Chinese Premier Li Keqiang flew into Britain yesterday for the first time since taking office on a visit focused on boosting business between Britain and China. Commenting on the practicalities of expanding trade into China faced by UK businesses, Ralf Gladis, CEO of payment services provider, Computop, comments:
“China is currently the world’s second largest economy and e-commerce there reached $190 billion last year, almost equaling the US as the largest in the world. The most popular products bought online in China are day to day goods such as perfumes and toiletries, however, we are seeing an increasing trend towards Chinese consumers saving and investing in prestigious western brands. The luxury market is a growing opportunity for merchants looking at international expansion.
There will of course be challenges but these can be overcome. Unlike in Europe, having a ‘mobile shop’ is considered essential and a key success factor in China. You will find other little differences when conducting business in China too, for instance, don’t expect Chinese consumers to respond quickly to emails – it could take weeks.”
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