International e-commerce sellers planning for the upcoming Lunar New Year will be anticipating one of its biggest yet. The annual holiday, supported by thousands of international sellers, could eclipse the previous four years combined. Product data analysis indicates that products related to the Chinese New Year were five times more in demand from 2019 – 2020. This exponential increase in product popularity is extremely encouraging for this year's event, with customers expected to make more purchases as they spend more time online.
The data, compiled by our Amazon product analysis, suggests that product quality and service also remain a key priority when purchasing online. Over three quarters (76 percent) of Chinese New Year products earn 5-star reviews, suggesting the sellers are now consistently offering a high-quality product base.
By the end of this year, international goods' popularity is forecast to result in a record-breaking 4.92 billion USD in sales, and more e-commerce events are becoming more visible. With emerging e-commerce trends in direct sales, mobile commerce, and the breakout of live streaming trends, sellers could break the estimated $156 billion mark spent in 2020.
The newfound popularity of the Chinese New Year on global marketplaces is a testament to international e-commerce platforms' potential. Since the beginning of 2020, cross-border trade has exploded, and data from our Amazon product analysis shows an increasingly diverse reach for sellers.
Instead of focusing on peak retail holidays, sellers are now riding the wave of global, borderless trade to capitalize on year-round sales. As a result, merchants will need to ensure they strengthen, diversify, and futureproof their supply chains before they grow into new markets. With last year's disruption already highlighting the need to be agile, sellers who can incorporate these ideas could gain a foothold and a competitive advantage.
To truly have a global footprint, e-commerce merchants will need to build the right network of trusted growth partners. By joining forces with innovative cross-border payment providers, e-commerce merchants can seamlessly move money to all corners of the world at a minimal cost. They can crucially ensure suppliers are paid on time and expand into a lucrative international market without restraint.
Chinese New Year in 2021 is set to be one of the most anticipated holidays of the year, and we're supporting our marketplace sellers by sharing industry knowledge and tips along the way. Sign up to PingPong today and turn your e-commerce business into a thriving success.