贝恩公司今日发布《中国电商企业的出海之路：企业高管必读指南》，深入分析“双11”购物节的最新趋势。报告指出，随着国内市场逐步趋于成熟，中国电商企业正加快全球化布局步伐。在积极拓展海外市场的过程中，电商企业也面临多重挑战，全球化发展进入关键阶段，亟需在战略布局、合规管理与本地化等方面持续增强能力。

今年“双11”期间，淘宝在全球20个国家和地区推出促销活动，进一步展现其国际化战略的加速推进。这一举措不仅体现了“双11”作为全球购物节的影响力，也反映出中国电商企业在海外市场持续深化布局、积极探索多元发展路径的努力。

贝恩公司资深全球合伙人、亚太区零售业务主席韩微文表示：“ 双11出海侧面反映出了中国电商企业走向全球的决心。依托在国内市场积累的规模化创新能力，中国电商企业已经在全球构建起了独特的竞争优势。在国内增长放缓与国际监管趋紧的背景下，中国电商企业需在各地市场将创新力与执行力相结合，方能在新阶段实现突破。”

以东南亚市场为例，中国电商企业在印尼、泰国和菲律宾通过自主发展与并购相结合的方式迅速扩张，为当地消费者提供高性价比商品，在部分市场取得领先地位，GMV（商品交易总额）占比一度接近50%。

除东南亚外，全球速卖通、Shein和Temu等平台也在拉美、中东及欧洲部分地区站稳脚跟。在全球最大零售市场——美国，中国电商企业亦取得显著进展，吸引广泛关注。报告指出，中国电商行业具备显著优势，国内市场的持续演进也为中国电商企业出海提供了坚实支撑。

报告指出，中国电商市场已从传统模式转型为社交媒体驱动的零售新业态，并建立起即时配送体系。在国内市场的激烈竞争中，中国电商企业锤炼出一系列核心能力，包括产品快速迭代、创意驱动需求生成、履约配送高效即时、数字生态深度融合以及人工智能广泛应用，为出海奠定了坚实基础。

“双11”进入调整期，探索增长新路径

近几年，随着竞争加剧导致的促销活动增多，消费者参与度趋于饱和，“双11”在国内市场的增长已遭遇“中年危机”。2024年，“双11”购物节从11天延长至28天，GMV同比增长27%，达1.442万亿元。尽管有以旧换新补贴政策的助推，单日GMV仍较历史高点腰斩。

展望今年“双11”，报告认为消费补贴仍有望带来助力。例如，今年618促销节在补贴推动下GMV增长15.2%，达8560亿元，但需要指出的是，活动周期也有所延长。

中国电商企业对今年“双11”的预期更趋理性，更多将其视为展示创新成果的窗口。近年来“双11”在国内热度下降，这也凸显出中国电商企业亟需加快出海步伐，寻找新的增长引擎。

中国电商出海面临“三大挑战”

报告指出，中国电商企业全球化主要面临三大挑战：

•监管趋严：面对全球电商政策环境的变化，中国电商企业在海外发展过程中仍需积极应对数据合规、国家安全、产品质量及消费者权益保护等方面的挑战，同时在不同市场规则下与本地企业展开公平竞争。

•竞争加剧：中国电商企业在海外市场凭借性价比优势逐步拓展市场空间，但也面临来自本地平台的激烈竞争。例如，东南亚市场中Shopee在部分地区的增长对Lazada形成压力；美国市场上，亚马逊与沃尔玛的技术具有显著优势；拉美地区的Mercado Libre则构建了较为完善的本地电商生态。此外，随着更多中国电商企业加快“出海”步伐，行业内部的海外竞争也日趋激烈。

•消费习惯差异：在中国电商企业偏好的市场，消费者对价格敏感、倾向于移动端冲动消费；而在美国、英国、日本等发达市场，消费者更注重搜索与比较，仍保留线下购物习惯。这种差异使得东南亚的成功模式难以复制到发达市场。

面对挑战，中国电商企业正积极推进本地化战略，通过并购或与当地企业合作，加速市场渗透。

韩微文表示：“中国电商企业出海正在进入新的阶段。企业正积极适应不同市场的客户偏好、文化与法规。我们预计，未来将有更多并购发生。中国电商企业应继续发挥颠覆性创新能力，借助国内市场的领先经验，加快全球布局，争做行业领导者。”

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中文版：《中国电商企业的出海之路：企业高管必读指南》

English version：《China's Global Push in Retail: What Executives Need to Know》

Upcoming Singles Day promotions indicate rising globalization of Chinese e-commerce, a sign of maturing growth in the domestic market. Chinese e-commerce players now face new challenges as they move into their next phase of growth, according to a new report, China's Global Push in Retail: What Executives Need to Know, by Bain & Company.

As Taobao gears up to launch simultaneous promotions in 20 countries, Singles Day is set to have a decidedly international flavor this year. This push is one sign of the broader globalization of Chinese e-commerce observed in recent years.

“Taobao’s Singles Day expansion into 20 markets this year is a  clear sign of Chinese e-commerce globalization, and the scale of China’s innovations gives them unique advantages abroad,” said Weiwen Han, senior partner and APAC Retail practice leader at Bain & Company. “But with local growth maturing and international scrutiny rising, the next phase will be won by players that pair innovation with disciplined execution – market by market.”

In Southeast Asia, Chinese-owned players account for as much as 50% of business-to-consumer e-commerce gross merchandise value (GMV) in Indonesia, Thailand and the Philippines. This has been built up through a combination of organic expansion and acquisition, underpinned by low prices that meet the needs of many developing market consumers.

Beyond the region, AliExpress, Shein and Temu have established a solid presence across Latin America, the Middle East and parts of Europe. Additionally, in the United States – the world’s largest retail market – Chinese e-commerce players also have a high-profile foothold. This global expansion has been fueled by China’s preeminence in e-commerce and the speed at which the domestic market continues to evolve.

Evolving from old-school e-commerce to today’s social-media-driven retail and near-instant fulfillment, the rapid progression of the Chinese domestic market has equipped players with homegrown capabilities enabling them to compete successfully in foreign markets. This includes rapid product innovation, creative demand generation, accelerated fulfilment, visionary expansion of digital ecosystems and skillful use of AI.

However, for all their progress, growth has been maturing domestically – held back by increased competition from a proliferation of rival sales events, the difficulty of increasing local consumer participation beyond its already-high levels and the general economic slowdown in China.

In 2024, the Singles Day promotional period more than doubled from 11 days to 28 days, and while GMV rose 27% to RMB 1.442 trillion, this was massively inflated by the extension of the festival period. Average GMV per promotion day dropped by 50%, even with the early impact of government economic stimulus measures.

Looking to this year’s performance, ongoing consumer incentives helped lift sales for the 618 festival by 15.2% to RMB 856 billion, though that gain also reflected a longer promotional window.

Chinese retailers are likely to have realistic expectations about GMV growth for Singles Day this year and are using the occasion to showcase innovation. Despite so, the relative stagnant performance over recent years underlines the need to find revenue growth beyond China – fast.

As global expansion becomes more critical for Chinese e-commerce groups, it is also becoming more difficult due to three reasons:

1.Tightening regulation:

The US has removed “de minimis” exemptions for low-value postal consignments after a surge in exports using the loophole, and the European Union has also been looking at taking a tougher approach in this regard. Chinese retailers also face concerns over data privacy, national security, product safety, and other elements of consumer protection, as well as unfair competition with local businesses.

2.Formidable incumbents:

While Chinese retailers’ low prices have won market share from brick-and-mortar retailers, other e-commerce specialists have proven to be formidable competitors. In Southeast Asia, Lazada has lost share to Shopee. In the US, taking on incumbents like Amazon and Walmart was always going to be hard even before regulation tightened. Likewise, Mercado Libre’s powerful ecosystem makes it a formidable rival in Latin America. International competition between Chinese retailers also should not be underestimated.

3.Consumer differences:

Countries most receptive to Chinese retailers tend to be highly price-sensitive and open to impulse purchases from phones. By contrast, consumers in markets including the US, the UK and Japan are more likely to begin with an online search. For these markets, browsing and shopping in brick-and-mortar stores remains a powerful habit, hence it will not be easy for Chinese retailers to replicate their past success due to deep-lying differences in consumer behavior across markets.

In response, Chinese e-commerce retailers are recognizing the value of deeper local penetration as they expand abroad, as talks of mergers and acquisitions (M&A), including partnerships with local players fill headlines.

“The internationalization of Chinese retail is entering a new phase,” said Han. “As Chinese players adapt to local customers, culture and rules abroad, we can expect more M&As, but to become true leaders, they should continue to leverage on their disruptive capabilities – and from the cutting-edge Chinese e-commerce market they have now started to outgrow.”