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UK businesses given boost to break into Chinese retail market
Access to China’s growing market of more than 650 million internet users is to be widened to British firms.
UK Trade and Investment ( UKTI), the government department that supports UK-based exporters, has signed agreements with 5 top Chinese e-marketplaces, estimated to be worth £1 billion to UK companies over the next 3 years.
The signings took place at ‘China: The Retail Opportunity’, a one-day conference held in London as part of the Chinese State Visit. Organised as part of UKTI’s e-exporting programme, which helps UK retailers and brands accelerate their global growth via online channels, the event connected UK companies with real opportunities in the Chinese market.
UKTI signed memorandums of understanding ( MoU) with the following e-marketplaces:
- JD Worldwide
Dr Catherine Raines, Chief Executive of UK Trade and Investment, said:
In China, e-marketplaces account for 90% of all e-commerce transactions, and Chinese consumers spent £367 billion online in the first quarter of this year alone. The agreements UKTI has signed provide a clear route to help UK companies take advantage of the massive e-commerce opportunities in China, with support from both UK government and the e-marketplace platforms themselves.
Alongside this week’s MoU agreements, the UK government’s GREAT campaign is being used strategically to promote UK products now listed on Chinese luxury e-marketplace, Xiu.com. The Shopping is GREAT campaign launched on Xiu.com this week and highlights British brands listed on the platform to 10 million unique visitors to the site per month.
UKTI is working with a number of global e-marketplaces to help UK companies to sell overseas. Operating through e-marketplaces presents a cost-effective way for companies to increase their reach to global consumers, and capitalise on the growing trend for online sales.