China’s dominance of global eCommerce has been reinforced by the success of the recently concluded Double Eleven shopping festival.
The festival, also known as Singles Day, saw a range of new sales records and trends.
They included Chinese online payment clearinghouse NetsUnion and card payment giant China UnionPay reporting online payments worth 22.32 trillion yuan (about $3.48 trillion) during the period November 1 to 11, according to data from the People’s Bank of China (PBOC).
Major e-commerce platforms also recorded new sales highs.
Alibaba’s e-commerce platform Tmall generated 540.3 billion yuan (about $84.54 billion) in gross merchandise volume (GMV), while one of the major winners was JD.com, another Chinese e-commerce giant, which hit a new record of over 349.1 billion yuan – almost 30 per cent higher than 2020.
According to JD.com, over 43,000 merchants saw their turnover rise by more than 200 percent year on year, and the number of new small and medium-sized brands increased more than four-fold.
Among key new trends was the increasing focus on sustainability with JD.com claiming to have reduced carbon emissions by 26,000 tonnes, by using recyclable packaging and new-energy cargo vans.
Logistics providers were also kept hugely busy during the November 1 to 11 period, handling 4.78 billion parcels – a year-on-year increase of more than 20 per cent.
This is backed up by the recently published Pitney Bowes Shipping Index 2021 which showed that 3 in every 5 parcels is generated in China. During 2020, China shipped 83.4billion parcels – an increase of 31 per cent year-on-year.
Hurricane Commerce, and its China partner ELI Holdings, is delighted to be supporting some of China’s biggest express and logistics companies including 4PX.
Our cross-border eCommerce data technology solutions are helping to ensure that our customers’ parcels are able to move without friction around the globe.
Increasing regulations mean that shipments must have complete and accurate data sets including product descriptions, HS6 codes and import and export codes.
Incomplete or inaccurate shipments are being held at customs with huge implications in terms of additional costs, operational inefficiencies and dissatisfied consumers.
Aura is Hurricane’s API that covers duty and tax calculations and compliance screenings. Using accurate classifications, a single call can provide real time data on duty and tax, prohibited and restricted goods and denied parties.
Zephyr is Hurricane’s data enhancement API. Lightning quick, this service allows the efficient checking and completion of cross-border shipment data.
Zephyr validates data on an item-by-item basis and provides the necessary customs information allowing bulk items to flow through customs seamlessly.
For more on our solutions, visit: https://hurricanecommerce.com/solutions/
