The Importance of E-Commerce Strategies
By James (Jiaqi) Wang, 1 Oct 2021
Shenzhen, as one of China's special economic zones, is the representative of the export-oriented economy. Against the background of the Covid19 epidemic sweeping the world, Shenzhen has made remarkable achievements in foreign trade in the first half of 2021. According to STCN, in the first half of 2021, Shenzhen's imports and exports grew by 19.3%; the two-year average growth rate was 9.0%, 0.8 percentage points faster than the first quarter. In addition, exports grew 19.4%, with a two-year average growth rate of 6.0%, and the export scale continued to be the first in China's large and medium-sized cities. Among these Shenzhen-based export enterprises, there are numerous businesses that relied on Amazon, a world-renowned e-commerce platform.
However, a storm has arrived. Since May 2021, Amazon has blocked more than 50,000 Chinese sellers on the platform. The reasons for the ban include "improper use of review functions", "soliciting fake reviews," and "manipulating reviews by giving gift cards." Coincidentally, Taobao, China's leading e-commerce platform, has also vigorously policed similar behavior from some merchants. As the Shenzhen Cross-border E-commerce Association mentioned, at least 50,000 Chinese merchant accounts had been affected by Amazon's action since May 2021, Moreover, Chinese cross-border e-commerce companies had suffered losses of more than 100 billion yuan.
From this incident, it is easy to see that companies need to recognize the importance of integrity and the need to comply with various rules and regulations. Apart from that, for many export-oriented companies, the importance of e-commerce strategies has been recognized. The digital blockade put in place by Amazon has taken a heavy toll on these firms, however it has also educated the export-oriented traders on how to optimize e-commerce strategies. For instance, many companies are reducing their reliance on Amazon and other giant e-commerce platforms, instead pursuing a multi-platform development strategy or developing their own official websites.
All in all, e-commerce strategies are very important for many companies, and at IMC, you can take courses related to that. In the Graduate Certificate in Digital Financial Technologies, e-commerce strategies are incorporated into the curriculum. This Graduate Certificate provides an introduction to the many rapid emerging technologies that are transforming the financial services sector, along with the business strategies surrounding them. The course includes a study of big data and its relevance to business (FinTech in particular), and the legal challenges created by emerging digital financial technologies.
More importantly, IMC is offering five short courses (including Graduate Certificate in Digital Financial Technologies) to domestic students who enroll in Term 3, 2021 and Term 1, 2022 on a fully-subsidized or fee-discounted basis. Click the link to check out more about it!