19 Sep 2024

September 19, 2024

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The instant retail market is expected to grow at an annual compound rate of 25% between 2023 and 2030, reaching an estimated value of RMB 3.6 trillion by the end of the decade. This figure would represent approximately 6% of China’s total retail sales.

But what exactly is instant retail? At its core, it’s an extension of food delivery, with platforms like JD Seconds Delivery, Hema, Dingdong Maicai, and Meituan Flash Sale moving beyond just food to include categories such as fresh produce, digital gadgets, pharmaceuticals, and daily necessities.

The development of instant retail has been driven by e-commerce giants like JD.com and Meituan, both of which have invested heavily in building local logistics systems, including front-end warehouses and last-mile delivery networks…

Ten new international air routes were launched, with more than 30 round-trip flights per week, reflecting rising global demand. Markets in North America, Europe, and Asia are key destinations for Chinese sellers, with North America seeing the highest number of new routes.

The impact of Chinese goods is particularly visible in Europe, where Chinese e-commerce platforms dominate market share.

For instance, in Spain, Chinese platforms account for a staggering 34% of the market. The U.S. remains China’s largest cross-border e-commerce destination, contributing 37.4% of export e-commerce sales in 2023.

South Korean customs data for the first half of 2024 showed a 55% year-on-year increase in cross-border imports, with 72% of imported items originating from China.

In Australia, over 2 million consumers shop regularly on Chinese platforms like Temu and SHEIN, posing significant competition to local retailers…

Huawei has released its financial results for the first half of 2024, reporting robust growth and stable operations that align with market expectations. The company achieved a sales revenue of RMB 4,175 billion in H1 2024, marking a 34.3% increase compared to the same period last year. The net profit margin for the first half was recorded at 13.2%.

According to Huawei’s 2023 annual report, the company generated a total sales revenue of RMB 7,042 billion, with a net profit of RMB 870 billion. This was a considerable rebound from 2022, when the company reported a revenue of RMB 6,423 billion and a net profit of RMB 356 billion.

On the day of its release, “Black Myth: Wukong” caused a significant increase in video game-related purchases on Alibaba’s Taobao platform, a major C2C e-commerce site in China, according to Alibaba’s blog Alizila.

Video game sales on Taobao surged by 130% compared to the previous week, while searches for the game title spiked nearly 14 times. The game has captured the attention of Chinese gamers with its immersive graphics and engaging storyline based on the classic Chinese novel “Journey to the West”.

The demand for gaming consoles also saw a notable increase, with PlayStation 5 (PS5) sales doubling year-on-year in the week leading up to the game’s release…

In the first half of 2024, e-commerce platforms in China actively supported trade-in policies by offering substantial subsidies, streamlining processes, and enhancing logistics capabilities.

These efforts have effectively facilitated consumer conversion and consumption upgrades. 68.8% of internet users who participated in trade-in activities chose to do so online.

Among these, the most traded items included smartphones, digital devices, and large household appliances such as washing machines.

Specifically, 28.8% of users traded in smartphones and digital devices, while 23.7% opted for large household appliances. This shift underscores a growing preference for online transactions in the trade-in market, reflecting consumers’ increasing comfort with digital platforms for such activities.

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