Yiwu, a county-level city in Jinhua, Zhejiang province, witnessed a remarkable surge in e-commerce transactions in the first 10 months of this year.
It achieved a total of 412.015 billion yuan ($56.86 billion) in e-commerce transactions, an 11.53 percent year-on-year increase. Cross-border e-commerce transactions reached 117.246 billion yuan, a robust 16.55 percent growth.
As a global hub for small commodities, Yiwu boasts short procurement cycles, making it fertile ground for e-commerce expansion. The city was home to over 680,000 e-commerce entities by the end of October, 40 percent dedicated to cross-border trade.
Companies like Jie'en Outdoor Products Co have ridden on this trend. Offering a diverse range of outdoor products on platforms like Taobao and Pinduoduo, it has seen soaring sales, especially in items like tents, for which tens of thousands of orders have been placed.
Businesses are leveraging cross-border e-commerce opportunities. For instance, Tingyuan Trading Co's foray into platforms like Shein and Temu has been fruitful, with daily orders averaging around 5,000 in daily necessities, tools, and more.
Zhou Zengming, the company's general manager, said, "In recent years, domestic e-commerce faced fierce competition and a nearly saturated market. Cross-border e-commerce offers access to mature markets like North America and Europe, as well as emerging markets in the Middle East and Southeast Asia, showing tremendous growth potential."
