Cities most excited for online auctions
According to Alibaba Group Holding at their online auction summit on May 20, the top five cities showing the greatest enthusiasm for online auctions were Beijing, Shanghai, Hangzhou, Guangzhou and Shenzhen.
- Shanghai topped all over cities in terms of the number of people participating in online auctions for jewelry.
- Beijing has the largest number of online bidders willing to pay for luxury goods, followed by Shanghai and Fuzhou.
Who are the primary demographics
The data collected by Alibaba shows that, although both men and women were enthusiastic about online bidding, men were by far the predominant participants in many regions, such as the Tibet Autonomous Region, Beijing, Shanghai, Guangdong, Jiangsu and Zhejiang provinces.
- In the Tibet Autonomous Region, 80% of the online bidders are male.
- The majority of online bidders were mature adults, ranging from the ages of 26 to 35.
- Based on data collected from its e-commerce platforms, the company also found that the most popular items among its bidders included luxury goods, jewelry, real estate, tea and wine.
Secret behind online auctions
In a recent report by the China Association of Auctioneers, the number of online auctions had increased by more than 50% in China in 2016, compared with 2015.
- Cao Peikun, an analyst from Beijing-based internet consultancy Analys, believes that the secret behind this growth is due to online auctions providing convenience for both the bidder and auctioneer. “
- In China, hundreds of auction services launched online auction businesses aiming to cater to Chinese users’ demand for new ways to shop online. With this, potential bidders can preview items and bid items online in the privacy of their homes.
- One example of this is Alibaba, who launched their online auction business in 2012, offering a wide range of products including clothing and automobiles, all the while giving bidders the freedom to browse through their items without needing to even leave the house.
With the booming online shopping business, consumers now have a deep understanding of e-commerce. E-commerce platforms should offer new services accordingly,” says Cao, as he discusses