BEIJING — Black Friday has evolved into a global phenomenon, reaching beyond U.S. borders and benefitting both American and Chinese businesses, driven by the power of cross-border e-commerce.
This year’s Black Friday marked an online sales milestone in the U.S., with a record $10.8 billion in online spending on November 29, the first day of the shopping event. According to Adobe Analytics, this figure represents a 10% increase from 2023 and more than double the sales recorded in 2017. The surge in online shopping underscores the growing preference for e-commerce as a convenient and accessible way to secure the best deals.
The shift toward digital shopping has significantly boosted the expansion of Chinese e-commerce platforms that cater to global consumers. Retailers such as Shein, Temu (owned by PDD), and TikTok Shop saw impressive growth during the Black Friday week, reporting higher sales compared to the previous year. This growth is supported by an efficient global supply chain that includes advanced logistics, manufacturing hubs, and streamlined customs processes.
Yiwu, a city in China’s Zhejiang province, known as the “world’s supermarket,” has long been a key supplier for Chinese e-commerce platforms. During the Black Friday season, Yiwu businesses stock up on hundreds of thousands of items to meet demand. Wu Tingxuan, marketing director of a sporting goods company in Yiwu, anticipates a 20-30% year-on-year revenue boost during the promotion period.
China is home to around 120,000 cross-border e-commerce enterprises. The country’s exports and imports in this sector grew by 11.5% in value during the first three quarters of 2024. Chinese logistics providers, such as JD.com, are expanding their global reach, with services now offering 2-3 day delivery across the U.S.
Black Friday has also opened opportunities for Chinese consumers to access global products. In November, Amazon launched its official store on JD.com, providing Chinese shoppers with access to over 400,000 international products at discounted prices, with discounts of up to 70% during Black Friday.
Wang Shouwen, China’s vice minister of commerce, highlighted that cross-border e-commerce’s ability to quickly identify and cater to specific consumer needs, coupled with cost-effective pricing and fast delivery, makes it a strong competitor in global trade. With an eye on expanding this sector, the Chinese government is promoting policies to further develop cross-border e-commerce, including the establishment of smart logistics platforms worldwide.
The success of cross-border e-commerce, as evidenced by the thriving sales of Chinese and U.S. businesses during Black Friday, is transforming the landscape of global trade, positioning e-commerce as a vital force that is expected to continue growing.