The growth of wealth in the middle classes in Asia (and China in particular) being set to fuel the next phase of growth in the region through consumer goods and services has been well documented. However, the attached McKinsey research really highlights the opportunity right now for overseas retailers via online channels. With Australia a mature and low growth market, will our big retail brands be able to drive growth through exports to China and across Asia?
s incomes have risen in China, its consumers have stepped up their purchases of imported goods. But now, impatient for the latest products and better prices, they can buy directly from foreign retailers and suppliers at the click of a mouse or the swipe of a screen. Cross-border consumer e-commerce amounted to an estimated 259 billion renminbi ($40 billion) in 2015, more than 6 percent of China’s total consumer e-commerce, and it’s growing at upward of 50 percent annually. The country’s major e-commerce site, Alibaba’s Tmall, has moved into the market with a cross-border site (Tmall Global), as have smaller consumer rivals and start-ups, while US e-commerce leader Amazon is increasingly active in China.