China´s consumers have been eager purchasers of foreign products, but getting them at the right price proved to be troublesome. New startups are going to make that choice easier, predicts William Bao Bean, general partner at SOSV and managing director of Chinaccelerator, in TechNode, after closing days of presentations by startups.
TechNode:
When you think ecommerce, you probably think Alibaba, JD, Xiaohongshu, or Ymatou. However, they better be careful: there’s a fresh batch of startups that are looking to disrupt the cross-border ecommerce market.
“Chinese consumers have been buying those foreign products for quite some time, but they would have to go there or have daigou to get the items; they don’t know where to get the best price,” William Bao Bean, general partner at SOSV and managing director of Chinaccelerator told TechNode.
The key focus for Chinaccelerator Batch 10 was cross-border commerce. Among the eleven companies that graduated from Batch 10, five companies were offering cross-border ecommerce: LUXSENS, Fashory, CoolHobo, TrustLuxe, and Groupmall.
These companies tackle cross-border ecommerce by leveraging their unique strengths. LUXSENS is using data mining and analytics to figure out where the best price is, brand by brand, product by product, and country by country. Fashory is using key opinion leaders (KOLs) on Chinese platforms to find hot items, while CoolHobo uses VR to inspire customers.
William Bao Bean is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers´request form.
Are you looking for more experts on e-commerce at the China Speakers Bureau? Do check out this list.
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