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20 E-commerce Trends in China for Brands to Explore in 2023

January 19, 2023

China has the world’s largest e-commerce market. With an average growth rate of 6%, Chinese e-commerce revenue is expected to reach $2 trillion USD by 2025.

According to research firm Insider Intelligence, roughly 1 billion local consumers shopped on e-commerce channels across China in 2022, accounting for 45.3% of all retail sales online.

That’s huge! Right? All thanks to online communities and social commerce on popular apps like TikTok, WeChat, and Sina Weibo, which have long since become ingrained in Chinese culture.

In fact, Chinese consumers use their mobile devices for almost five hours every day, which they use for keeping in touch, making payments, shopping, plan trips, and more. Keeping all this consumer data in mind, companies should reconsider their 2023 investment plans as China relaxes pandemic-related restrictions.

Here are some of the e-commerce trends from 2022 for businesses to observe and reflect in their marketing strategies for 2023.

Chinese E-commerce trends to follow

1. Outdoor games

Due to the Winter Olympics in Beijing and the relaxation of travel restrictions, there’s a significant increase in demand for outdoor activities in China through 2022.

This led to a boom in winter sports, with a 300% increase in winter sports equipment sales on Alibaba’s Tmall platform between Jan. 31 and Feb. 4, including a 180% increase in skiing gear purchases. Outdoor gear and camping equipment sales also saw a boost on Tmall, doubling in March compared to the same period the previous year.

Several international brands, including Carver and Santa Cruz, announced plans to enter the Chinese market through Tmall Global, Alibaba’s cross-border e-commerce platform, during the previous mid-year shopping festival in June.

2. Furry babies

In China, pets are increasingly being treated like own children, with owners buying specialized clothing and technology for them.

During the first checkout period of the 11.11 Global Shopping Festival in November, pet food brands on Tmall saw a three-digit year-over-year growth in gross merchandise value.

Younger Chinese pet owners view their pets as children, they are also investing in digital gadgets like intelligent pet bowls and companion robots.

3. Metaverse

In 2022, the metaverse saw significant growth, and fashion companies began to experiment with its potential uses, including digital collectibles and virtual try-on services.

Digital collectibles, which allow brands to build a community of followers in both the metaverse and the real world, became popular in late 2021.

Nearly two dozen luxury brands released 37 digital collections on Alibaba’s Tmall Luxury Pavilion, and thousands of consumers purchased them.

More retailers are expected to use digital tools to engage customers and develop products for pets in the coming year, such as Burberry’s private digital salon for coat shopping on Tmall Luxury Pavilion.

4. Gen Z Shoppers

In China, Generation Z, a significant consumer group, accounts for approximately 15% of the population.

Despite their small size, they have a disproportionate influence on consumption trends and are one of China’s fastest-growing consumer groups on e-commerce platforms. As their purchasing power grows, they will account for nearly two-thirds of Tmall Global consumers, which is more than 17% of Tmall Luxury Pavilion consumers by 2022.

Gen Zers are also fueling the popularity of collectible toys in China, congregating to show off their latest purchases and exchange trend information, attracting investors such as Sequoia China.

5. Virtual Influencers

In 2022, artificial intelligence-powered digital creations gained popularity and became celebrities in their own right. They appeared on virtual catwalks, dance competitions, and livestream sessions. These virtual idols were used by Chinese brands to increase brand awareness and attract followers among China’s digitally native consumers.

According to market research firm Forrester, virtual influencers will become more common in the coming year, with a fifth of B2C brands in China using digital idols to improve the shopping experience for consumers by 2023.

6. Cross-Border E-Commerce

The cross-border e-commerce (CBEC) sector in China has experienced significant growth in recent years. Consumers in China are increasingly interested in international products and brands, fueling growth in the CBEC sector.

As a result, in order to meet this demand, many companies have entered the market, resulting in competition among CBEC platforms like Alibaba, NetEase Kaola, JD Worldwide Vipshop Global, Amazon Global, and Pinduoduo.

🛒 Why WeChat Might Be a Better (and a Cheaper) Option for China E-commerce Newbies?

7. Omnichannel retail

Through all points of contact, this cross-channel content strategy aims to improve the user experience and strengthen relationships with the target audience.

The goal is to make the transition between online and offline interactions (O2O) as smooth and consistent as possible, regardless of where the customer shops or interacts with the brand.

China is at the forefront of omnichannel retailing, with high customer expectations, smart sales assistants, mobile-first approaches, self-service kiosks, and the use of virtual and augmented reality.

8. Xiachen

Selling through social media to China’s lower-tier cities and regions is becoming more common. Lower tiers are happy to buy consumer goods with their extra money because their living expenses are lower.

🇨🇳 China Marketing Strategy: One Size Doesn’t Fit All

9. Fintech

Financial innovation and technology are increasingly competing with traditional methods of delivering financial services.

Chinese online banks are emerging as startups that provide straightforward financial services to individuals and institutions, particularly WeCash (unrelated to WeChat or Tencent). These banks frequently employ AI and machine learning techniques.

For instance, WeCash, which has 130 million users across five countries, enables people to easily obtain their credit score and submit loan applications. Additionally, using this big data-driven platform, institutions can develop their income-producing loan portfolio.

10. Cryptocurrency

In the Middle Kingdom, users and miners of cryptocurrencies are subject to strict regulation. China is looking for a new cryptocurrency market and country-specific solutions, much like it has done with social media platforms, a dedicated Chinese search engine (Baidu), and other tools and regulations that apply only to China.

China is now completing the preparations for the launch of its DCEP (Digital Currency/Electronic Payments), which was first conceptualized five years ago.

Unlike Bitcoin and other cryptocurrencies, DCEP is sanctioned by the government. The government will most likely distribute the new currency through conventional banks, making it completely centralized and identical to traditional paper money. The Belt and Road Initiative (BRI) and other development initiatives by China are increasing its international trade, and the DCEP has the potential to increase China’s financial independence and decrease its reliance on the US.

11. From KOL to KOC marketing

Key opinion consumers (KOCs) are “regular” consumers who write blogs and make videos about their own product reviews and recommendations.

End users are thirsty for recommendations and advice from real customers they can trust. KOCs are influencers as well, but they are more sincere.

Brands that use KOCs as part of their marketing plan can see an improvement in their sales and brand recognition. As they typically do not have many followers, making them hard to find, be sure to identify appropriate KOCs.

💁🏻‍♀️ What is The Difference Between KOL and KOC?!

12. Short Videos

Short videos and short video apps are dominating the Chinese market in addition to live-streaming. As a result, the distinction between work and socializing keeps getting fuzzier. The fact that more than 300 million Chinese people use short video apps shouldn’t come as a surprise to you.

Gen Z and individuals with middle and higher incomes are more drawn to this medium in higher Tier areas. Our favorite short video platform are WeChat Channels. We even dedicated a whole category to them!

📽 Discover what WeChat Channels Are

13. Group Buying

This trend has yet to spread beyond China. Customers elsewhere may believe that the products are of poor quality or that the platforms are untrustworthy and charge hidden fees.

Chinese consumers appreciate the cheap prices, and the group-buying model benefits lower-income residents in particular.

14. Social Commerce

Social commerce, a hot new trend, is expected to reach more than 600 billion dollars globally by 2027. It arose as a result of the increased use of mobile devices and social media.

Shoppers can shop from home, at work, or on the go. This behavior necessitates the creation of novel approaches to creating a personalized and ready-to-purchase social commerce experience.

15. Cruelty-Free Products

Until early 2021, animal testing was required by law for cosmetic products imported to and sold in China. This law is no longer in effect as of May 1, 2021.

General cosmetics imported into China are no longer required to undergo animal testing as long as they also satisfy other criteria, like a safety and risk assessment.

This also broadens the market for vegan, cruelty-free, and eco-friendly cosmetics and beauty brands. The first cruelty-free cosmetics company to sell in mainland China was the UK-based skincare line Bulldog, which was imported under the general trade model rather than the CBEC model.

16. Private Traffic

Brands are looking for alternatives as paid traffic prices increase. Brands can promote a specific lifestyle and the associated products by creating exclusive clubs or groups, like WeChat groups.

A closed group has the benefit of already having devoted patrons and supporters. Additionally, they react more readily to CTAs.

17. Big Data

Massive amounts of data are analyzed in order to implement data-driven marketing in China.

Businesses get around space and time constraints by combining data from offline and online consumer behavior. Businesses gain deep insights into the preferences, movements, and behavior patterns of their (potential) customers.

For instance, Tencent gathers and categorizes data into various dimensions. This includes more than 3,000 tags, such as fundamental characteristics, social preferences, entertainment interests, media preferences, etc.

Remember that Chinese consumers adore their smartphones and utilize them for everything. In particular, WeChat which enables users to pay, play, chat, shop, order common services and goods, and more. In China, advertising has never been both simpler and trickier at the same time.

18. The Middle Class Continues to Rise

Upper-middle-income and above households are driving strong consumption growth, with double-digit growth. The number of upper-middle-class and higher households in China is predicted to increase by 71 million over the following three years.

19. Making Wiser Decisions Without Compromising

Customers are switching to less expensive channels and actively looking for sales and promotions. They are aware of the precise ingredients used in their skincare regimen or the products they use in everyday life

They could, for instance, compare and contrast the down content and thermal effectiveness of their jackets.

Customers are savvy and skilled at researching the technical specifications of their preferred products on websites or social media.

20. Guochao

Purchasing locally has been popular for a while. It was mostly due to national pride.

Most importantly, consumers are choosing local brands because they like the quality and innovation of the goods rather than just because they are cheaper or because they feel more patriotic about their country.

🥮 Discover What Guochao Is and How Can (Carefully) You Leverage It

Conclusion:

Firstly, China’s e-commerce market is expanding steadily and is leading the world. Secondly, Chinese consumers are increasingly shopping online for clothing, accessories, and beauty products. Despite the changes in Covid restrictions, this trend continues to be strong. Thirdly, e-commerce enthusiasts are now being joined by the silver generation quickly catching up with online shopping.

This allows businesses to import goods to China and expand their market, especially when combined with popular cross-border e-commerce shopping and fewer restrictions.

If you want to know more about Chinese e-commerce or need help establishing your digital presence in China, contact us. We use our knowledge and expertise to help businesses build meaningful partnerships and develop their networks among Chinese customers. For additional information, please contact us at contact@thewechatagency.com

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What is Chinese market upto

September 27, 2022

China NFT and metaverse marketing requires Tiffany, other global luxury brands, to tread lightly and be creative

Brands must respect China’s ban on trading in cryptocurrencies and NFTs while attempting to connect with the country’s young, tech-savvy consumers. Despite China’s strict policy, there are still ways for Chinese consumers to trade cryptocurrencies and NFTs. They can try to get around restrictions on cryptocurrency exchange platforms by trading with friends outside of China.

Link: https://www.scmp.com/business/article/3192752/china-nft-and-metaverse-marketing-requires-tiffany-other-global-luxury

Want Your Brand Collaboration To Stand Out In China? Get Nostalgic:

Utilizing well-known cartoons or regional food brands that evoke nostalgia is one trend that stands out when analyzing collaborations in China. 77% of Chinese consumers will like items that bring back nostalgic thoughts in 2021, such as childhood snacks.

Link: https://jingdaily.com/brand-collaboration-nostalgia-marketing-spirited-away/

Will Global Luxury Brands Forget About Bilibili?

Bilibili has only recently become popular in China, despite years of steady growth as it seized the once-niche “ACG” (anime, comics, and games) subculture. Tens of millions of new users have joined the platform since then, which is known for its “bullet chats,” real-time comments that fly across users’ screens as they watch videos, and a large amount of expert, user-generated content. It has also caught the attention of companies like Dior, Shiseido, and Mercedes-Benz.

However, the platform’s financial results are not particularly impressive. The main issue for Bilibili is turning its rapid user growth—305.7 million MAUs—into actual profitability.

Link: https://jingdaily.com/bilibili-q2-2022-profitability-user-growth

How Luxury Fashion Brands Approach Douyin Marketing in China

More than 60% of the businesses on Deloitte’s 2021 Global Top 100 Luxury Companies list, including Gucci, Louis Vuitton, and Dior, are already active on Douyin, according to the 2021 Douyin Luxury Industry Annual Inventory Report published by Trend Insight, a platform that provides Douyin marketing data for KOLs and brands.

Typically, luxury brands would work with regional KOLs to introduce their new products and conduct their own live streaming on Douyin’s official account. Luxury brands also use the following alternatives:

VIP rooms,
Douyin Challenge,

Link: https://mp.weixin.qq.com/s/ZYRV5NFipUbxOvHqcfDcwg

Top influencer Li Jiaqi’s online return gives Alibaba a renewed edge in huge live-streaming sales channel

The Lipstick King, Li, unexpectedly made a comeback to Alibaba’s live-streaming platform on Tuesday night, attracting over 60 million viewers to his show that featured home goods, underwear, and cosmetics. Without providing any additional information, either Li or Alibaba blamed a technical error for the June suspension of his show.

Li and Viya, a rival live-streaming queen, have become some of China’s most significant retail sales figures. On the first day of the Singles’ Day shopping festival last year, the two companies collectively sold goods worth 20 billion yuan (US$2.84 billion). This year’s Singles’ Day schedule has been made public by Alibaba, and the presales will begin late in the following month. This year’s Singles’ Day competition will feature a live streaming war.

Li’s new background was adorned with the phrase “shop consciously,” which he would only utter aloud before going missing. In an effort to hold online shopping companies responsible for their actions, the slogan “shop consciously” has repeatedly appeared in state media and local government notices since Chinese President Xi Jinping’s term began in 2013. He is obviously being cautious this time.

Link : https://www.scmp.com/tech/big-tech/article/3193315/top-influencer-li-jiaqis-online-return-gives-alibaba-renewed-edge

ByteDance launches fast fashion womenswear platform “If Yooou”

ByteDance, the parent company of TikTok, has introduced the “If Yooou” fast fashion womenswear line. The online brand currently focuses on the mainstream Western and Northern European markets, including those in the United Kingdom, France, Germany, Italy, Sweden, and other nations.

ByteDance has previously dabbled in women’s fashion with a lookalike of SHEIN. Early in 2021, the Chinese tech giant launched Dmonstudio, an independent fast-fashion e-commerce portal, and compared its results to those of rival SHEIN. Dmonstudio, however, announced on February 11, 2022 that it had ceased operations after just three months in business.

ByteDance must therefore concentrate on developing distinctive features to draw in and keep customers in order to avoid a similar fate as If Yooou.

Link: https://daoinsights.com/news/bytedance-launches-womens-fashion-retail-platform-if-yooou/

Observation on the trend of China’s mobile Internet users in 2022

Mobile Internet users in China have been steadily increasing. 1.36 billion users are currently active; their average monthly usage time is 218.1 hours, and they use 23.7 apps on average each month. Video services, life services, and mobile shopping are the top three apps that users of mobile Internet use.

There are now more senior citizens who have access to the Internet. The elderly enjoy news, quick videos, square dances, and other applications. The dominant consumer segment has gradually shifted to “Generation Z.”

Mobile Internet users’ preferred methods of consumption are gradually shifting, traditional e-commerce platform growth is typically flat, and “social” and “interest e-commerce” are becoming more popular. Mobile office applications have advanced quickly in terms of working procedures.

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Trends in the Chinese Market

September 15, 2022

Beijing Accelerates Adoption of Metaverse by Including it in a Development Plan

The Beijing municipal government unveiled a two-year Metaverse innovation and development plan with the goal of fostering the growth of industries connected to the Metaverse and assisting Beijing in becoming a model city for the digital economy.

All districts are required by the action plan to develop technological infrastructure at the urban level and promote its application in a number of industries, including tourism and education. The Metaverse was also included in Shanghai’s five-year development plan before Beijing.

Link: https://en.pingwest.com/a/10691

Douyin launches a “downvote/dislike” function against malicious comments

In response to the Chinese government’s call for a civilized and peaceful online environment, Douyin (the Chinese version of Tiktok) becomes the first short video APP that enables the “downvote” or “dislike” function in the comment area by clicking a “broken heart”” icon.

The “downvote” feature was once tested by Facebook and YouTube, but it is no longer available. The fact that users can only “downvote” comments and not posts, and that the total number of downvotes is hidden from view, makes it unlikely that this new feature will offend the creators of Douyin.

Link: https://www.sohu.com/a/581452520_114819

Luxury Thinks Beyond Mooncakes For Mid-Autumn Festival Celebration

In contrast to the Lunar New Year or the numerous Valentine’s Days celebrated in the nation, which are occasions when luxury brands release limited-edition products, the Mid-Autumn Festival is more of a chance for houses to maintain their connections with local VIP clients and stakeholders.

Many international brands have chosen to eliminate or reduce the number of mooncakes in their gift boxes in recent years. Fantastic examples from brands like Louis Vuitton, Fendi, and more.

Link: https://jingdaily.com/luxury-thinks-beyond-mooncakes-for-mid-autumn-festival-celebration/

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Weekly Learnings From China

February 8, 2022

China introduces state-backed NFT platform unlinked to cryptocurrencies

China’s state-backed Blockchain Services Network (BSN) has announced the soft launch of a nationwide infrastructure to support Chinese non-fungible tokens (NFTs), marking a significant step toward the development of a domestic industry separate from the global market and unrelated to cryptocurrencies.

The BSN-Distributed Digital Certificates (BSN-DDC) infrastructure, according to BSN, would provide enterprises with “a varied, transparent, credible, and reliable” one-stop-shop for minting and managing their own NFTs without relying on cryptocurrencies, which are prohibited in China. The Ethereum blockchain is used by the majority of NFTs throughout the world.

BSN is backed by China Mobile, a state-owned telecommunications company, China UnionPay, and the State Information Centre, which is a government think tank. The blockchain unit of accounting company Ernst & Young, Digital Art Fair Asia, and the Hainan International Culture and Artworks Exchange Centre are among the 26 founding partners.

Because public blockchains are decentralised platforms, they are prohibited in China, where the government mandates that all internet services verify user identities and allow regulators to intervene if unlawful actions occur. To address this issue, BSN turned to an altered version of blockchain known as the open permissioned blockchain (OPB), which can be regulated by a selected group.

Minting fees, which can only be paid in fiat money, can be as low as 0.05 yuan (0.7 US cents) – a fraction of what they are on public networks. While NFTs are currently mostly utilised for certifying digital artworks, the largest market for accreditations such as car number plates would be management. The automobile owner, government, and insurer would all have controlled access to data including mileage, engine number, and repair history, with each party being aware of the rights of the others.

Link: https://www.scmp.com/tech/tech-trends/article/3164681/china-introduces-state-backed-nft-platform-unlinked

Can overseas luxury brands incorporate guochao?

Many luxury brands have collaborated with contemporary Japanese artists throughout the years, including Yayoi Kusama for Louis Vuitton and Veuve Clicquot, Takashi Murakami for Louis Vuitton, and Hublot for Hublot (all belonging to LVMH). Because Japan was the world’s largest individual consumer market for luxury goods until 2016, luxury houses concentrated their efforts there.

Luxury labels have created capsule collections for Chinese holidays such as the Lunar New Year, QiXi – Chinese Valentine’s Day, 520, and 11.11 Singles Day in recent years, as the tide has turned and the spotlight has shifted away from Japan and towards China.

Guochao 国潮 literally means national tide. This trend has been fueled mostly by the younger generation’s pride in domestic companies, designers, and artists. As a result, it’s remarkable that, in the two years since the trend began, European luxury and fashion businesses have been sluggish to adopt similar techniques to those employed in Japan.

Link: https://daoinsights.com/opinions/will-european-luxury-brands-incorporate-guochao-the-same-way-they-did-with-japanese-pop-culture/

ByteDance Debuts in the Metaverse With New Social App

TikTok’s owner, ByteDance, is testing its first metaverse social app called Party Island. The social network app creates a parallel online universe, where people can meet up, chat and join events in real-time, but through avatars instead of in the real world.

Party Island supports the same login method as Douyin (China’s TikTok) through a mobile phone number. Since it is currently in the testing stage, an invitation code is required to enter the platform.

Link: https://jingdaily.com/bytedance-metaverse-social-app/

The sports marketing market will become the leading force in 2022

The brand’s most crucial marketing direction is global sports competitiveness. It is the enterprise’s main appeal, especially in the aftermath of the epidemic, to promote the brand concept through events and communicate successfully with followers.

Brands must plan ahead and implement more targeted strategic deployments based on current marketing and consumption trends.

Tiktok has naturally created a global community and captured the attention of followers by offering engaging and educational material.

More brands are projected to enter the sponsorship market, energise communities associated to specific partnerships, or use the influence of sports or celebrities to raise public awareness, build trust, and fulfil commitments in order to create conditions for their products, services, and values.

Driven by sports competitions and social media, athlete marketing is further rising. These star athletes are younger than ever, and they reflect the core values of their respective fan groups.

Link: https://www.digitaling.com/articles/696723.html

Xiaohongshu-Snowflakes NFT is coming

Xiaohongshu asked world champions, sportsmen, and artists to produce 96 various design digital NFT of snowflakes during the ice and snow activities of this winter Olympic Games. Each work is limited to 1000 copies and is digitally certified with a unique hash value for each copy.

From February 4 to 20, look for “snowflake” in the small red book and go to the activity page. After that, complete a task to obtain one snowflake fragment, and five fragments can get an NFT snowflake at random.

Each snowflake is unique in its ingenuity. Each designer incorporates their individual professional traits into the snowflakes.

According to Wu Minxia, a diving champion, the six-petaled snowflakes and the surrounding splashes combine to create this remarkable snowflake.

Artists, illustrators, craftspeople, and other works ought to be recognised as well.

Jijiukiyoe, a Beijing-based artist, excels at Japanese ukiyo illustration and incorporates classic Japanese ukiyo themes with contemporary popular culture. He used the classic pattern “tiger, dragon, and Eagle,” presenting the snowflake pattern with oriental charm and blended the ancient blue and white porcelain pattern with the modern traditional tattoo style.

In addition to collecting snowflake digital NFT collections, the little red book has many surprises around the ice and snow event. Since January this year, many ice and snow athletes have settled in xiaohongshu. On the special page of xiaohongshu events, users can see the real-time medal and schedule information, live broadcast and obtain event information such as gold medal-winning and record-breaking. Many users also released notes to discuss the brand of clothing of each team at the opening ceremony.

Link: https://mp.weixin.qq.com/s/hQaKlQJvBvWc6YmAcsxidQ

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NFT and Metaverse in China

January 4, 2022

What does the latest news mean for NFT and metaverse in China? China is one of the countries that has publicly maintained its anti-crypto position, ordering a statewide ban on all crypto-related transactions earlier this year and threatening defaulters with fines.

Not only that, but officials in the country have begun a crackdown on crypto mining activities, citing the detrimental environmental impact as one of the reasons why such activities will no longer be tolerated in the country.

However, despite a difficult year at the hands of China’s anti-crypto government and the Chinese central bank’s request that these be monitored, the country’s IT giants are optimistic about launching metaverse and non-fungible tokens (NFT) businesses.

Companies in the Metaverse Race

The majority of the businesses that registered for trademark registrations belong to the tech sector. This includes well-known brands such as Huawei and Hisense. The former filed a trademark application for “Meta OS”. At the same time, the latter filed many trademark applications in fields such as social services, advertising, and science.

Tencent, the gaming and Internet giant, has also gotten in on the act, filing nearly a hundred metaverse-related trademark applications, including “QQ Metaverse,” “QQ Music Metaverse,” and “Kings Metaverse.” Also, Epic Games, an American gaming company in which Tencent owns a 40% share, is moving forward with its own metaverse plans, maybe with Tencent’s help.

Alibaba has launched a new company called Yuanjing Shengsheng, with USD 1.58 million in funding. “Sources familiar with the topic” indicated that the new business will focus on metaverse, but did not go further.

Baidu’s Xirang

Baidu is not staying behind with its own metaverse launched last week and called Xirang, “Land of Hope” in Chinese, accessible through a virtual reality app. The biggest search engine in China cools down the expectations. Its representative said that “it could take up to six years for a full launch”.

Meanwhile, the e-commerce giant, JD.com has already issued its first NFTs and they’ve received a positive response. The fintech published five series of the JOY Dog character-themed tokens on its Lingxi platform with minimal fanfare.

RTFKT, a creator of digital goods such as virtual shoes and NFTs, was recently acquired by the international brand, Nike.

Also following White Castle’s entry into crypto, Applebee’s is introducing a new NFT every Monday this month.

In less than four months, a gaming brand has increased its total worth to $2 billion by joining the metaverse and NFT race. Also, NFTCN, a company that was founded in claims to have worked with over 1,000 Chinese artists and handled over 10 million RMB in NFT transactions. Similarly, many more tech giants and multinational companies are joining the Metaverse & NFT squad.

What Does This Mean for Chinese NFT and Metaverse Enthusiasts?

China has unquestionably established itself as a centre of technology innovation and progress. China’s inhabitants mostly lead the pack in terms of technological adoption.

This is especially true in the emerging NFT field. Google trends data shows that the country is one of the top three countries in the world for “NFT” searches.

According to Grayscale data, Chinese officials implying space surveillance simply means that residents of both countries may have limited access to the $1 trillion space potential. A total crackdown on the sector isn’t completely off the table.

We’ve seen brands experimenting with NFT-like offerings like e.g. Burberry sold NFT deers together with a limited edition scarf during the 11/11 shopping festival. It was also a part of Tmall’s Metaverse Art Exhibition. Drops of limited editions created by luxury brands very often spark enthusiasm from Chinese consumers especially when the concept combines an innovative approach. Despite that the usability of the tokens is quite low, the items sell out quickly and are in high demand.

Predictions

We believe that metaverse and NFT will only grow further in China despite the challenges and different factors and environments. Given the fact that all the Chinese Internet giants – BAT (Baidu, Alibaba, Tencent) are already launching their own metaverses and strong adoption of online payments (with virtual yuan rolling out by the banks). These are strong indicators of the potential of the online reality.

If you require further support with setting up your account please contact our team. We use our knowledge and expertise to help businesses build meaningful partnerships and develop their network among Chinese customers. For additional information, please contact us by phone – Shanghai or Hong Kong.

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