Chinese online shopping platforms are benefiting from overseas markets such as the U.S. for Black Friday, a massive discount event,the Global Times, a state-run Chinese media, reported on the 26th.
The media said that Chinese e-commerce platforms such as Temu, Xuin, and TikTok shops played a big role in Black Friday online sales growth through massive discounts and advertisements.
According to reports, orders in the U.S. increased 205% from the 14th to the 20th during Black Friday. The media also cited foreign media reports that Temu and Shine tried to secure market share through discounts of up to 90%, unlike U.S. retailers that only had a 30-50% discount rate, although they did not reveal details about the sale.
In particular, Chinese manufacturers’ overseas orders are rapidly increasing through the direct purchase platform, the media reported.
A hat manufacturer in Wenzhou, Zhejiang Province, China, which participated in the Black Friday event for the second year, expected to sell 1.3 million hats worldwide during the shopping period. A pet clothing vendor in Ningbo, Zhejiang Province, predicted a 20% increase in sales this year.
Analysts say this increase in direct purchases is becoming an important factor in China’s exports. According to data from China’s Ministry of Commerce, the ratio of cross-border e-commerce in China’s commodity trade increased from 1% in 2015 to 5% last year.
Chinese e-commerce platforms that continue to go overseas are gradually occupying the U.S. market, bringing high-quality and low-priced products to U.S. consumers, Liu Dingding, an analyst in the e-commerce industry in Beijing, told the Global Times.