The rise in popularity of online shopping among Chinese Internet users has had a major impact on social buying sites.
According to Reuters reports, eBay recorded $4 billion in ‘cross-border sales in Asia-Pacific from its eBay and PayPal platforms’ last year. This success is largely due to the rise in popularity of online shopping in China. With more than 470 million Internet users in China, e-commerce transactions have grew 65% to $30 billion in the second quarter of 2011; while business-to-consumer spending went up by 173% to $8.5 billion. Jay Lee, eBay’s Asia-Pacific Managing Director stated:
We’re at the stage where we have a very large pocket of strong wealthy consumers in China and they are outside to buy, not just sell, from the eBay platform from around the world.
With the rapid growth of e-commerce in China, eBay is now looking to expand its resources in Asia. eCommerce Bytes reveals that:
eBay said an increasing number of Asian brands and manufacturers are partnering with it to build globe businesses. Asian exporters are experiencing a 26% jump in annual sales across the region. It’s expected that eBay sellers in Asia will ship more than 200 million parcels next year.