The Black Friday shopping frenzy has transcended borders, evolving into a global extravaganza that now captivates Chinese firms and consumers alongside their American counterparts. The phenomenon owes much to the expansive reach of cross-border e-commerce, bridging distances and connecting shoppers to a world of deals.
Recent data highlights a robust rise in online spending in the United States during Black Friday, underscoring the growing preference for e-commerce as a convenient avenue for securing coveted products at unbeatable prices. On November 29, the first day of this year’s Black Friday spree, online sales soared to a record $10.8 billion, according to US media reports citing Adobe Analytics, a firm tracking US e-commerce trends. This figure marks a 10 percent increase over last year’s Black Friday sales and more than double the spending recorded in 2017.
This shift in shopping behavior has propelled the expansion of Chinese cross-border e-commerce platforms. Offering a vast array of high-quality, affordable made-in-China products, platforms such as Shein, PDD’s Temu, and TikTok Shop have experienced strong growth in sales during the seven days through Friday compared to the same period last year, according to Reuters.
The success of these platforms is underpinned by an efficient cross-border e-commerce ecosystem in China. This ecosystem boasts manufacturing hubs like Yiwu, streamlined customs processes, and expanding logistics networks that ensure products reach consumers worldwide swiftly and efficiently.
Yiwu, a city in eastern China known as the “world’s supermarket,” plays a pivotal role during the Black Friday season. “During the Black Friday season, we have prepared a stock of 300,000 to 400,000 items, and hopefully this major promotion could increase our revenue by 20 percent to 30 percent year on year during the period,” said Wu Tingxuan, marketing director of a sports goods company in Yiwu, to Chinese media.
China’s cross-border e-commerce sector is a powerhouse, with approximately 120,000 export enterprises. In the first three quarters of 2024, the country’s total cross-border e-commerce imports and exports grew by 11.5 percent year on year in value. This growth reflects the dynamic role that China plays in the global e-commerce landscape, providing consumers worldwide with access to a diverse range of products while driving economic development at home.
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Chinese shoppers join Black Friday as e-commerce bridges borders
cgtn.com
