Westwin, a tech-driven cross-border marketing company, has recently been awarded the “Top Ten Global Marketing Service Platforms” Award at the 2020 Marketing Summit. This marks the second consecutive year that Westwin has won the award.
Marketing officially notes, “The “Top Ten Global Marketing Service Platforms” Award recognizes marketing service providers that have had outstanding performances in scale and quality across the globe throughout 2020. They provide customers with platform-based cross-border marketing services and closed-loop marketing solutions through multiple product and service offerings, effectively helping advertisers achieve global business growth in their current market environment.”
For Chinese companies intending to expand overseas in 2020, the COVID-19 pandemic forced a lot of reconsideration and realignment. In the US, for example, slow economic recovery has resulted in most people’s purchasing power is greatly reduced and therefore a change in consumption behavior. Also noteworthy is product inventory level changes for cross-border e-commerce providers. Driven by consumers, demand for many products was difficult to predict based on regular seasonal data, such as wedding dresses, swimsuits, etc. Such change is common during the pandemic and became the primary focus of Westwin’s account manager team. Looking to improve the effectiveness of advertising, the team committed to early preparation, high-frequency testing, and real-time adjustments. For example, this resulted in one client gaining 786 percent ROI on Bing search advertising.
Throughout the year, Westwin released three reports: “2020 China Cross-border Consumer Report”, “Top Chinese Products Sought by Overseas Consumers in 2020 Report” and “Pandemic Impact Report-USA Market”, providing industry insights and analysis during exceptional times.
During the Marketing Summit 2020, Westwin Chief Revenue Officer, Leslie Chu, delivered a keynote speech on “China Cross-border E-commerce Consumer Insights” based on the “2020 China Cross-border Consumer Report” (“The Report”).
The Report details China’s cross-border e-commerce market as reaching over RMB 100 billion, a figure that has continued to rise despite the pandemic. Over the first quarter of 2020, the scale of China’s cross-border import retail e-commerce market was RMB 86.91 billion, still an increase from the same period in 2018; the second quarter of RMB 118.6 billion was even higher than the same period last year.
In terms of e-commerce platform choices for Chinese consumers, large comprehensive platforms are still the mainstream, with the influence of overseas verticals also increasing. Domestic e-commerce platforms are the core information sources for consumers, and WeChat is still the most important advertising channel.
In response to the results detailed in The Report, Westwin put forward the following suggestions and countermeasures:
As the epidemic has accelerated the trends of online consumption across the Chinese market, traditional e-commerce platforms are being pushed aside, and emerging platforms are taking over with the advent of ‘social retail’ on platforms such as Tiktok, Kwai, Xiaohongshu, etc. According to the different interests and preferences of users, personalized targeting across a number of different channels is being used to push recommended brands.
In addition, women are still the main force of cross-border consumption, and it is common for buyers and users to be separated. It is recommended that brands consider more neutral or female-oriented content orientation in marketing and communication, and directly address the pain points of women of different age groups.
The consumption levels across different tiered cities cannot afford to be ignored. Users in lower-tier markets are relatively sensitive to prices, where large subsidies, social retail and cash coupons, have become the main marketing methods for major e-commerce platforms.