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Connecting Ecommerce Merchants to China

Connecting Ecommerce Merchants to China. Why do business with China?. Because of China's Mushrooming Middle Class! China's middle class is rapidly growing. As of mid-2013, China's middle class was more than the entire US population. This means that they have great purchasing power.

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Connecting Ecommerce Merchants to China

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  1. Connecting Ecommerce Merchants to China
  2. Why do businesswith China? Because of China's Mushrooming Middle Class! China's middle class is rapidly growing. As of mid-2013, China's middle class was more than the entire US population. This means that they have great purchasing power.
  3. The Future of the Chinese Ecommerce Market More than 60% of luxury goods, which were once bought abroad, are now locally made - second quarter luxury online sales was 3.45 billion Yuan (Approx. USD 540 million). By 2015, China will have more than 4 million wealthy households, which are households with an annual income higher than 250,000 RMB. (OVER $41000). China will become the world's fourth-largest country of wealthy households after the US, Japan and the UK - in 2006, 1.6 million households fell in the wealthy households category. Chinese shoppers want more unique products, better shopping experience, better customer service and greater convenience.
  4. The Chinese Ecommerce Market as of 2011 Parameters Values No. of online shoppers 180 million E-commerce sales volume 651.1 billion RMB (Approx. 95.2 billion USD) Average annual sales per shopper 4340 RMB (Approx. 635 USD) E-commerce annual growth rate 75%
  5. Top 5 SellingProduct Categories Home Care 76.9% Forex & online games 71.9% Computer & Electronics 65.9% Clothing & Accessories 57.1% Stationery 57.1% Home Appliances 54.9%
  6. Top 5 SellingProduct Categories
  7. Lack of Credit Card Penetration in China Currently, most individuals do not own a credit card; instead they use debit cards. Credit card market penetration is only 20%. 92% of the 1.89 billion cards issued in 2009 were debit cards. 91% of these cards were China Union Card Branded.
  8. Problems with the Chinese Ecommerce Market Chinese consumers' prefer to pay for online purchases by: Cash (cash on delivery) Debit card (online transfers) China Union Pay Card Cash is the preferred method even today due to low trust in online transactions.
  9. What is China Union Pay (CUP)? It is the only domestic bank card organization in the People's Republic of China (PRC), which was founded in 2002. It is fully supported by the Government of China and operates under the approval of the People's Bank of China (PBOC). An association for China's banking card industry, It is a government appointed authority on payments. It is the only interbank network in China (excluding Hong Kong and Macau) that links the ATMs of 14 major and numerous smaller banks throughout mainland China.. It is also an EFTPOS(Electronic Funds Transfer at Point of Sale) network.
  10. What does CUP mean for merchants? CUP lets merchants worldwide transact at ease with Chinese customers. CUP integrates merchants with over 200 banks and networks, an expensive and almost impossible task especially for smaller size merchants. CUPminimizes the technological investment that merchants need to make to integrate with third party systems.
  11. How can merchants connect to CUP? Through Vixipay!
  12. Vixipay Vixipayis affiliated with China Union Pay (CUP), China's only domestic bank card organization. Vixipayis one of the first payment service providers for international merchants in China. Vixipay, a leader in the e-commerce industry, connects international merchants to the Chinese market. Vixipayenables international merchants to settle and manage their Chinese transactions through web and mobile services. Vixipay’smultinational staff simplify and reduce your transaction time.
  13. How can ACG assist merchants? Vixipayprovides payment processing services to all types of merchants – retail, mail order – telephone order (MOTO) and internet account. Vixipayis a trusted name in the market, so your customers will have greater confidence while paying online. Vixipaycan connect you to more than 90% of China's online shoppers. Vixipay’stechnology integrates easily with other interfaces. Vixipayallows viewing of account information in both Chinese and English.
  14. Partner Banks Agricultural Bank of China Bank of Beijing Bank of China Bank of Communications Bank of Nanjing Bank of Shanghai HSBC
  15. Partner Banks
  16. Contact details VIXIPAY Toll Free Plus: +1 (800) 553-8470 USA Office Tel: +1 (954) 283-8257 UK Office Tel: + 44 (0)207 993 4359
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