Internet economy, opening up new potential for China and int'l market
The strength of China's Internet economy is attracting more and more foreign companies to develop new business, and Chinese Internet companies are expanding the overseas market as they in turn 'go global'.
Hans Hendrischke, professor of Chinese business and management, University of Sydney Business School said to People's Daily reporters in an interview that China's economy has entered a new normal and the Internet is a powerful driver of economic growth. It not only has a huge market in China, but also has a potential to explore and develop the international market.
Foreign businesses are targeting China's vast Internet economy market
With the prosperity and development of China's Internet economy, a growing number of South Korean companies are eyeing China. The South Korean Lotte Group announced recently that it has formally launched its online store Lotte Mart on Alibaba's Tianmao. This is the first time that a South Korean supermarket has opened its online shopping via China's shopping site.
Li Youli, market strategy manager of Lotte.com, told reporters that the level of economic development of the Internet in China is very high in terms of the volume of users. Data from the online payment company PayPal (PayPal) shows that in 2013, Chinese people spent 35.2 billion US dollars online to buy products from other countries, and that number is expected to grow to 165 billion US dollars in 2018. For example since Feb. 2014, when Lotte.com launched its online operations - which can provide overseas delivery services in 19 countries - up to 75 percent of the transactions have been completed by Chinese customers. Furthermore, the volume of purchases by Chinese customers is increasing rapidly, with 40 percent growth per month. In terms of the market, on Nov 11 2014 alone, Alibaba's sales reached 10.2 trillion won (around 10 billion US dollars).
German professional website Statista data shows that in 2013, Alibaba's turnover was about one tenth of Amazon's, but its profits were 13 times greater.
Chinese Internet companies accelerate their "going global" strategy
"A few years ago, when speaking of China's business giants, people always thought of real estate, retail or manufacturing, but now they will think first of the Internet industry - Baidu, Alibaba and Tencent.
Brazil, as the largest country in Latin America, has become a focus of the overseas strategy of Chinese Internet companies. In Oct. 2014, Baidu announced its acquisition of Brazil's largest indigenous group-buying website, Peixe • Urbano. The company's CEO Julio Vasconcellos said that Baidu has strengths in funds and technology, and cooperation with Baidu would enable them to do better in fields such as location-based service, search, and customization, and provide users with a better experience .
In Brazil, 50 million people use the company's services every day. In the coming three years, Baidu plans to invest 120 million reais (around 40 million US dollars) in the country and establish a top R&D center there, according to Hu Yong, general manager of the international business department of Baidu.
With its innovation and utility, China's Internet economy continues to astonish, says Brazilian expert Severino Cabral, head of the Brazilian Institute of China and Asia Pacific Studies. As part of the world's second largest economy, China's Internet economy will play a bigger role in the new normal of slowdown in economic growth and restructuring.
Chinese e-commerce to provide more convenient services to foreign citizens
China's booming Internet economy has also brought change to the lives of the Russian people. A survey conducted by the global market research company TNS shows Alibaba's AliExpress platform became one of the top ten most popular Russian websites in August of 2014.
The size of Russia's multinational "business to customer" market increased from about 3 billion US dollars in 2013 to some 5 billion US dollars in 2014 and Chinese companies become the biggest winners. In addition, 70 percent of the orders on the three major online shopping platforms - Alibaba, PayPal and Amazon - were from China.
Cross-border online shopping is growing in popularity in Brazil, while the Chinese e-commerce website has become the platform of choice for many Brazilians. A Brazilian Institute of Public Opinion and Statistics survey shows that the transaction volume of AliExpress reached 330 million reais in the first three quarters of 2014. The institute predicted that the figure will reach 1 billion reais this year.
As the biggest modern business platform, Alibaba boasts more than 53 million users in over 240 countries and regions. Alibaba's convenient payment methods will be introduced to the European market soon to simplify the payment process for European online shoppers.
Foreign businesses are targeting China's vast Internet economy market
With the prosperity and development of China's Internet economy, a growing number of South Korean companies are eyeing China. The South Korean Lotte Group announced recently that it has formally launched its online store Lotte Mart on Alibaba's Tianmao. This is the first time that a South Korean supermarket has opened its online shopping via China's shopping site.
Li Youli, market strategy manager of Lotte.com, told reporters that the level of economic development of the Internet in China is very high in terms of the volume of users. Data from the online payment company PayPal (PayPal) shows that in 2013, Chinese people spent 35.2 billion US dollars online to buy products from other countries, and that number is expected to grow to 165 billion US dollars in 2018. For example since Feb. 2014, when Lotte.com launched its online operations - which can provide overseas delivery services in 19 countries - up to 75 percent of the transactions have been completed by Chinese customers. Furthermore, the volume of purchases by Chinese customers is increasing rapidly, with 40 percent growth per month. In terms of the market, on Nov 11 2014 alone, Alibaba's sales reached 10.2 trillion won (around 10 billion US dollars).
German professional website Statista data shows that in 2013, Alibaba's turnover was about one tenth of Amazon's, but its profits were 13 times greater.
Chinese Internet companies accelerate their "going global" strategy
"A few years ago, when speaking of China's business giants, people always thought of real estate, retail or manufacturing, but now they will think first of the Internet industry - Baidu, Alibaba and Tencent.
Brazil, as the largest country in Latin America, has become a focus of the overseas strategy of Chinese Internet companies. In Oct. 2014, Baidu announced its acquisition of Brazil's largest indigenous group-buying website, Peixe • Urbano. The company's CEO Julio Vasconcellos said that Baidu has strengths in funds and technology, and cooperation with Baidu would enable them to do better in fields such as location-based service, search, and customization, and provide users with a better experience .
In Brazil, 50 million people use the company's services every day. In the coming three years, Baidu plans to invest 120 million reais (around 40 million US dollars) in the country and establish a top R&D center there, according to Hu Yong, general manager of the international business department of Baidu.
With its innovation and utility, China's Internet economy continues to astonish, says Brazilian expert Severino Cabral, head of the Brazilian Institute of China and Asia Pacific Studies. As part of the world's second largest economy, China's Internet economy will play a bigger role in the new normal of slowdown in economic growth and restructuring.
Chinese e-commerce to provide more convenient services to foreign citizens
China's booming Internet economy has also brought change to the lives of the Russian people. A survey conducted by the global market research company TNS shows Alibaba's AliExpress platform became one of the top ten most popular Russian websites in August of 2014.
The size of Russia's multinational "business to customer" market increased from about 3 billion US dollars in 2013 to some 5 billion US dollars in 2014 and Chinese companies become the biggest winners. In addition, 70 percent of the orders on the three major online shopping platforms - Alibaba, PayPal and Amazon - were from China.
Cross-border online shopping is growing in popularity in Brazil, while the Chinese e-commerce website has become the platform of choice for many Brazilians. A Brazilian Institute of Public Opinion and Statistics survey shows that the transaction volume of AliExpress reached 330 million reais in the first three quarters of 2014. The institute predicted that the figure will reach 1 billion reais this year.
As the biggest modern business platform, Alibaba boasts more than 53 million users in over 240 countries and regions. Alibaba's convenient payment methods will be introduced to the European market soon to simplify the payment process for European online shoppers.
