Cross-border purchases by Chinese online shoppers buying Korean cosmetics have seen a surge in recent months, according to market observers.
Analysts say this might be a good sign for local cosmetics firms, whose sales slumped due to a fall in tourism after the outbreak of Middle Eastern respiratory syndrome.
Along with online shopping malls run by Chinese tech giants including Alibaba’s Tmall, Jumei and VIP, more Chinese e-commerce platforms are selling Korean cosmetics.
Recently, China Construction Bank, one of the “big four” banks in China, opened a Korean cosmetics section on its e-commerce platform buy.ccb.com, and attracted around 70 Korean cosmetics firms including LG Household & Health Care and Coreana.
In May, China’s portal site Netease, which opened its e-commerce platform Kaola.com, partnered with 10 Korean cosmetics brands including Coreana, Skin Food and The Saem to sell their goods on its platform.
According to government data, total cross-border sales in China are expected to reach 92 trillion won ($80 billion) in 2017, up from 15 trillion won in 2013.
Cross-border purchases by Chinese online shoppers buying Korean cosmetics have seen a surge in recent months, according to market observers. Analysts say this might be a good sign for local cosmetics firms, whose sales slumped due to a fall in tourism after the outbreak of Middle Eastern respiratory syndrome.Along with online shopping malls run by Chinese tech giants including Alibaba’s Tmall, Jumei and VIP, more Chinese e-commerce platforms are selling Korean cosmetics. Recently, China Construction Bank, one of the “big four” banks in China, opened a Korean cosmetics section on its e-commerce platform buy.ccb.com, and attracted around 70 Korean cosmetics firms including LG Household & Health Care and Coreana. In May, China’s portal site Netease, which opened its e-commerce platform Kaola.com, partnered with 10 Korean cosmetics brands including Coreana, Skin Food and The Saem to sell their goods on its platform. According to government data, total cross-border sales in China are expected to reach 92 trillion won ($80 billion) in 2017, up from 15 trillion won in 2013.
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