Watch out Amazon and Tmall! Starting today, China's largest online retailer, 360buy.com, is launching its international shopping site to sell directly to overseas buyers, Reuters reported.
It is the first such move by a major Chinese e-commerce firm.
Competition at home is driving the push into foreign markets. Reuter's noted that, "China's e-commerce market is becoming increasingly cut-throat with firms launching price wars and promotions to capture users' attention."
Established in 1998, the privately-owned company has almost 400,000 new products available for sale on its website that can be shipped to 36 countries with free delivery for some products, according to a company official. Products range from electronics to home appliances, to shoes and clothes, bath products, books and groceries.
The site translates into a slew of languages.
"In the initial stage, we want to buy made-in-China products domestically and deliver them to overseas clients," 360buy's Vice President Shi Tao told China Daily, as reported by Reuters.
The firm plans to set up warehouses outside of China to speed up delivery.
360buy's stiffest competitors are the Alibaba Group's Taobao Mall and Taobao Marketplace. Other competitors include Amazon and Ecommerce DangDang Inc.
China's e-commerce industry grew 45 percent in the second quarter, over last year's second quarter, to reach 278.84 billion yuan ($44.58 billion)in transaction volume, a research firm said this week, as reported by Reuters.
Related Articles
Chinese online shop 360buy makes first foreign push
Once Touted as IPO Hero, China's 360buy Hits the Doldrums
Join the Conversation