China’s domestic holiday economy has been heating up recently. For example, the Qingming (Tomb-Sweeping) Festival which took place on April 4th saw travel return to 94.5% of pre-COVID levels. But when will outbound travel resume? Come March 2022, China aims to have vaccinated at least 70% of its population; which will open the door to negotiate an end to international border restrictions. When restrictions do ease up however, it’s likely that we’ll see an increasingly cautious but optimistic Chinese traveller.
MissFresh is the latest major Chinese eCommerce company planning a US IPO; expected to go public and raise over $500 million in mid-June. It’s a strong reflection of the crazy growth we’re seeing as part of China’s current eGrocery boom. In other eGrocery news: MissFresh competitor Xingsheng Selected recently announced plans to build ‘an Online Version of Costco’. Meanwhile, Pinduoduo is investing in agritech and Meituan is investing in group-buying solutions.
You can now open up your own flagship store on Douyin. If the success of Little Red Book has taught us anything, it’s that adding eCommerce functionality to an otherwise social/entertaining experience is generally a win-win for conversion rates. According to Douyin themselves, brands can expect a boost in product click-through-rates by 250% month on month.