China and India, striking online resemblance
China and India, two most populous countries in the world, two rising emerging markets, have displayed their striking resemblance in terms of online consumer attitudes, both are tech-savvy, willing to spend more on e-shopping, heightened concerns for online insecurity, and buoyant passion in mobile shopping.
A global study conducted by Worldpay surveyed 19,000 respondents across 15 countries, at least portrayed certain similarities between the two. And let me just summarize some key facts below:
Among 15 countries:
- India resondents spend 36% of their disposable income in online shopping, the highest, followed by China respondents’ 31% (considering the global average is just 22%)
- India and China are also the top two countries in which are severely perturbed by online fraud.
- Rampant fraud translates into their much elevated sensitivity of online security issue, 79% of Indian respondents and 75% of Chinese respondents expressed their concerns (global average is around 63%)
- China and India also have the strongest mobile shopping appetite. China respondents are the keenest to use smartphone to purchase goods online, 46% having done so; followed by Indian respondents’ 40%, against a global average of 19%
- Due to such significance of mobile purchasing behavior, it also renders China and India have the highest average number of shopping Apps per respondent, 5.7 and 5.5 respectively. This implies developing dedicated and easy use shopping App is crucial for brands and retailers to tap into these two markets.
- Although the penetration rates of internet are still relatively low in the two nations, especially India (lowest with 10%), they all have shown much greater willingness, even greater than advanced countries to use smart phone or tablet for online shopping in the next 12 months.
In sum, if internet business is more or less about people, then vast population would guarantee the momentum and sustainability. And between the two, potentials and growth should be more pronounced in Indian than China.