1. 360buy to launch international shopping site :
Starting today, China’s largest online B2C retailer, 360buy.com, is launching its international shopping site to sell directly to overseas buyers. It is the first such move by a major Chinese e-commerce firm.
Competition at home is driving the push into foreign markets. “China’s e-commerce market is becoming increasingly cut-throat with firms launching price wars and bpromotions to capture users’ attention.”
Established in 1998, the privately-owned company has almost 400,000 new products available for sale on its website that can be shipped to 36 countries with free delivery for some products. Products range from electronics to home appliances, to shoes and clothes, bath products, books and groceries. The firm plans to set up warehouses outside of China.
360buy’s stiffest competitors are the Alibaba Group’s Taobao Mall and Taobao Marketplace. Other competitors include Amazon and Ecommerce DangDang Inc. China’s e-commerce industry grew 45 percent in the second quarter, over last year’s Q2, to reach 278.84 billion yuan ($44.58 billion) in transaction volume.
2. 360buy to cooperate with Belgian Post for European business:
Facing an unfamiliar overseas market, 360buy Group, gave up their self-built logistic system in China. Instead, 360buy has decided to cooperate with the Belgian Post to conduct the distribution business in Europe. The core competitiveness of Chinese e-commerce is largely limited by the idea of “made in China”– poor products and service quality, so to improve logistics and distribution service is helpful to break such established ideas. And 360buy is still planning to set up warehouses in foreign countries, which can help to cut down the lead time.
3. 360buy acquires Chinabank Payments :
According to a recent filing, the legal representative of third-party payment service provider Chinabank Payments has been changed to Liu Qiangdong, CEO of 360buy, indicating that 360Buy has acquired the firm. According to a source within 360Buy, the company is developing a third-party payment platform which it will launch soon if all goes according to plan.
4. 360buy and LeTV cooperate to develop video shopping :
Innovated shopping model becomes the new developing direction for e-commerce industry in China. 360buy and LeTV are cooperating to provide a new kind of online shopping experience – online video shopping (shipingou.360buy.com). Consumers can watch the latest movies or TV shows online and at the same time click to buy some of the products that appear in the video.