International Marketing News: Fastest Growing Marketplace in Sweden

From Swedish start-ups to digital video users in Asia, there's a lot to cover in this week's International Marketing News. Read more.

international marketing news: THE FASTEST GROWING MARKETPLACE IN SWEDEN

This week in the international newsletter: Digital video users in Asia-Pacific will increase 6.5%, My Mall, the Swedish Start-Up and fastest-growing marketplace, 76% of Spanish consumers buying more online now than before the pandemic and the Chinese buyers preference for certain westerner 'luxury' products. 

"The Fastest Growing Marketplace In All of Sweden"

My Mall claims to be one of Sweden's fastest-growing marketplaces right now. When compared to the same month last year, sales climbed by about 1,200% in July.

My Mall is still small in comparison to other prominent European online marketplaces. The e-Commerce platform of the Swedish start-up presently has over 300 suppliers, but the user base is rising. And this isn't something that has always been the case in Swedish markets.

In the world of marketplaces, Sweden is an outsider. Sweden has always been a little different when it comes to online marketplaces, as Ehandel points out. While marketplaces account for the bulk of all eCommerce sales in many other countries, customers in Sweden have historically preferred to purchase from online businesses' websites.

“However, with startups like CDON and Fyndiq, as well as worldwide giants like Zalando and Amazon, there is no shortage of players who wish to change that image," says the Swedish website.

Other smaller markets are gaining a larger share of the Swedish eCommerce pie.

My Mall is one of them, and it focuses on the home and leisure market. There are already over 300 merchants on the marketplace, and the number is growing every month. "Right now, we're up to 950,000 krona (92,400 euros) every month in sales," CEO Hkan Jonsson Bodvar tells Ehandel. "For the entire year, we aim for a turnover of between 0.9 and 1 million euros."

2 Billion Individuals across Asia-Pacific Will Be Watching Digital Video by 2022

Digital video users in Asia-Pacific will increase 6.5% this year to 1.93 billion, following a higher-than-expected increase in 2020. By 2022, the number of digital video watchers will have surpassed 2 billion, a year earlier than previously predicted.

China has the greatest proportion of internet users that watch digital video of any country in Asia-Pacific. In 2022, penetration will reach 93.4%. No other country will reach 90% by 2025, according to eMarketer projection.

More than half (53.1%) of the over 2 billion digital video viewers this year will be subscribers to over-the-top (OTT) video services. In 2021, the number of subscribers to OTT video services will approach one billion, a year earlier than predicted.

This year, Australia continues to have the greatest subscription OTT share of digital video watchers, with 68.3%. China, on the other hand, will surpass Australia in 2022, with a share of 70.1%, while Australia remains at 69.9%.

Digital video will reach 82.2% of internet users in Asia-Pacific by the end of 2025, totalling 2.20 billion viewers.

76% of Spaniards Buying More Online 

More than three-quarters of Spaniards say they shop online now more than they did before the coronavirus outbreak. Half of Spaniards make at least one internet transaction per week.

Shopping online has become a completely established habit in Spanish society, with the breakout of the coronavirus and the following measures driving this trend in the last twelve months.

• Clothing and accessories are the most popular product categories on the internet (64%).
• Items from the technology area are another popular category to buy online (46%),
• with beauty products, cosmetics, and perfumes (35%) coming in third.
• Catering and food delivery (33%) and groceries (27%), respectively, are in fourth and fifth place.

Which Western Luxuries Does China Still Desire?

Consumers in China may find almost any product they want since e-commerce giants like Alibaba and JD.com have teamed with some of the world's most well-known businesses to bring a plethora of international goods to their shores.

Despite the epidemic, demand for imported consumer goods, particularly the beauty and luxury items, remained robust in 2020, according to data issued by China's Ministry of Commerce (MOFCOM). Imported consumer goods grew by 8.2% year on year to $242.1 billion (1.57 trillion Yuan) in 2020.

Regardless of the abundance of products accessible on the Chinese market, consumers are unable to find all of the stuff they require. Even while overseas luxury goods are immediately scooped up by e-commerce companies and physical merchants, many items are still unavailable in China.

Baby formula isn't usually associated with luxury products. However, in a country that is still recovering from a 2008 food safety disaster in which at least six children died and 294,000 babies were damaged after drinking melamine-laced milk powder, foreign-produced infant formula is favoured. Infant formula is one of the top imported products in China, according to Export2Asia.

Australia and New Zealand's baby milk brands are mainly reliant on China. According to Bloomberg, New Zealand's A2 Milk Co. lowered its projection for the second time in five months in May after revenue fell by nearly 30% in the second half of 2020 due to disruptions in the Daigou market.
Chemicals and harmful compounds identified in infant cosmetics are a regular source of concern for new parents.

Pregnant women are often concerned about finding pregnancy-safe beauty items. Pregnancy-safe skincare has previously been produced by established domestic beauty companies and foreign players such as L'Oréal Paris. Domestic consumers, on the other hand, continue to prefer imported stretch mark lotions, diaper rash creams, and maternity oils.

And that brings us to the end of our International marketing news! If you'd like to discuss anything mentioned in this blog, please do not hesitate to get in touch.