Chinese market growth
According to eMarketer, there were 148 million online shoppers in China (FXI) in 2010. The shoppers accounted for 11% of the population and 32% of the total Internet users in the country. By the end of fiscal 2013, the number of online shoppers in China grew to 302 million. The shoppers accounted for 22% of the population and almost 49% of total Internet users in the country. By the end of fiscal 2020, the online shoppers will likely grow to 700 million.
Win-win situation for eBay
On December 3, 2015, eBay broadened its presence in China’s e-commerce market by signing a strategic agreement with the Tianjin municipal government. Tianjin is recognized as the center of online retail exports. It comes under the top eight Chinese cities for “e-commerce cross-border trade.”
By signing this agreement, eBay will be in a win-win situation. It can strengthen its cross-border trading by collaborating with the government. At the same time, it can help Chinese vendors reach overseas consumers with a large variety of Chinese products.
“We’re committed to being the preferred business partner and channel for Chinese businesses to explore and thrive in overseas markets,” said John Lin, vice president and managing director of eBay Greater China. “Our strategic cooperation with the Tianjin Government is further proof of this promise.”