(Yicai Global) July 15 -- In China alone, B2C e-commerce sales are set to surpass 956 billion U.S. dollars in revenues by 2022, up from 403 billion U.S. dollars in 2016. While the industry continues to evolve and expand, new platforms and inventions come in to shake up the way China and the world does business online. Let's take a look at some of the hottest e-commerce news in recent months.
The Most Downloaded iPhone E-Commerce App Isn't What You Think
The most-downloaded online shopping app in China for the iPhone hasn't been Alibaba or even the e-commerce giant JD.com. The most popular app hails from an online shopping service that was introduced to the scene in September of 2015 and allows consumers to receive high discounts through social media. According to a report, the company is valued at over $15 billion and bases its model on the premise that users browse the app for what they want and share links with their friends on WeChat. If they can get enough people interested in making a purchase, they can benefit from a group discount.
Subscription Services Continue to Heat Up
From personal grooming, planned meals, beauty products and even quality exported coffee, subscription services are becoming commonplace in the digital retail industry. The beauty of this business model in regards to e-commerce is that the companies are able to forecast costs, revenue and profits based on a continued membership service from their users. This leads to allow them to fulfill the need of consumers in a more effective way as well as manage costs and expenditures more concisely.
Luxury Updates to Chinese E-Commerce Platforms
A new report claims that China's e-commerce giants are expanding into the luxury sector through customer insights, hi-tech experiences, and exclusive offerings. After taking a look at their consumer reports, owners of marketplace platforms popular in the country such as JD and Alibaba have begun to update their platforms in order to cater to luxury brands and their customers. To do this, the platforms have had to alter their marketing strategies as well as their platforms to offer an enhanced shopping experience through technology and more exclusive deals to high-end customers.
Augmented Reality Shaping the Future of E-Commerce
The market and consumer trends have shown that virtual reality and augmented reality aren't just for Pokemon and similar games. In fact, one report has stated that consumer demand for the improved and interactive technology, the introduction of affordable high-quality devices and market conditions have all combined to make VR and AR the next major advancements in the tech world. A revolutionary coffee startup based out of Colombia has shown one way retailers can incorporate augmented reality into their product to enhance product value and overall customer experience.
E-Commerce is Evolving at a Rapid Rate
E-commerce isn't going anywhere anytime soon, as growth rates continue to climb and more companies shift their business model to cater to a digital retail market. As technology continues to advance and become more accessible to users all over the world, e-commerce seems to be shifting more towards catering to these types of experiences, including virtual and augmented reality as well as improved experiences for high-tech, high-end luxury brands that want to reach a wider audience.