8. 2014 china cross border e commerce report brief edition

2014 China Cross-border E-commerce Report

(Brief Edition)

www.iresearchchina.com

2 2

Development Environment of China Cross-border

E-commerce

China Cross-border E-commerce Industry Chain

Status Quo of China Cross-border E-commerce

Typical Cases and Business Models

1

2

3

4

Characteristics and Trends of China Cross-border

E-commerce 5

3 3

Development Environment of China Cross-border E-

commerce Definition of Cross-border E-commerce

Cross-border e-commerce can be defined in both broad and narrow sense. In a narrow sense, cross-border e-commerce is almost equal to cross-border retailing, in which transaction parties in

different countries reach agreements and settle accounts through the Internet and deliver/receive the goods via cross-border

logistics.

In a broad sense, cross-border e-commerce equals electronic foreign trade. Its a kind of international business, in which the product display, negotiation and transaction are done via the Internet and goods are delivered through

cross-border logistics.

The cross-border e-commerce mentioned here refers to the latter one, which only covers cross-border e-commerce

transaction, excluding cross-border e-commerce services. It consists of the cross-border online B2B deals as well as

the B2B deals in O2O pattern.

Cross-border E-commerce

Cross-border E-commerce Transaction

(cross-border e-commerce in broad sense adopted by this report)

cross-border e-commerce = cross-border B2C e-commerce + cross-

border B2B e-commerce


Services (excluded)

Cross-border Retailing/Cross-border B2C

e-commerce

(cross-border e-commerce in narrow

sense, cross-border e-commerce)

cross-border B2B e-commerce

(O2O deals + online deals)

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China Foreign Trade Conditions in 2013

Domestic and International Factors Slowed the Growth

Source: National Bureau of Statistics of China.

The total foreign trade volume of China amounted to 25.8 trillion Yuan in 2013, and the growth rates of import and export both

attained certain rise versus 2012. However, due to the slow pace of world economic recovery, climbing domestic labor costs,

appreciation of the RMB and worsening trade friction, the growth rate of Chinas total foreign trade volume was always below 10% in recent two years. iResearch forecasts that such situation will remain in 2014 with limited rise in the total volume.

6.3

7.8

9.4 10.0

8.2

10.7

12.3 12.9

13.7

5.4 6.3

7.3 8.0

6.9

9.5

11.3 11.4 12.1

23.9% 20.6%

7.3%

-18.3%

30.5% 15.2%

4.5% 6.5%

16.8% 15.7%

8.5%

-13.7%

38.0%

19.5%

1.0% 5.9%

0

5

10

15

20

25

2005 2006 2007 2008 2009 2010 2011 2012 2013

Chinas Total Foreign Trade Volume 2005-2013

Total value of exports (tr Yuan) Total value of imports (tr Yuan) % Growth of exports % Growth of imports

5 5

China Foreign Trade Conditions in 2013

Cross-border E-commerce Simplifies Foreign Trade

Chinese Producer/Manufacturer

Chinese Exporter

Foreign Importer

Foreign Wholesaler

Foreign Retailer

Foreign Consumer

Due to the excessive dependence on traditional sales model, long transaction duration, relatively less profit margins and alike

problems, traditional foreign trade is increasingly unfavorable to the business development of small and medium foreign trade

companies.

As a business model based on the Internet, cross-border e-commerce is rebuilding the international trade chain of SMEs. By

breaking the monopoly of foreign channels such as importers, wholesalers, distributors and retailers which exists in traditional

foreign trade, cross-border e-commerce enables companies to contact with individual wholesalers, retailers and even consumers

directly, which effectively simplifies the transaction and saves goods circulation costs.

There was basically no traditional foreign trade companies and manufacturing companies in e-commerce sector prior to 2012, and

they began to set foot in this area in about 2013. Cross-border e-commerce is gradually becoming a significant choice of traditional

companies.


Online Merchant


Platform

Foreign Online Merchant

Foreign Consumer

Traditional

Foreign Trade

Cross-border

E-commerce



Platform

Foreign Consumer



Platform

Foreign Online

Merchant

Foreign Consumer

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Policies About Cross-border E-commerce

More and More Supportive Policies

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013-2014

A

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013-2014

Early Stage Development Stage

2004-2007

High-tide Stage

B 2008-2012

C Since 2013

3 policies preliminarily

regulate the development of

e-commerce, placing extra

emphasis on the industry.

10 policies involving

supervision, payment and

settlement, and so on,

placing extra emphasis on

support and guidance.

More than 10 policies

focusing on export

and involving

implementation.

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Different Customs Supervision for Different Kinds of Customs Clearance Regarding the goods traded via cross-border e-commerce, there are mainly three means for goods to cross national boundaries: (1) Customs clearance of goods: for the situation that Chinese import and export companies display products and make

agreements with foreign wholesalers and retailers online and finish shipments offline, these goods shall be included in customs

statistics. There are also some companies building cross-border e-commerce platforms for import and export companies, such

as Onetouch in Shenzhen which helps SMEs with their foreign business, and the involved goods are also included customs

statistics.

(2) Customs clearance of express: according to a survey carried out by General Administration of Customs , more than 95% of

the goods traded via cross-border e-commerce and delivered by the five biggest express companies in China are declared as

import and export goods at customs and are included in cargo statistics. Only less than 5% the goods are declared as personal

belongings and are not included in customs statistics.

(3) Customs clearance of mail: goods bought online and delivered by mail are mainly daily essentials. According to related

regulations issued by General Administration of Customs and the State Council, goods for personal use of reasonable amount

are out of compulsory customs clearance and statistics.

With the development of cross-border e-commerce, trading is becoming more and more fragmented. Some of traditional trade has

shifted to cross-border e-commerce, and goods are delivered by express or mail. Under this circumstance, General Administration

of Customs is searching for an improved statistical system to cover all goods.

For different trading modes of cross-border e-commerce, there are following differences in customs clearance: (1) B2B export: if goods are exported on a large scale, they are actually in traditional trade. For goods exported on a small scale

by express or mail, its hard to get customs forms, and there are also some troubles in goods inspection, settlement of exchange and tax reimbursement.

(2) B2B import: the overall situation is basically the same as that of B2B export.

(3) B2C export: because it mainly targets overseas customers with relatively small orders but high trading frequency, and goods

are usually delivered by express or mail, it is not included in current customs regulatory system, so there are also some troubles

in goods inspection, settlement of exchange and tax reimbursement.

(4) B2C import: these goods, which are delivered by express or mail, are mainly bought for personal use, and theyre not involved in customs statistics. Domestic consumers have large demands for overseas products, which encourages emergence of parallel

traders and illegal purchasing agents. Besides, the current cargo regulatory system is unsatisfactory in maneuverability, so

relevant departments are trying to improve and perfect it.

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Pilot Cities: Exploration of Customs Clearance of Express and Mail In cross-border e-commerce, goods delivered by express and mail often face troubles in customs clearance, settlement of

exchange and tax reimbursement. In order to solve these problems, General Administration of Customs selected some pilot cities to

study the standard regulations and management system of cross-border e-commerce and improvement of customs clearance

management and service. The project innovates in two aspects: policy innovation, which explores management system suitable for

cross-border e-commerce, and innovation of information technology, which enables related departments to work together and share

data with enterprises in e-commerce, payment and logistics sectors.

In December 2012, General Administration of Customs officially selected five cities including Shanghai and Chongqing as the pilot

cities. In October 2013, the project was carried out in some other suitable cities which are usually logistics centers, port cities,

places of origin, etc.

There are four kinds of business can be applied for by pilot cities. According General Administration of Customs, only six cities,

including Chongqing, Guangzhou and Shanghai, are allowed to operate import business of cross-border e-commerce, and other

cities can only deal with export business.

Pilot Cities of Cross-border E-commerce

Group Approval

Time Pilot City

Examination and

Approval

Authority

Project

Startup

Stage

2012

Zhengzhou, Shanghai,

Chongqing, Hangzhou,

Ningbo

General

Administration of

Customs

Project

Expanding

Stage

2013-

2014

10+ cities including

Changsha, Shenzhen,

Suzhou, Qingdao,

Guangzhou, Pingtan,

Yinchuan, Mudanjiang,

Harbin, Yantai, Xian and Changchun

General

Administration of

Customs

Approved Cross-border E-commerceBusiness for

Some Pilot Cities

City

Direct

Purchase

Import

Bonded

Import

General

Export

Bonded

Export

Chongqing

Guangzhou

Shanghai

Ningbo

Hangzhou

Zhengzhou

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Policies About Cross-border E-commerce Pilot Cities: Exploration of Import Business Currently, the exploration of cross-border e-commerce can be divided into two parts, namely export and import:

(1) Export: according to General Administration of Customs, by April 28, 2014, cities including Hangzhou, Zhengzhou, Guangzhou

and Chongqing had been involved in export business of cross-border e-commerce and more than 250,000 export lists had been

checked and approved, which equaled to 1,393 export declaration forms with an approximate value of 29.25 million Yuan.

(2) Import: making their special functions and advantages into full play, pilot cities create bonded import and direct purchase import

models for online shopping. By April 28, 2014, cities including Shanghai, Ningbo, Hangzhou, Zhengzhou and Chongqing had

been involved in import business and nearly 60,000 packages had been checked and approved with an approximate value of

20.48 million Yuan. These pilot cities had made many attempts, and relevant platforms such as Kjt and KJB2C were launched

one and after under the instruction of related governmental departments.

Comparison of Two Import Models of Cross-border E-commerce

Import Model Direct Purchase Import Bonded Import

Operation

Consumers buy goods from abroad. These goods

are shipped by international transportation means

and then reach domestic consumers directly.

Foreign goods are temporarily stored in bonded areas after arriving in China.

If someone purchases the goods, they will be regarded as personal items

and be delivered to domestic consumers with local logistics.

Advantages &

Disadvantages

Advantages: it provides a variety of products, so

Chinese consumers can directly communicate with

overseas businesses and buy scarce and novel

products with good quality.

Disadvantages: it takes a relatively longer time,

from 7 to 10 days.

Advantages: it takes less time to finish delivery; quality is guaranteed by

customs supervision; convenience in after-sale services like changing and

refunding improves shopping experience.

Disadvantages: limited categories of goods

Goods Price

Structure

Commodity price + logistics costs + personal postal

articles tax (subject to adjustment of merchants)

Commodity price + personal postal articles tax (subject to adjustment of

merchants)

Typical Pilot City Hangzhou, Guangzhou Kjt, KJB2C, Emaoe, Igetmall

Result N/A

According to customs in Shanghai and Ningbo, kjt.com was launched at the

end of 2013. By the end of March, 2014, Kjt had finished 26,766 orders,

which mainly consisted of imported food like Frappuccino and milk powder.

Since Ningbo commenced cross-border e-commerce import business at the

end of November, 2013, 15,017 orders had been examined and approved

which valued 49.75 million Yuan by March 30, 2014. These orders were

mainly about diapers, stainless steel thermal cups and food.

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Investment in Cross-border E-commerce

More and More Attention From Investors

Source: China Venture.

In recent years, e-commerce industry has always been a highlight in capital market. From January 1, 2010 to September 30, 2014,

there were 567 investment and financing cases in e-commerce industry, including 99 cases in 2010, 176 cases in 2011, 92 cases in

2013 and 103 cases by September 30 in 2014. Many cross-border e-commerce operators, such as Alibaba, DHgate, Lightinthebox

and OSell, etc. all attained investment of different amounts. The details are as follows.

Investment and Financing Cases in E-commerce Industry 2010 Sep. 30, 2014

Company Time Investor Announced Amount Unit

Alibaba Sep. 18, 2012

China Investment/CITIC Capital/CDB Capital/Boyu

Capital 2 Bn USD

Oct. 8, 2011 DST/Silver Lake/Temasek/Sequoia Capital 1.6 Bn USD

DHgate Sep. 12, 2014 China Growth Capital/TDF Capital Hundreds of Millions RMB

Mar. 11, 2010 Warburg Pincus, etc. 200 Mn RMB

OSell

Sep. 27, 2011 Northern Light Venture Capital 3.95 Mn USD

Jan. 1, 2011 SIG Asia Investment N/A

Jun. 5, 2010 Northern Light Venture Capital 4 Mn USD

Lightinthebox Mar. 23, 2012 Ceyuan Ventures, GSR Ventures 8 Mn USD

Oct. 25, 2010 GSR Ventures/Trustbridge Partners/Ceyuan

Ventures/Banean 35 Mn USD

Global Market Jun. 1, 2010 Shanghai International Group 11.31 Mn USD

Wish

Jun. 28, 2014 Founders Fund, Legend Capital, Formation 8, GGV

Capital, Yang Zhiyuang 50 Mn USD

Apr. 1, 2014 GGV Capital, Formation8 19 Mn USD

ZZKKO

Sep. 1, 2014 Sealand Jianguo Capital Tens of Millions RMB

Oct. 1, 2013 Qingsong Fund Million RMB

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E-commerce




1

2

3

4


E-commerce 5

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In terms of the export flow of cross-border e-commerce, producers or manufacturers display their products on cross-border e-

commerce platforms. After the products are selected and paid by customers, they will be sent to logistics companies by cross-

border e-commerce operators for delivery. The products will finally reach the customers after two inspections at customs (for export

and import). Some cross-border e-commerce operators cooperates with third-party comprehensive service platforms and entrust

them with logistics, goods inspection and alike procedures. Import flow is just opposite to that of export flow.

Consumer

Cross-border E-

commerce Company

Payment

Company

Logistics

Company

Third-party Comprehensive

Service Platform

Customer

Pro

du

ce

r/Ma

nu

fac

ture

r

Customs

Overseas

Logistics Domestic

Logistics

Cross-border

E-commerce

Platform

Self-run Cross-

border E-

commerce

Company

Company

Product

Consumer/

Company

Customs Clearance

Logistics Payment


Company

Producer/

Manufacturer Import

Export

China Cross-border E-commerce Flow

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Cross-border E-commerce Company 2B 2C

Information

Service Platform

Trading Service

Platform

Third-party Service Company

Logistics Company

Finance Company

Comprehensive

Service Company IT, Marketing, Third-party

Opration, etc.

Logistics Integrating

Company

Logistics Service

Provider

Pro

du

ce

r/Ma

nu

fac

ture

r

Co

ns

um

er/C

om

pa

ny

Payment Company Insurance Company Financing Company


se

lf-run

Site

P

latfo

rm

Others Shopping Guide Site

14 14


Classification of Cross-border E-commerce Companies

Export Company: Made-in-China, AliExpress, Dhgate, etc. Import Company: Ymatou, Kjt, etc.

Platform: AliExpress, DHgate (without purchase and delivery)

Self-operation + Platform: OSell,

Lightinthebox, etc. (price difference for self-run business and

commission for platform business)

Self-operation:

DealExtreme, Milanoo, etc. (with purchase and delivery)

2B: Made-in-China, Alibaba, etc. 2B+2C: Dhgate, OSell, etc. 2C: eBay, AliExpress, etc.

Vertical: Liming Heavy Industry, Milanoo, etc.

(focus on core products and business)

Export

vs

Import

Changing with the development of users demand and companies (such as cross-border shopping guide, etc.)

Comprehensive: Made-in-China, AliExpress, etc.

(large traffic, large number of goods and diversified business)

Platform

vs

Self-operation

2B

vs

2C

Comprehensive

vs

Vertical

Others

Classification of Cross-border E-commerce Companies

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E-commerce




1

2

3

4


E-commerce 5

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History of Chinas Cross-border E-Commerce Platform

In 1998, the first group of cross-border e-commerce platforms represented by Alibaba B2B and Made-in-China emerged. These websites mainly released information, promoted deals and bridged sellers and buyers. However, there were also some problems. Firstly, without professional and in-depth service, logistics and payment are satisfactory. Secondly, the websites could hardly offer

other profound and professional services except for information. Finally, enterprises would negotiate and make deals offline after

online inquiry. With the development of this sector, some B2B e-commerce enterprises represented by DHgate gradually

transformed into transaction platforms with commission as their major profit source. Since 2013, B2B enterprises began to offer

services during and after the trading, covering logistics, storage and financing.

Meanwhile, there were gradually some cross-border B2C enterprises since 2006, including DX, Lightinthebox and OSell. These

companies greatly reduced the intermediate parts of the industry chain and made generous profits from the difference between

purchasing and selling price. They are developing rapidly in recent years.

1997 2002 2005 2008 2011 2013 2014

Made-in-China, Global Market, Alibaba B2B,

Onetouch, etc. were

founded one after another;

Early cross-border B2B e-commerce enterprises

made profits by releasing

paid information.

Chukou1, DHgate, 4PX, BizArk, etc. were founded;

Enterprises made profits by collecting commission and

began to offer some value-

added services.

In 2006, DealExtreme, Lightinthebox, Tradetang, OSell and other B2C enterprises were found in

sequence;

Most B2C enterprises established during this stage made profits from the difference between

purchasing and selling price. Lightinthebox was

listed in the NYSE in 2013.

B2B

B2C

Information Service

Membership fee + Marketing Charge

Transaction Service

Commission

Resource Integration

Commission + Service Fee

Early Stage of B2C

Difference Between Purchasing and Selling Price

1998-2002 2003-2005 2006-now: Development Stage of B2C

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3.1 Trillion Yuan GMV in 2013

Note: China cross-border e-commerce GMV involves cross-border e-commerce retailing and cross-border B2B e-commerce.

Source: The data is based on the data released by National Bureau of Statistics of China, financial results published by enterprises, interviews with experts and iResearch

statistical model.

The GMV of China cross-border e-commerce amounted to 3.1 trillion Yuan in 2013, rising by 31.3% and making up 11.9% of the

total foreign trade volume. With unveiling of many favorable policies concerning cross-border e-commerce, many insiders are

actively improving the industry chain. Its expected that this sector will maintain a rapid and stable progress for a few years and will contribute 20% or so to the total foreign trade volume in 2017.

20.2

23.6 24.3 25.8

27.1 29.5

32.0 34.6

1.3 1.8 2.3

3.1 4.0 5.2

6.5 8.0

6.3% 7.5% 9.6% 11.9% 14.8%

17.6% 20.5% 23.1%

41.0% 40.1% 32.0% 31.3% 30.6% 29.3% 25.9% 22.2%

0

10

20

30

40

50

60

2010 2011 2012 2013 2014e 2015e 2016e 2017e

China Foreign Trade Volume and Cross-border E-commerce GMV 2010-2017

Total foreign trade volume (tr Yuan) Cross-border e-commerce GMV (tr Yuan)

% Contribution of cross-border e-commerce to Foreign Trade % Growth of cross-border e-commerce GMV

18 18


Nearly 90% of China Cross-border E-commerce Were Export

Chinas cross-border e-commerce structure reveals that in 2013, export accounted for 88.2% of the total GMV, so the import business is still in its early stage. With domestic consumers increasing demand for overseas products, its expected that the import sector will grow constantly in future. However, as import business is sensitive to states policies, its growth will be relatively steady and slow.


statistical model.

93.5% 92.4% 90.2% 88.2% 86.7% 85.4% 84.4% 83.8%

6.5% 7.6% 9.8% 11.8% 13.3% 14.6% 15.6% 16.2%

0%

20%

40%

60%

80%

100%

2010 2011 2012 2013 2014e 2015e 2016e 2017e

Share of Import and Export in China Cross-border E-commerce GMV 2010 -2017

Export Import

19 19


B2B Accounted for 93.9% of China Cross-border E-commerce

From the perspective of transaction modes, B2B was absolutely the dominant mode with a share of nearly 93.9% in 2013, and such

situation is expected to maintain due to its considerable and stable orders. B2C will also gain certain progress in future thanks to the

fragmentation trend of cross-border e-commerce. Its estimated that B2Cs share will rise to 10% in 2017.


statistical model.

97.7% 96.8% 95.4% 93.9% 92.4% 90.8% 89.6% 88.9%

2.3% 3.2% 4.6% 6.1% 7.6% 9.2% 10.4% 11.1%

0%

20%

40%

60%

80%

100%

2010 2011 2012 2013 2014e 2015e 2016e 2017e

Share of B2B and B2C in China Cross-border E-commerce GMV 2010 -2017

B2B B2C

20 20


E-commerce




1

2

3

4


E-commerce 5

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DHgate: A Third-party Cross-border B2B Transaction Platform

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Was founded

International

transaction

platform was

official launched

Gained the first-

round investment

Became Googles important strategic

partner in China

DHgate2.0 was

launched

Became a partner of UPS

Dhpay was launched

Dhexpress was launched

Mobile platform was launched

Set up overseas

customer service

center in the

Philippines

Finished the fourth-round financing

Russian version was released

Launched Yiwu Global Online Goods Center

Started online delivery service

Became Googles ad agent in China

mobile visits accounted for one third of total visits

DHgate.com was launched in 2014 as a cross-border B2B e-commerce platform. It mainly sells electronic products, mobile phones

and accessories, computers and Internet products, wedding articles, etc. Europe, America and Australia are its major market, and

currently it owns 1.2 million domestic suppliers, 5.5 million buyers and 25 million kinds of products.

Finished the third-round financing

Launched online small loan service with CCB

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DHgate: Commission + Service Fee

DHgate.com is a transaction platform providing transaction services for both buyers and sellers in order to promote online trading.

Based on the positioning, Dhgates profit consists of two parts: (1) commission: DHgate.com serves as a transaction platform for buyers and sellers and charges the buyers a certain amount of commission for successful transactions, and (2) service fee: since

cross-border e-commerce is operated by users in more than 200 countries and one hundred thousand cities around the world, it is

much more complicated than domestic e-commerce. Also, the whole transaction process of cross-border e-commerce takes more

time, and buyers and sellers call for services of higher standards. The complicated and commercial features of these transaction

determine that multiple services are needed in the whole cross-border transaction process. Given the characteristics, Dhgate

provides services like intensive logistics, financial service and agency service for some fees.

Transaction: Commission

Transaction commission: it is free to register, upload product information

and display them on DHgate.com. The

buyer will only be charged

commission based on the transaction

volume for a successful transaction.

Commission model: DHgate adopts the single commission rate model,

which means that a fixed proportion of

commission is charged according to

the category. This model works with a

multistep commission policywhen a single order is worth no less than

USD300, the commission rate is

4.5%.

Service: Service Fee

Service fee: DHgate provides services for merchants including opening a new shop,

platform operation, marketing, fund

settlement and so on.

Marketing: to improve product exposure, it provides merchants with marketing tools,

including priced advertising, bidding

advertising, display plans, etc. by charging

fees in the form of DHgate coins.

Third-party Operation: it tailors services for merchants in terms of training, shop

decoration, account management, etc.

Fees are charged according to different

services.

Integrated foreign trade service: it provides services including online financial

service, intensive logistics, and a set of

services of storage, customs clearance, tax

refund and goods inspection by charging

certain service fee.

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DHgate: Nationwide Suppliers + Platform + Integrated Service +

Impressive Performance of Mobile Sector

Apart from basic services based on the platform,

DHgate is optimizing its integrated services:

Payment: DHpay has access to more than 30 payment

means in the world;

Logistics: online delivery, warehousing and

concentrated freight services. The DHlink supports

more than 20 logistics channels including EMS, UPS,

DHL, etc.

Credit: DHCredit cooperates with financial institutions

to provide credit service.

Other value-added services: training, marketing,

third-party operation, etc.

Positioning: a third-party B2B cross-border

transaction platform, committing to helping

Chinese SMEs to enter global market through

cross-border E-commerce platform.

Platform advantage: by June 2014, DHgate had

owned 1.2 million merchants, 25 million kinds of

online goods and 5.5 million buyers, with 100

thousand visitors per hour. It has great

advantages in users, traffic and goods categories.

App: in 2011, it launched the first app for buyers in

cross-border e-commerce sector, followed by a

WAP platform for buyers and an app for merchants.

Also, a mobile laboratory was set up in Silicon

Valley.

Development: its mobile business develops

rapidly. By June 2014, visits of mobile DHgate.com

accounted for 42% of the total visits. Compared to

the same period in 2013, the transaction volume,

new buyers and active buyers respectively

increased by 200%, 248% and 220%.

Service object: expanding from small and medium

merchants to large foreign trade companies,

manufacturers and brand owners.

Platform expansion: besides transaction platform,

DHgate launched online cargo center for traditional

foreign trade companies. In August 2013, DHgate

launched a global online cargo center by cooperating with the merchants in Yiwu.

Platform

Integrated Service Impressive Performance of Mobile Sector

Nationwide Suppliers

24 24


Lightinthebox: A Cross-border B2C E-commerce Website

Established in 2007, Lightinthebox is the biggest foreign trade B2C website in China now. At first, Lightinthebox focused on selling customized wedding dresses. Later, its business scope has expanded to 14 categories and more than 60 thousand kinds of goods,

including apparel, electronic products, toys, accessories and household items. Europe and North America are its major markets. On

June 6, 2013, Lightinthebox went public in New York Stock Exchange. The offering price was USD 9.5 and it got financing worth

USD 78.85 million. In Q3 2014, the net revenues reached USD 99 million. Specifically, the net revenues of apparel, its major

category, increased to USD 37 million at a YoY growth rate of 103.9%. In addition, the number of orders and customers both

experienced an over 50% YoY growth.

2007 2008 2009 2010 2011 2012 2013 2014

Was established and

Focused on B2B

foreign trade of

electronic products

Established LightInTheBox Holding Co., Ltd.

Attained first-round investment of USD5 million

Began to sell wedding dresses The first warehouse in Shenzhen

The third warehouse in Shenzhen

Went public in New York Stock Exchange

Self-operation and special offers of apparel

Announced its global open platform of fashion goods

strategy

Established a logistics center in Europe

Established a mobile Internet R&D center in Chengdu

Established wedding dress design center

Attained third-round investment

of USD35 million

Acquired Ouku

Attained second-round investment of USD11.27

million in 2009

The second warehouse in Suzhou

Established VIIE

25 25


Lightinthebox: Difference Between Purchasing and Selling Price

As a foreign trade B2C website, the main operation pattern of Lightinthebox is selling goods made in China to oversea individuals.

Currently, its profits come from the price difference between product purchasing and selling. In May 2014, Lightinthebox released its

strategy of global fashion open end platform, that is, it attracts businesses around the country to its platform and promises to

provide them with four services consisting of glocalization, order fulfillment, customer service and open data. Concerning income

pattern, Lightinthebox takes certain proportion of sales as its income instead of charging annual fee. So far, the price difference of

self-support goods accounts for the biggest part of its income.

Self-operation: Difference Between

Purchasing and Selling Price

Purchase: bypassing middlemen,

70% of goods are purchased directly

from manufacturers to save

purchasing cost.

Sales: it purchases goods directly from manufacturers in China at low

prices and sells them to consumers at

oversea market prices, which

generates high gross profit.

Gross profit: in Q3 2014, the net revenues of Lightinthebox rose to

USD99 million at a fast pace and the

gross profit grew to USD36.65 million

at a stable growth rate. While

maintaining certain gross profit,

Lightinthebox expanded its scale to

gain scale effect.

Platform: Commission

Potential clients: domestic

traditional offline brand owners,

online brand owners and foreign

trade manufacturers.

Categories: only apparel, mainly ready-made clothes but not

wedding dresses, the key product

of Lightinthebox. More categories

are likely to be operated when the

platform gets mature in the future.

Charging pattern: Lightinthebox obtains 15% of sales from

merchants without annual fee.

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Lightinthebox: Supply Chain + Online Marketing + Localization

Online marketing: accurate online marketing

technology penetrating into target market by promotion means including socialized marketing, search

engine, display ads, etc. Lightinthebox shifts from online

marketing to brand building and seeks a balance

between product promotion and mobile business.

Marketing expense: Lightinthebox invests equally in

Google, SNS like Facebook, local Internet associations,

etc. for marketing. The marketing efficiency is improved

at lower expenses.

Oversea warehousing: Lightinthebox has established

warehouses in Europe and North American and

warehouse in South America is under planning.

Overseas office: it set up an overseas office in the US

in early 2014

Staff and service: it employs local people in America,

Spain, Poland, etc. It also employs local staff to localize

customer service, serving more than 20 countries.

Localized marketing: it builds and strengthens brand

popularity and reputation in local market through local

Internet associations and socialized marketing.

Supply chain: Lightinthebox purchases products from

manufacturers and sells them to consumers directly, which

achieves the shortest supply chain from factories to websites and then consumers. This pattern helps it to earn

higher gross profit.

Supply chain management: on one hand, to provide

more various goods on the website, Lightinthebox seeks

cooperation with more suppliers and keeps enriching the

category of goods. On the other hand, it engages suppliers

in the supply chain and makes them update the products

actively so as to accelerate the update of goods on the

website.

Customized goods: Lightinthebox trains suppliers ability to coordinate production in advance. Suppliers produce

according to demands. After receiving an order, products

will be produced within 10 to 14 days and then delivered to

Lightintheboxs warehouse. For customized standard products, suppliers usually deliver them to Lightintheboxs warehouse within 48 hours. Besides, Lightinthebox

established wedding dress design center to enhance

design capacity.

Standard products: some suppliers are required to

produce goods in advance and store them in

Lightintheboxs warehouse. By this way, its more efficient to deal with orders and effectively avoid inventory risk.

Online Marketing

Localization

Supply Chain

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OSell: A Cross-border E-commerce O2O Platform

OSell was established in 2009. It mainly sells goods like electronic products, apparel and gardening products in six major regions Russia, Brazil, India, Europe, America and Australia. It has more than 10 branches in America, Canada, Japan, Australia, etc. Its one of the biggest cross-border e-commerce O2O platforms in China, owning nearly a thousand employees from China and

overseas. OSell has more than 1,000 local sales channels around the world, more than 20 oversea warehouses, over 50 logistic

channel cooperators and more than 70 payment means.

2009 2010 2011 2012 2013 2014

Was established

Obtained the first-round venture

capital in January

Launched Groupbuy Promoted its own payment

tool Dino Wallet

O2O business entered Russia, Brazil and India

Access to cross-border e-commerce customs clearance

service platform of GACC and

Pingtan

Cross-border e-commerce O2O conference

The first publicly supervised warehouse in China was built

in Dongguan

Launched 18985, a domestic

suppliers platform

Established cloud warehouse

Finished first-round financing in January

Finished third-round financing in September

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OSell: Difference Between Purchasing and Selling Price + Service Fee OSell adopts the cross-border O2O model. Concerning product supply, besides purchasing for self-run business, it attracts

businesses on 18985, a domestic supplier platform, and OSell cross-border O2O association for its platform business. Chinese

suppliers can launch new products, manage orders and clients and accomplish payments with e-wallet on 1898 platform. Also, they

can promote goods to oversea retailing market by participating in cross-border O2O online trading association. Concerning product

selling, it adopts OSell cross-border O2O platform for overseas business and establishes and integrates oversea retailing system,

which improves after-sale service greatly. Overall, OSell has two profit models: (1) self-run business mainly earns profits from the

price difference between purchasing and selling products; (2) platform business mainly makes profits by charging service fees.

Self-run: Difference Between Purchasing

and Selling Price

Category: popular categories include apparel, shoes and accessories, mobile

phone, tablet, Internet items, automobile

and motorcycle accessories, camera,

video camera, etc.

Sales: OSell gains profits by purchasing goods directly from manufacturers in

China at a low price and selling them to

overseas consumers or businesses at an

overseas market price.

Platform: Service Fee

Cloud warehouse service: OSell provides services including receiving

cargo, pre-process activities like

sorting, printing code and goods

inspection, delivery and storage. Fees

are charged according to goods

weight, quantity or service time.

Other services: fees are charged for services like transnational trade

settlement and customs clearance

agency.

Supplier

Supplier

Supply

Goods

Registration

Self-run

Business

18985

Platform OSell

Overseas

Consumer Do

mes

tic

Ove

rse

as

Dinodirect

Overseas

Retailer

Osell Cross-

border O2O

Association

Supplier

Registration Osell Cross-

border O2O

Association Overseas O2O Exhibition

Overseas

Retailer

Offline O2O Store N1

Offline O2O Store N2 Offline O2O Store Nn

29 29


OSell: Cross-border O2O + Cloud Warehouse + Localized Operation

Cloud warehouse: Osells transnational e-commerce storage and delivery solution covers receiving cargo, sorting, goods

inspection, printing code, storing and delivering. Sellers send

products to the warehouse where the products will be packed

and shipped. Besides the basic services above, cloud warehouse

provides value-added services such as weighing, taking pictures

of products and parcels, customized package, etc., in order to

satisfy different clients needs.

Storage: OSell has warehouses in Yangze Delta and Pearl River Delta. The total area of the two big warehouses in Shenzhen is

30 thousand square meters. It has a publicly supervised

warehouse in Dongguan which links up with customs as well as

inspection and quarantine departments to complete one-stop

customs clearance. In Heilongjiang, it has cooperative delivery

centers which facilitate foreign trade companies to explore

Russian market. In addition, it also has warehouses in Russia,

India, Britain, America, Australia, and so on.

Delivery: its delivery service reaches more than 200 countries around the world and it is not limited by weight, volume and sea

route congestion in busy seasons.

Advantages: it helps Chinese manufacturers and merchants to conduct localized selling in overseas market by reducing logistic

costs. Meanwhile, real time inventory management and

supervision can be achieved. It takes less time to receive goods,

which improves buyers satisfaction.

Office: overseas sales offices are established in Moscow, Sao Paulo, New Delhi, Montreal,

Canberra, etc., owning more than 200 foreign

employees who are in charge of sales and

promotion in overseas market.

Channel and storage: OSell has more than 1,000 local sales channels around the world

and over 20 overseas warehouses.

Cross-border O2O Cloud Warehouse

Localized Operation

Model: OSell is a pioneer and leader of cross-border O2O. It connects domestic suppliers via

18985 and cross-border O2O online trading

association and establishes and integrates

global retailing network through OSell. In the

form of cross-border O2O exhibition and offline

experience shop, it sells Chinese goods to

oversea retailing market and builds a platform

providing service and customization.

Advantages: OSell solves the delivery problem of Chinese suppliers when selling in global

market and guarantees services and credits

while overseas retailers purchasing from China.

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1

2

3

4


E-commerce 5

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E-commerce

Characteristics: Participants, Industry Chain and Brand Operation

After developing for more than a decade, China cross-border e-commerce has experienced the periods of information publishing,

transaction platform and the current booming of B2C. It shows different characteristics in each stage. Since two years ago, as the

public pays increasing attention to cross-border e-commerce and participants commit to the sector, there are some new

characteristics, including the following aspects:

Before 2012, micro and small businesses, individual merchants and online merchants were the main participants. Since 2013, the main participators in traditional trade like foreign trade companies, manufacturers and brand owners began to enter this sector and have gradually formed certain scale.

Participants

Steps like marketing, customs clearance, commodity inspection, logistics and payment may affect the development of cross-border e-commerce. Concerning that, cross-border e-commerce companies keep expanding their services and try to provide integrated services by combining various resources. With the emergence of new service providers, the whole industry chain and the service chain of the industry are getting clearer and sounder.

Industry Chain

By taking Chinas advantage in manufacturing, selling cheap but good-quality goods and OEM were the main patterns of early cross-border e-commerce. In recent two years, many companies start running their own brand. Especially some big companies begin to build their own platforms to introduce their brands to oversea market and increase their value.

Brand Operation

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E-commerce

Problems: Products, Logistics, Customs Clearance, etc.

Severe homogeneity of products: in the recent two years, the rapid development of cross-border e-commerce has attracted

many businesses, resulting in fierce competition in the sector. Some products like 3C products and accessories are popular and

profitable, so many cross-border e-commerce companies are selling them. Some of these companies even compete with very low

price.

Brand advantage is yet to be built: the rapid development of cross-border e-commerce greatly relies on Chinas manufacturing advantages and low product price. Many products like 3C products and apparel in cross-border e-commerce are produced by

small factories. Hence there are problems in quality control and most cross-border e-commerce companies have not built their own

brands yet.

Time-consuming and unstable logistics: related policies in different countries vary greatly, so unlike domestic e-commerce,

cross-border e-commerce cannot deal with logistics by building the companies own logistic systems. Logistics of cross-border e-commerce is time-consuming. For instance, it usually takes 7 to 15 days to reach America and Europe, and even longer to reach

South America, Brazil and Russia (25-35 days). Apart from that, the delivery time is uncertain sometimes, so it may take 7 or even

20 days to receive the goods.

Difficulty in customs clearance and exchange settlement: as cross-border trade tends to be conducted in small volume, B2B

companies of small-volume trade also face problems of customs clearance as B2C companies. Since small-volume B2B and B2C

cross-border e-commerce is different from common exporting, it has to face the difficulties in quick customs clearance, exchange

settlement and tax reimbursement. Although the authorities adopt a customs clearance pattern of checklist verification and consolidated declaration for B2C businesses, many small and medium businesses engaging in small-volume B2B foreign trade do not get benefits. In terms of importing, problems are as follows: importing from illegal channels to elude customs regulation,

difficulty in identifying the quality of imported commodities, and insufficient protections of consumer interest, etc.

Shortage of cross-border e-commerce talents: the reasons are: (1) limitation of language: most cross-border e-commerce

talents are English majors, but markets in Brazil, India, Russia, Arab and Mongolia are so potential that talents speaking those

languages are needed. (2) High requirements for capacity: besides language, talents in cross-border e-commerce should have

knowledge about home and overseas markets, transaction modes, consuming habits, etc. In addition, they should learn the trading

rules and characteristics of major platforms. Therefore, its common to see shortage of cross-border e-commerce talents.

Different trading models in cross-border e-commerce lead to different problems. Block export and import deals conducted in traditional

trading models still need paper documents, which hinders the convenience of trade and application of e-commerce in trade. For

fragmented trade, there are also some industrial problems related to products, logistics and customs clearance.

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E-commerce

Trend : Diversified Commodities and Markets New characteristics of cross-border E-commerce are emerging: more categories of traded products and wider range regions of

trading objects.

Concerning the category of products, categories extend from easily-transported products including apparel, 3C, computer and accessory, household and gardening product, jewelry, auto parts, food and drug, etc. to products with large volume like furniture

and automobile. According to eBays data, three categories with the fastest growth on eBay are: household and gardening, auto parts and fashion. Moreover, 71% of big sellers plan to enrich the current category and 64% of big sellers plan to expand to other

product lines. Providing more product categories is the major technique to expand business scope. More categories will create a

closer relationship between Chinese products and global consumers daily life, and help cross-border E-commerce capture the cross-border online shopping groups with the strongest purchasing power. According to iResearch, E-commerce is playing an

increasingly important role in daily life. Solutions to science and technology as well as logistics are getting more innovative. Thus,

product categories covered by cross-border E-commerce retailing exporting industry will keep increasing in the future.

Concerning target markets, mature markets represented by America, Britain, Germany and Australia will continue to grow fast and still be the major target markets for cross-border E-commerce retailing exporting industry, which is a result of popular cross-

border online shopping notions, mature consuming habits, regulated business and comprehensive logistics facilities. Meanwhile,

the growing markets are the new driving force for cross-border E-commerce retailing exporting industry: 1. Although E-commerce

is developing in countries like Russia, Brazil and India, consumers there have a strong demand for consuming, so in those

markets, low price and good quality are competitive advantages of products made in China. 2. A multitude of companies are

exploring Southeast Asian market. Indonesia is the most populous country in Southeast Asia and the fourth in the world. E-

commerce giants like eBay, Amazon, Rakuten have started entering Indonesian market. 3. In regions like Central and Eastern

Europe, Middle East and Africa, E-commerce is still at the early stage and is believed to achieve great breakthroughs in the

future.

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E-commerce Trend : Larger Share of B2C, Co-development of B2B and B2C The improvement of international trade infrastructure and emergence of new technologies in logistics, finance and the Internet lead to

changes in international trade. One of the most significant changes is a greater diversity of ways by which products move from factories to

consumers. Companies are paying more attention to cross-border B2C e-commerce which booms in recent two years, and dominant

advantages attribute to the rise: (1) High profits: compared to traditional cross-border trading pattern, B2C bypasses all intermediate

process and finds the shortest way between factory and product, which generates high profits. (2) Good for brand building: OEM is no

longer what domestic manufacturing and trade companies want. Some Chinese brand owners want to go out by attempting cross-border e-commerce. B2C helps them adjust to overseas market and introduce products made and designed in China to the world. (3)

Satisfying market demands: facing consumers directly does good to meeting market demands and providing customized services. (4)

Broad market: block trade usually deals with traditional products and has single market. Different from that, small B2C trade is more

flexible and selling is not bound by territoriesreaching more than 200 countries and regions. The bigger market efficiently releases the competition pressure in a single market.

According to iResearch, B2C is moving on a smoother way, because of the development of logistics and Internet technology and some

favorable policies. B2C will take a bigger share of the whole market. As a main trend in global trade, B2C will still be the most important

pattern for Chinese companies to explore overseas market, so it will grow together with B2B.

Cross-border B2C provides opportunities for Chinese manufacturing and export companies to explore new business. However, the

volume of B2C orders is small and unstable, so it cannot satisfy

manufacturers need for scale production. In addition, B2C companies are also facing market demand cycle, high marketing

costs, difficulty in acquiring users and competition with overseas

shopping websites.

As the main trend of global trade, B2B will still be the most important pattern for Chinese companies to explore overseas market. On the

other hand, as an effective way to be closer to consumers, B2C is

important for Chinese companies to build their brands in a shorter

time. B2B and B2C are complementary to each other despite of

differences. They are both good tool to explore overseas market.

B2B B2C

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E-commerce

Trend : Great Potential in Mobile Business The development of mobile Internet technology blurs the line between online and offline commerce. The whole-channel shopping will grow quickly focusing on the Internet, seamless link and multi-screen. (1) Concerning B2C, mobile shopping enables consumer

to shop anywhere and anytime, which greatly stimulates market demands and provides more opportunities for cross-border e-

commerce of export retailing. (2) Concerning B2B, the trend of small volume and fragmentation of global trade is noticeable.

Transnational transaction can be achieved seamlessly thanks to mobile Internet technology. Sellers can upload pictures of products

in warehouse or factory in the daytime to do instant selling. At night, they can reply offers and affirm orders. Via mobile Internet,

communication between buyer and seller is very convenient.

Potential of mobile cross-border e-commerce: Development of mobile cross-border e-commerce is related to

the development of the Internet in different countries. For

developed markets like America, the sound Internet environment

guarantees sufficient space for cross-border e-commerce to shift

from PC to mobile devices. In some emerging markets, e-

commerce there is several years behind China. For instance, in

Russia, South East Asia and Africa, a large number of users

enter mobile cross-border e-commerce market without entering

the PC one first. Mobile cross-border e-commerce will make

more profits in those markets.

Cross-border e-commerce companies mobile business: Cross-border e-commerce companies are experiencing a fast

development in mobile business. By June 2014, visits on mobile

DHgate.com accounted for 42% of the platforms total visits and orders on mobile DHgate.com increased by 215% at a year-on-

year growth rate. Lightinthebox thought mobile business was the

driving force for revenues, so it adopted a multi-app strategy for

its mobile business. As a result, in Q2 2014, orders on mobile

devices accounted for 28.2% of the total orders, increasing by

11.4% compared to Q2 2013. Mobile and PC platforms will

interact further with each other through combined purchasing.

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E-commerce

Trend : Better Industry Ecology and Synergic Development of Different Parts

Cross-border e-commerce includes flows of material, information, capital and document. As cross-border e-commerce economy is developing, supporting enterprises, including software companies, third-party service companies, online payment companies,

logistics companies, etc., start clustering around cross-border e-commerce companies. Services provided by those supporting

companies include online shop decoration, translation and description of pictures, website operation, marketing, logistics, refunding

and exchanging commodities, financial services, quality inspection, insurance, etc. The whole industry is having a sounder ecology

system and clearer division of work. The current cross-border e-commerce service sector is effectively boosting the cross-border e-

commerce industry.

Concerning logistics, to cater to cross-border e-commerce, cost-saving, fast and safe logistics services providing more after-sale

services are borne. There are also lots of logistics integrators, such as logistics service providers focusing on overseas

warehousing in cross-border e-commerce. Companies like 4PX Express and CK1 have put emphasis on combining logistics and

supply chain. If having overseas warehouse, small-volume cross-border delivery usually takes 1 to 30 days. This period can be

greatly shortened by combining different shipping means according to different buyers demand. In addition, sellers will be more competitive in international trade with the perfection of their overseas warehouses.

Concerning financial services, State Administration of Foreign Exchange granted pilot licenses of foreign currency payment in

cross-border e-commerce to 17 third-party payment agencies in China, which diversifies payment and propels cross-border e-

commerce. Focusing on transaction process, eBay, a cross-border e-commerce platform, launched cross-border insurance

products by cooperating with China Pacific Insurance Company and Bank of China Insurance. Concerning Internet finance, some

financial institutions like Bank of China and Ping An Financial Science provide fiduciary loans without collateral for cross-border e-

commerce companies, which releases financing pressure of small and medium enterprises.

Besides, the spring up of companies providing third-party services and marketing service makes the whole industry and supporting

facilities more comprehensive.

E-commerce platform is not enough for cross-border e-commerce. It needs upstream guide of information technology and

downstream support of logistics. To change the traditional business pattern and realize fast growth, cross-border e-commerce

needs strong support from information flow, capital flow and logistics.

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The report is produced by iResearch Co., Ltd. All texts, figures and tables in this report are under the copyright protection of relative

laws and regulations on intellectual property rights in the Peoples Republic of China. No organization or individual is allowed to use

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report are collected from public information and their copyrights are held by the original authors. No organization or individual is

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Data related to operators revenues and market forecasts are mainly obtained through interviews related to the industry, marketing

survey, secondary sources and other research methods, some of which have not been directly confirmed by the related operators.

Some data published in this report is based on sampling method and is therefore influenced by sample structure. Due to the

limitation of research method, sample size and scope of data collection, part of the data may not precisely reflect real market

situation. This report is for reference only and iResearch is not liable for the accuracy of the data in this report.

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Definition of Cross-border E-commerceChina Foreign Trade Conditions in 2013traditional trade and cross country e-com trade difference- ChartPolicies on CustomsExploration of Customs Clearance of Express and MailExploration of Import BusinessChina Cross-border E-commerce Industry ChainHistory of Chinas Cross-border E-Commerce PlatformShare of Import and Export in China Cross-border E-commerceDHLightintheboxOSellOSell- Cloud warehouseCharacteristics: Problems: Products, Logistics, Customs Clearance, etc.Market diversification

8. 2014 china cross border e commerce report brief edition

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