China is expected to account for over 20% of the world’s luxury goods market by 2015, according to recent research conducted by McKinsey. Understanding this market and how to reach it most effectively could provide an enormous opportunity for those wanting to tap into China’s estimated $27 billion luxury goods market via eCommerce methods.
Is the market in China ready for new retail concepts like private event retailing, deal of the day, group coupons and other social shopping experiences? The basis for the market is there but how effective an eCommerce vendor will be in implementing these concepts for the Chinese market will be depend upon several factors. Here are a few that immediately come to mind: Continue reading