China — November 1, 2022 – MyMyPanda China, has developed a proprietary cross-border e-commerce platform to serve overseas ecommerce brands looking to access the China market. The MyMyPanda CBEC platform is a one-stop solution designed to enhance online shopping experience for China consumers across multiple touchpoints – local payment options (i.e., Alipay, WeChat Pay and Union Pay), fast China customs clearance & tax; and speedy delivery (within three days from bonded warehouse).
China booming economy in the last five years has led to the growing demand for high-quality foreign products among affluent consumers. At the same time, China government’s introduction of new customs regulations and preferential rules for imported goods further fuel the rapid growth for cross-border ecommerce in the country.
CEO of MyMyPanda, Coy Qiu explains, “Chinese customers believe that foreign products are better in quality, less likely to be counterfeit; and cheaper than buying domestically. That’s why even though local brands are increasingly popular, China consumers still prefer to buy foreign brands especially fashion apparel, beauty, and luxury products.”
Indeed, fashion and beauty categories contributed the largest share of cross-border e-commerce imports. While many international brands have been looking towards China as a huge potential growth strategy for retail business, the customs clearance and duties have been complex and challenging. Compared to traditional trade that requires a lot of initial investment and physical retail presence, the cross-border e-commerce promoted by China government has a lower regulatory barrier, which provides overseas brands a transparent, fast and low-cost way to sell their products in China. Indeed, MyMyPanda CBCE platform is designed to serve this same purpose with better customer experience for China consumers. At the heart of the CBEC platform is a simple ecommerce “checkout” plugin that can be installed easily in almost any overseas online store website. This one simple step gives overseas ecommerce brands access to localised payment options, warehousing, faster customs & tax compliance; and streamlined delivery methods to facilitate direct-to-consumer cross-border transactions.
MyMyPanda CBEC platform received the official license from the China government after a long stringent approval process and qualification by various local authorities.