buyers will be scuttling through malls until the final hours. This year, it wasn’t just the usual procrastinators, forgetful husbands or overworked professionals. Everyone, it seems ran out of time. A lot of people are doing last-minute shopping this year,” said Samantha Graham, of Oakley, a retail worker at Sunvalley who sold Gray the ornament. “My house is usually done up by Thanksgiving. This year, we don’t even have our Christmas tree yet.”

Singles Day has become a hugely important day for retailers. The discounting today has been the talk of consumers, from millennials to 40-year-olds. Aside from Chinese New Year, this is becoming one of the key days for retails to launch promotions,” Shaun Rein, Shanghai-based managing director of China Market Research Group, told CNBC. Above and beyond singles, everyone knows that it is a day of great deals. Chinese youth are getting more frustrated because of rising real estate costs so they are shifting to purchases that make themselves happy,” he added.

Security is the top priority at eForChina.com. Online shopping had never been safer and easier. Stay safe online with us. Great Customer Service We have provided support to thousands of customers throughout the world. Based on our experience, you can rest assured your enquiries will be solved in a timely fashion. With your help and trust we will continue to improve our services to offer you the best support in the market. Wal-Mart has closed 11 stores and is looking to close 15-30 others over the next 18 months, said Greg Foran, chief executive of Wal-Mart China, in what he called part of a rationalization process.

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With China’s seasonal mid-Autumn festival seafood sales rush approaching, seafood importers should ditch distributors and tap into China’s online shopping craze, according to a veteran Chinese seafood marketing executive. Sales of seafood online surged by 400 percent year on year in 2012 in mainland China, according to Fan Xubing, CEO at Beijing Seabridge Marketing, a consultancy advising firm shipping seafood to China. Spurred by deals such as online discounts on BMWs , a pre-holiday poll by Weibo parent Sina.com , found that greater than 60 percent planned to participate in online sale shopping on 11/11 while “less than 15 per cent were certain that they could resist the sales.”

Logistics, however, pose a major obstacle to e-commerce development, and Alibaba is now working with Chinese logistics firms to improve nationwide infrastructure and delivery networks, said Shih. Gome Electrical Appliances, whose online revenue now accounts for 5-6 percent of its total earnings of 27 billion yuan, is changing its retail strategy to accommodate the new wave of online customers. The firm closed a total of 35 stores in the first half of this year, said Helen Song, a spokeswoman for Gome. Now the company plans to continue moving away from its physical business to better supply China’s rapidly changing consumer habits.

That’s why on Single’s Day, presents aside, some singles spend money on making mom and dad happy. To do that, they find a nice, sensible boy with a nice sensible job to rent and take home during the upcoming holiday season. Fan, and advertises online — charges 800 yuan (US$131) per day in China and 1,500 yuan per day in Hong Kong, Taiwan and Macau. There’s a three-day minimum and his employer pays transport, accommodation, dining and other fees. Those sales happened over two websites owned by Alibaba – Tmall and Taobao. On Tmall, big brands sell to consumers. On Taobao, small businesses and consumers sell to consumers.

Given the growth projections for China’s retail market, it’s no surprise that foreign brands are increasingly upping their investments in the region. Investment began in earnest in the 1980s, when sports apparel brands like Nike and Adidas, luxury and accessory giants such as LVMH, and fast food franchises including Yum! Brands (and later, in 1990, McDonalds) began moving into the region. At the time, real estate in Tier 1 cities was comparatively cheap, and foreign brands established themselves through aggressive brick-and-mortar expansion, says Maureen Mullen, head of research and advisory services at L2 Nike, for instance, now has more than 6,000 stores in China.

Only five years after being introduced, China’s 11-11 online shopping sale has put pressure on China’s logistics and shipping companies to get packages purchased during the sale out to their customers. With millions of various products sold online, logistics workers are under extreme pressure to mail out 1.6 million bras and 2 million pairs of underwear that were purchased in the first minute of the sale, among other things. According to China’s State Post Bureau, this week post offices and express shipping companies across the nation will deliver more than 323 million packages.

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As Zhang from Kantar Retail explains, Yihaodian has the highest level of customer loyalty among online grocery retailers because it started with groceries before expanding into new categories like apparel and cosmetics. “Shoppers who decide to buy groceries online usually have higher loyalty,” she says. The company has also developed its own logistics system and infrastructure to optimize product distribution and to ensure its 20 million registered users have good shopping experiences. Currently delivering an online marketing campaign on a Beijing-focused retailer for Canadian coldwater shrimp, Seabridge has switched away from traditional retail channels to target shoppers via online retailers and e-malls such as Taobao, explained Fan.

While the nation was online shopping itself into a stupor, numerous articles looked into how men now feel pressure to own (increasingly expensive) property before they are regarded as legitimate potential spouses. So while Single’s Day 2013 saw heretofore unparalleled purchasing, it also saw a new peak in ” diaosi” (“loser”) lament for lonelyhearts across the mainland. When you’re shopping in Beijing, bargaining is essential except in department stores shops and selling imported or luxury goods. Even here it might sometimes be worth a try. Check out our Beijing bargaining tips that could save you pots of money. Beijing Shopping – Where to Shop

Two things occurred just a few days before I got to China. The first was a record-setting $5.4 billion on-line shopping day I had read about briefly here, described as “Bachelors’ Day” that I now understand is better translated “Singles’ Day” — for the day it falls each year, November 11. Get it? That’s “11/11″ all ones Singles Day But it’s Thanksgiving Eve, for crying out loud, and I have a whole load of floats to blow up, so let’s put further details of my China trip on hold until Friday or Monday.

Oceanne Zhang, leader of market insights at Kantar Retail, says selling groceries online is increasingly becoming a key differentiator for China’s online retailers, who are struggling to attract new shoppers and gain market share in an increasingly overcrowded sector. “(Online retailers) want to sell everything online, but they are still not attractive to people because they have lots of competitors. Since people do grocery shopping on a more frequent basis, this can help the e-commerce companies drive more traffic and build customer loyalty,” she says. Competing in a new arena So what do we recommend you put on your Beijing shopping list? There are lots of bargains to be had.

By 10.30 am (local time), half a million cans of baby formula had been sold, enough to feed all of China’s two-month-old infants for two weeks. Wildly popular Chinese smartphone manufacturer Xiaomi took the top spot in terms of gross merchandise value transacted over Alipay, and also accounted for the top four bestselling products of the day. In a well-deserved brag, the company notes that “the results are all the more remarkable considering that the 11.11 promotion generated a mere RMB50 million ($8 million) in sales in its inaugural year of 2009″.

mobile Shopping Takes Hold In China




The official Shanghai Securities News reported that a sourcewithin the State Administration of Foreign Exchange had given “verbalpermission” for a trial of foreign currency transactions. if you’re an e-commerce retailer outside of that country, this is really, really good news. The development could soon provide a way for Chineseshoppers to purchase from foreign retailers (like those in the U.S. or Canada) using their local currency. The volume of third-party online payments in China is by all account already massive – reaching 1.1 trillion yuan ($183 billion) in thesecond quarter of 2013 – a 28 percent year-on-year increase, according toBeijing-based research firm iResearch.

The sales got so crazy that many consumers experienced error pages and delays on online purchase pages, with users on Sina Weibo, the Chinese version of Twitter, even dubbing the scene an “online battleground.” According to CNBC , the profiles of the average shopper on this holiday are young, single, middle-class consumers. Chinese retail websites have used this singles holiday to promote special products such as boyfriend body pillows, singles apparel and wine. That is why on Singles Day, heavy shopping aside, many Chinese men and women will rent a significant other to take home to keep parents and relatives off their back.

Ed Mort of Los Gatos arrived at Valley Fair shortly after 9 a.m., and before 1 p.m. he was happily getting his purchases wrapped at the mall gift-wrapping station. Among Bay Area sports fans, there was another reason to finish shopping on Sunday – the San Francisco 49ers game on Monday, when the team plays its last game at Candlestick Park before it moves into its new $1.3billion stadium next season in Santa Clara. While Sunday closed out one of the busiest shopping weekends of the year, a National Retail Federation survey declares that about about 10 percent of consumers will wait until Christmas Eve to finish their shopping.

In Q1 2013, the company reported that it added 2.4 million new users, which translated into a 2.24% increase in revenue. Right now, they have a customer base of just under 10 million, so revenue growth for the next few years should climb as their membership grows. It’s worth keeping in mind that Dangdang has yet to turn a profit, posting a net loss of $10.4 million in Q2 2013. That said, the company is investing in some major marketing initiatives as of late, which could help it achieve profitability sooner rather than later.

Many shoppers will find related or package items when purchasing an item. For example, you are going to buy a swimming suit but order a swimming suit, a pair of swimming glasses and a cap at a “package” price. Actually, you already had a pair of glasses and a cap, and now you have two of each. Keep the chatting records, emails or messages you receive from the supplier. Both words and screenshots can be useful proof if the supplier does not keep his word. Then Alibaba entered the game in 2009 and within three years, Singles’ Day had become the biggest 24-hour shopping event in the world.

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The only glimpse Amazon has given into its holiday sales came Dec. 4, when the company noted the previous weekend was the “best ever” for its Kindle devices, and that the 7-inch Kindle Fire HDX and Kindle Fire HD were the best-selling items on Amazon.com during the period. The holiday season hasn’t been as good to brick-and-mortar stores. ShopperTrak, which measures retail shopping, found that in-store retail sales during the week that ended Dec. 15 fell almost 0.8 percent from the same week in 2012, while store traffic dropped 19.9 percent. That follows declines of 2.9 percent in sales, and 21.6 percent in traffic, the previous week.

CUPERTINO, California—October 26, 2010—Apple® today introduced the Apple Store® in China ( apple.com.cn ), the easiest way to shop online for Apple products including the revolutionary iPhone® 4 and the magical iPad. Apple’s online store in China features free shipping, free personalized engraving on any iPod® or iPad, and the ability to custom configure any Mac® with just a few clicks. The online Apple Store also offers a wide selection of third-party products and is the only place online to buy the iPod nano® (PRODUCT) RED. But that alone won’t save what is turning out to be a ho-hum Christmas for department stores and clothing chains.

Luxury leather goods firm Coach Inc has a U.S.-focused campaign in Mandarin using popular Chinese social media app WeChat. The app, developed by Tencent Holdings Ltd, has 272 million users worldwide. Coach tailors some of its U.S. products for Chinese shoppers, a spokeswoman said. Chinese are the fast-growing segment of the firm’s North American tourist sales, which make up a fifth of total sales in the region. This trend is going to continue because the Chinese are a lot more integrated in the global economy and really informed, especially about price,” said Bruno Lannes, Shanghai-based partner with Bain and lead author of the luxury market report.

Search the domain name of the site. Search the domain name of the site on a professional domain search site, and you will get the registrant information of the site. Pay special attention to the “Domain Create Date” and “Expiration Date”. An old site is more likely to be a good, experienced, and trusted one, while a newly registered one probably will be a fake or temporary one; This is very important to those who do a lot of online shopping. Check your credit card account regularly to see if there is any abnormal payment and if you see anything suspicious notify your credit card company immediately!

China has the world’s biggest population of Internet users, with 538 million people online. Its population of online shoppers also is the biggest at 193 million, versus 170 million for the United States, according to Boston Consulting Group. It trails the U.S. and Japan in online spending but, despite average incomes less than one-tenth the American level, is forecast to rise to first place as early as 2015. The Internet today in China is similar to television in the 1960s and ’70s in the West — the place where consumers congregate and companies need to locate,” Boston Consulting Group said in an April report.

top 10 Online English Shopping Websites From China




Luxury firms are also going online to woo Chinese shoppers. Tiffany has a Chinese engagement ring app while Chanel offers an online make-up “classroom”. Italian fashion house Fendi has held talks on China’s Twitter-like Weibo, while Prada SpA and Christian Dior SA have Chinese videos online. Chinese consumers interact a lot more than their Western peers online, even in the luxury sector. They will often check on social media before they make their final decision,” said Arnold Ma, London-based CEO of digital marketing agency Qumin, which helps brands target the China market.

As with other countries, convenience is one of the main factors driving mobile shopping, explained Tiffana Pun, VP and head of strategic planning at Draftfcb Greater China. “Shopping on mobile devices allows people to shop from any place at any time they want and lets them search for the right product for the best price,” Pun noted. The majority of respondents (77%) indicated that shopping by mobile phone removes the hassle of speaking to salespeople. Even if speaking to a salesperson could lead to a better bargain, nearly 85% said convenience was more important than saving money.

At the forefront of those changes is Dangdang. This is the company that most resembles Amazon, as it first began as a bookselling site (just like Amazon), then quickly branched out into selling all sorts of consumer products (just like Amazon). The company did recently post strong revenue numbers, though it has yet to turn a quarterly profit. Still, in its most recent quarter the company saw 15 million orders and $243.3 million in revenue. Not too shabby. Interestingly, there are worries that Vipshop’s future growth will not keep up its current pace, and that this will lead to a big selloff in the shares.

Microsoft launched a Tmall flagship in March and is taking part in Double 11 for the first time, though it hasn’t revealed its offers yet. Brandon Yoon, senior director for Microsoft online stores in greater China, said he’s curious to see how it plays out, especially since consumer electronics aren’t typically a big seller on November 11. What a lot of people don’t know is that the categories are really focused more on apparel and to some extent lifestyle products,” Mr. Yoon said. Consumer electronics, however, is growing. He said he’s seeing retailers shift away from just price-slashing on the date and instead offering unique 11/11 bundles or gifts.

In Beijing, Wal-Mart Stores Inc. President and Chief Executive Officer Mike Duke and Walmart China President and CEO Greg Foran said the plan will create nearly 19,000 retail jobs as the retail giant expands to keep pace with the country’s urbanization and emerging middle class, according to a statement by Walmart China. Foran said the plans include a focus on adding Wal-Mart Supercenters and Sam’s Clubs locations while remodeling older stores and adding distribution centers. The Bentonville-based retailer opened two Sam’s Clubs in Hangzhou and Suzhou this past year, raising the number of Chinese Sam’s Clubs outlets to 10.

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The 2012 event was so big that it brought hiccups, including payment-system failures at some branches of China Construction Bank. To improve deliveries, Alibaba says its logistics partners are increasing warehouse space and boosting personnel by 60%. Alibaba is also more than doubling its network bandwidth to 5 terabytes. Apple is in the process of building a fourth Apple Retail Store in Shanghai, China, and new images of the construction have surfaced online. Located in the high-end IAPM Mall, the new store appears to span at least two stories, and at present is hidden away behind a temporary storefront.

When people go grocery shopping, they typically like to browse and sift through products before picking what they want. Given this consumer trait, companies need to give shoppers a compelling reason to shop for groceries online. A recent report by Kantar Retail compares the pricing strategies of China’s online and offline supermarkets. The study concludes that consumers who shop for groceries online save just 4 percent compared to shopping at brick-and-mortar stores. Yihaodian is the only online grocery retailer that stands out, according to the report, because of its low prices on imported food.

Once you zero in on the shop you feel most comfortable with, try to get the best price on your item. This is the hardest, but also the most fun part. Normally, a recently released PS3 game will cost around $49-65. This is about the same price you pay in the US. A new $59.99 release with taxes will cost about $63. I paid about 58.86 for my copy of The Metal Gear Solid Collection DLC for Microsoft and Nintendo is straightforward, because you’re stuck buying region-specific games that correspond with region-specific DLC and online stores. For PlayStation gamers it’s a bit more difficult.

Reactions to Jingdong’s expansion have been mixed. Will Tao, analysis director at iResearch, an internet industry research firm, says Jingdong is trying to differentiate itself from competitors. At the same time, “they can attract new buyers through new categories because people can (now) buy everything from the same place,” he says. Zhang of Kantar is less optimistic and believes that Jingdong seems to be losing focus by “opening to all categories.” Seabridge assists clients with Chinese-language online advertising, to push sales and awareness. Others should follow the lead of Canada’s lobster exporters, said Fan, who believes many importers are unfamiliar with the power of online retailing in China.

We are fans jerseys cancelling the my cincinnati new jerseys faves plan because we dont kids cheap jerseys make calls that often, were both big texters and its sports jerseys china authentic basically only cheap jerseys a waste of 20 bucks a month. $5101.70 from Shanghai to Sao Paolo, sports jerseys wholesale china $1930.59 in the other direction. If you want to purchase big lots, you may jerseys personalized get a lowest jerseys good offer. If the success of Singles Day is anything to go by, it may not take too long before Christmas as a shopping season becomes a more entrenched trend.

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As sellers in North America are gearing up for some of the busiest online shopping days of the year, Chinese sellers are experiencing their peak day today, November 11th. Last year, Alibaba’s “11.11 Shopping Festival” day in China, or “Single’s Day” as it’s also called, surpassed Cyber Monday last year to become the world’s biggest online shopping day of the year. The deal might help to boost iPhone sales in a market where Apple Inc. faces intense competition. The iPhone already is available in China through two smaller carriers but the latest deal links it with a bigger network and state-owned China Mobile Ltd.’s marketing power.

Having a strategy for Chinese visitors makes a massive difference. Chinese spending in the UK was up 132 percent in the first half of 2013,” said Jeremy Gordon, London-based director of China Business Services, which helps UK firms target Chinese shoppers. That’s obviously going to have a massive impact on your bottom line at a time when overall retail sales are not growing at anything like that rate.” Saks Fifth Avenue, the department store unit of Hudson’s Bay Co, has a Lunar New Year strategy to focus on beauty products, while the flagship store of Macy’s Inc has a visitor centre with Chinese-language material.

Know what you’re looking for. Many of the goods coming from China and similar markets are consumer electronics and high-tech goods. If you’re buying these, be sure you’re buying the right part, accessory, or device from the start. Educate yourself about compatibility and features, for example—because if you have to return an item , it’s going to take a while to ship it back and wait for a new one to arrive!

SHANGHAI, China — Fang Ying’s December wish list of Louis Vuitton handbags and Chanel perfume is not only for Christmas. Fang, 33, a secretary working in Shanghai, writes one every month for friends and family travelling abroad. Fang is not alone. Over two-thirds of luxury spending by mainland Chinese was made overseas in 2013, an increase from 2012, according to the China Luxury Market Study from consultancy firm Bain & Company released on Monday. Chinese luxury spending slowed at home in the wake of a crackdown on corruption and shows of wealth, prompting warnings of a sales slowdown from liquor maker Pernod Ricard SA and Volkswagen-owned Bentley Motors and Lamborghini.

Lei Shujie, a designer in Shanghai, piled up a wish list for the quirky holiday dubbed “Singles Day” that has grown into China’s—and possibly the world’s—busiest online shopping day. Clothes, a pillow, a cabinet to give a friend—Lei put off buying until Sunday, when retailers promised discounts of up to 70 percent. “The prices are irresistible,” she said. The Internet today in China is similar to television in the 1960s and ’70s in the West—the place where consumers congregate and companies need to locate,” Boston Consulting Group said in an April report.

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This is a guide to purchasing (“sourcing”) from China, and working with Chinese factories. It will probably be most helpful to people like me – entrepreneurs developing a new product or starting a new business that need to obtain parts and raw materials from China. It is written humorously, but hopefully there is some useful advice. Living in China is good for the most part. Smog and politics aside, life is good. You can get anything you’d want here, including video games. Here is a guide on how and where you can buy video games and consoles should you wind up in China.

Given the growth projections for China’s retail market, it’s no surprise that foreign brands are increasingly upping their investments in the region. Investment began in earnest in the 1980s, when sports apparel brands like Nike and Adidas, luxury and accessory giants such as LVMH, and fast food franchises including Yum! Brands (and later, in 1990, McDonalds) began moving into the region. At the time, real estate in Tier 1 cities was comparatively cheap, and foreign brands established themselves through aggressive brick-and-mortar expansion, says Maureen Mullen, head of research and advisory services at L2 Nike, for instance, now has more than 6,000 stores in China.

In second place on MasterCard’s Index was New Zealand, with a score of 87 – 15 points behind China, followed by Australia (85 points), Singapore (84 points) and South Korea (82 points). Three countries in the Asia Pacific region saw a decrease. Thailand dropped 8 points to 80, India from 81 to 78 and Malaysia from 79 to 71. The survey also revealed a significant increase in mobile shopping via smartphone. In this respect, Indonesia topped the rankings with more than half (54%) of respondents using their smartphone to shop in the last three months. China and Thailand come in second and third with 54.1% and 51% respectively.

BCG claim that for the foreseeable future another 30 million Chinese people will go online to shop for the first time and by 2015 they will each be spending $1,000 a year—about what Americans spend online now. This is not just because the government subsidised high speed internet aids online shopping, but also because China’s has an expensive, inefficient ‘ bricks-and-mortar ‘ retail ecosystem and so a quarter of Chinese shoppers seek products online because they are not physically available in-store. Well, time has proven kind to both Amazon and eBay, as the stocks of the online retailers are up 341% and 142%, respectively, over the past five years.

Despite being one of the most popular, eBay is also the one most associated with scam and fraud. The site facilities and sets up purchases rather than selling direct, meaning users are not buying directly from a respectable online outlet like Modcloth or the Goodwill. It’s still one of the most recognizable and capable online thrift stores out there though, offering anything you might desire at varying bid prices and the instant “buy it now” price for those who don’t want to wait. Imports usually taste better than the local, farmed crabs and the price is better but not everyone in China knows this, so marketing is essential,” said Fan.

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Alibaba reported Monday that it had 402 million unique visitors to its sites — more than a third of the adult population in China — and prepared 152 million parcels for shipping. Tmall.com, one of Alibaba’s shopping sites, said Chinese bought 1.6 million bras, which it helpfully noted would reach three times the height of Mount Everest if folded and stacked, and two million pairs of underpants, which if linked together would stretch 1,800 miles, all before the lunch hour. In all, Ms. Yuan spent 1,500 renminbi, or nearly $250, before calling it a night. That, Ms. Yuan said, represented about half a month’s living costs for her.

In the beginning, the internet gave us music, and music stores closed. Then it gave us news, and newspapers closed. Next came books, and yep, bookstores closed, too. One could readily imagine a future in which brick-and-mortar retail of all kinds would soon follow. According to Inside Retail Asia , the first “Unlimited Yihaodian” outlets will open in Beijing, Shanghai, Shenzhen, and Guangzhou. Customers can browse the aisles, scan codes, and have groceries delivered directly to their homes. There are no bags to carry and no check-out lines, and Yihaodian will be able to offer half-day delivery in China’s biggest cities.

Economists have theorized that e-commerce ought to lead to intensified price competition , as it increases consumers’ ability to gather information about products and prices. Research by four economists at the University of Chicago has found that the growth of online shopping has also affected industry structure in two areas that have seen significant growth in e-commerce, bookshops and travel agencies Generally, larger firms are able to use economies of scale and offer lower prices. The lone exception to this pattern has been the very smallest category of bookseller, shops with between one and four employees, which appear to have withstood the trend. 44 Distribution channels edit

As Chinese shoppers are somewhat reticent to trust sellers or advertising messages they turn to online customer reviews to form their opinions and according to BCG , over 40% of Chinese online shoppers read and post product reviews online. This is twice as likely as American online shoppers and four times as likely as Indians. Aside from considering the value of an e-commerce presence in Chinese, brands would do well to secure their presence on sites like Sina Weibo – a Chinese social networking site with over 200 million registered users – or other Chinese social networking sites like Tencent WeiBo or Ren Ren

Electronic commerce is generally considered to be the sales aspect of e-business. It also consists of the exchange of data to facilitate the financing and payment aspects of business transactions. This is an effective and efficient way of communicating within an organization and one of the most effective and useful ways of conducting business. Consumer-to-consumer e-commerce or C2C is simply commerce between private individuals or consumers. This type of e-commerce is characterized by the growth of electronic marketplaces and online auctions, particularly in vertical industries where firms/businesses can bid for what they want from among multiple suppliers. It perhaps has the greatest potential for developing new markets.