A free subscriber gets access to only 5% of what we publish on the web-site. Engage a local (company) and prosper. instant access to reports and global community, Understand the “Why” Behind the “What” You can cancel the subscription any time before the end of the free trial period. Q3: How is the currency conversion handled throughout cross-border trade with China? The newly issued online cross-border e-commerce transaction platform is designed to provide one-stop services to cross-border e-commerce players by connecting both suppliers and service providers and covering all links of the industry. The knowledgebase contains primary and secondary data compiled in several ways: Through our Global Listening Engine – a proprietary algorithm that scans, collects, validates, corrects and extrapolates data across numerous public and private sources. In recent years, there have been countless examples and nationwide scandals in which counterfeits passed for real products, especially in non-first tier and non-coastal cities. MEDICI Inner Circle™ is the membership you need to freely access all MEDICI content, which includes insights, research reports, videos, startup knowledgebase, and the members-only community for live engagement. As per the new provisions, any e-commerce operator who is engaged in e-commerce supply or services is liable to pay 2% of the amount of consideration as equalisation levy to … Therefore, online merchants are expected to sell and deliver their merchandise across the world, resulting in the global expansion of their business. Risk indicators for express and postal shipments. Located at the crossroads between major trade routes, Singapore has become the regional headquarters of choice for business and e-commerce platforms [1] [2]. Merchants often find it advantageous to sell to foreign customers in their own local currency. Activities and Programmes Copied. Successful online merchants know when to enter into newly emerging markets. Cultural differences as well as economic or social discrepancies can and will ruin your chances of becoming successful abroad. Pre-loading advance cargo information (PLACI) for air and postal shipments. The cross-border ecommerce future looks bright in China Cross-border ecommerce is still at a very early stage in China, and it only takes a small share of the whole foreign trade industry. International emergencies shouldn’t derail global business operations. Detailed analysis of alternate models of revenue collection. Fair and efficient collection of duties and taxes, Protection of society - criminal exploitation of e-commerce. A lot has been written on this subject and, as always with (relatively) new phenomena, there is a lot of contradicting information out there. The use of PLACI in the civil aviation environment is being addressed within the WCO-ICAO [International Civil Aviation Organization] Joint Working Group on Advance Cargo Information (JWGACI) which was set up in 2014 to discuss and recommend modalities for sharing and using advance cargo information (ACI) in carrying out security risk analysis by Customs and civil aviation authorities in order to mutually support each other and strengthen air cargo security. Q2: How can my commodities be shipped? 12 countries make up 80% of the world’s cross-border shoppers Cross-border transaction fees are assessment fees merchants pay when customers use cards from international banks at your business. Phase I, which consisted of the elaboration of a report on the PLACI concept, its benefits and the cost of its implementation, has been completed. Read and learn about topics you are interested in. That is why eMerchantPay have put together a list of what they feel is paramount for any merchant to know when thinking about expanding their business across borders. An interim report has already been finalized. The Top 3 China Cross-border Ecommerce PlatformsRead Now #1: Tmall: The Biggest Player Backed by Alibaba #… Mehmet Metin Okur - Sefamerve.com CEO It is predicted that in the next 5 years Turkey will develop with cross-border e-commerce. The country’s robust IT infrastructure, advanced … cross-border e-commerce platforms guarantee a higher level of quality and offer protection against counterfeit goods (examples include infant milk formula, cosmetic products, handbags etc). Cross-border B2C e-commerce trade is expected to be around US$1.5 trillion in 2022 (KPMG report*), nearly three times as much as it was in 2017. If taxes are high, merchants will raise the prices. Cross Border – new Bryan Bielefeldt 2020-04-13T16:59:06-03:00. 10,000+ insights, 100+ research reports, and 1,000+ videos based on latest trends, compiled and analyzed by subject matter experts and researchers with deep domain experience in the financial services industry. This paper qualitatively analyzes the reasons of cross-border e-commerce's emerging based on transaction costs theory. Making cross-border parcel deliveries cheaper. First, we introduce cross-border e-commerce and describe the supply chains of B2C and B2B2C cross-border e-commerce models. © 2020 Copyright MEDICI Global, Inc. All Rights Reserved. We also believe great research deserves great visualization, so we take great care to make sure the data is readily interpreted and understood with thoughtful design.No wonder our infographics are the most-referred in company reports and the most-shared on social media. cross-border e-commerce market transaction will reach 12 trillion Chinese Yuan (CNY), about three times as that in 2015, representing almost 40% of its total import and export. This encompasses not just direct-to-consumer retail, but also shipments of electronics, pharmaceuticals, and consumer packaged goods, says Dean Eichorn, Vice President, Retail and e-Commerce, for DHL Supply Chain Asia Pacific. The package include the Framework on Cross-Border E-Commerce adopted in June 2018 which sets out 15 global standards on cross-border e-commerce with a view to providing pragmatic, fair and innovative solutions, whilst taking into account the diverse expectations and concerns of Customs administrations and stakeholders. Do your due diligence before targeting markets outside your own country’s borders. They are amazingly leading the ecosystem. What are the risks for cross border ecommerce The Report is divided into the following sections: facilitation, risk management, data exchange/cooperation with e-commerce operators, control and enforcement, and revenue collection. instant access to reports and global community along with donation to COVID-19 fund. We offer a 7-day free trial during which you can access all of our data, insights, and analyses. (Some payment providers only have one acquiring bank partner, so it’s important to check!) Singapore is a flourishing e-commerce market. The JWGACI has now moved to Phase II of its work, i.e. What do I get if I buy the membership? The boom in e-commerce has spurred the emergence and growth of cross-border e-commerce, and more brands are now selling products across borders through online or offline channels. Triangle’s report ‘Cross Border e-Commerce – Improving the consumer journey’ demystifies the whole process and cross border landscape, so that companies intent on establishing a serious cross border e-commerce strategy can move beyond the confines of traditional thinking and understand fully the booming consumer on-line transaction space.   The standards on PLACI for air and postal shipments which aims at strengthening air cargo security were developed and included in the WCO SAFE Framework of Standards 2015 edition. Topics With a paid membership, you will be added to the Inner Circle members-only platform with FinTech leaders and innovators across the globe, where we engage in discussions on various financial services topics daily. The amendments are expected to assist Customs in carrying out better risk profiling and more efficient collection of duties and taxes where applicable, as well as supporting postal administrations in enhancing service delivery. MEDICI offers data-driven, original, analytical, and actionable content to understand the “why” behind the “what”. The potential savings of transaction costs from e-commerce are substantial. Cross-border online shoppers still prefer to pay with a credit card. This surprising trend has not only been seen in Europe, but all over the world. The WCO supported the Organisation for Economic Co-operation and Development (OECD) in exploring alternate models of revenue collection (duties and taxes) on low value shipments. How cross-border e-commerce is internationalizing Double-11. The changes include additional columns on the CN 22 for the Harmonized System (HS) code and country of origin, "sale of goods" and "returned goods" as reasons for export, the telephone number of the sender and addressee, and an optional S10 barcode, in addition to substantially harmonizing and aligning these documents. MasterCard charges 1 percent for these exchanges and Visa charges 1.20 percent. This could mean brands or retailers selling to individuals (so-called ‘B2C’), businesses selling to each other (‘B2B’), or, indeed, transactions taking place directly between consumers, via marketplaceslike Amazon and eBay (‘C2C’). Procedures and Facilitation Time to get yourself a slice of that pie, we say! We do not stop at the compiled data; we validate & analyze it to extrapolate actionable insights that are shaping today’s market trends. He has 14 years of eCommerce Operations and Digital Marketing experience and has led several cross-border transactions between Europe and Asia while at BetterLife Group, Parkland Group and Lenovo. The Resolution, developed in close collaboration with all stakeholders, outlines the guiding principles for cross-border E-Commerce addressing eight critical aspects, notably Advance Electronic Data and Risk Management; Facilitation and Simplification; Safety and Security; Revenue Collection; Measurement and Analysis; Partnerships; Public Awareness, Outreach and Capacity Building; and Legislative Frameworks. By becoming a member, you will unlock all the content on our website. Do you have an enterprise plan for corporates or groups? All of our insights are objective, authentic, and unique – this means that you can’t read them anywhere else! It is accompanied by supporting documents to ensure its effective implementation. Revised CN22/23 with additional data elements. Cross-Border e-Commerce. Subscribe now! Recently, India expanded the scope of equalisation levy to include cross-border e-commerce transactions within its ambit. It is remarkable that e-commerce transactions allow a larger number of multi-state and multi-national transactions to occur every day. Helping E-commerce Companies in Singapore Simplify Cross-Border Transactions. Moreover, it has a very popular buyer protection policy, which makes people feel safe when shopping online. Both domestic and cross-border e-commerce is booming in developing markets such as China, India, and Indonesia. The cardmember associations first introduced the cross-border fee in 2005. eCommerce had finally cemented into the worldwide economy, and assessment fees were rising across the board. The other countries that are responsible for the aforementioned 80% are Australia, the UK, Hong Kong, Germany, Singapore, Japan, Brazil, Switzerland, United Arab Emirates, Kuwait and France. We appreciate your interest in our newsletter and look forward to sharing the latest FinTech insights with you. According to the findings of the Credit Suisse Research Institute’s latest Emerging Consumer Survey, the total annual online retail sales across our surveyed markets – Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa and Turkey – could reach up to 3.5 trillion US dollars and impact companies across multiple sectors, including retail, finance, security and technology. However, companies such as Tencent predict that in two to three years, there will be a … Cross-border ecommerce can refer to online trade between a business (retailer or brand) and a consumer (B2C), between two businesses, often brands or wholesalers (B2B), or between two private persons (C2C), e.g. Published Aug 18, 2020 Aug 18, 2020. World Customs Organization It instills confidence in the buyer and reduces confusion about what their real out-of-pocket costs are. Communiqué to the Eleventh WTO Ministerial Conference. Get an overview on the players in the Chinese cross-border e-commerce ecosystem and learn how to choose the right trade partner. This year, the global online trade is expected to grow to a whopping $1.4 trillion.Cross-border e-commerce accounts for roughly 21% of that. With the new Cross-Border Payments and Commerce Report 2019–2020, we have decided to upgrade our content production and release outstanding insights into major trends that drive growth in… The level of customs taxation directly affects the development of cross-border e-commerce. Q4: Are there any rules and regulations related to China cross-border e-commerce? 08.10.2020 How to Work with a Trade Partner on a Cross-Border E-Commerce Platform in China Due to the COVID-19 pandemic, the enforcement of social distancing, lockdowns and other measures has driven up the demand for online shopping in China. Yes. In 2019, the single transaction limit of cross-border e-commerce retail import goods is RMB 5,000 (compared with 1,000 yuan before 2016), and the annual transaction limit per person is RMB 26,000. As a result, litigation has occurred in both domestic and international courts, which can mean that state, federal, or international laws are applicable. 12-month access to 10,000+ curated insights, in-depth research reports, the industry’s best knowledgebase of 13,000+ FinTech companies, and live engagement with a global community. Overview of China’s Cross-border Ecommerce MarketRead Now Must-know China Cross-border E-commerce Rules for Foreign PlayersRead Now Q1: What products can be shipped to China? By Li Ruikang Share . dealing with issues concerning practical and technical implementation. There is also the question of how parties can resolve disputes in cross-border transactions where parties are based in different countries, with possibly conflicting jurisdictions. CEO and Co-Founder of Digiant Global Ecommerce, based in Beijing. By clicking, you agree to our terms, data policy, and cookie policy.   It’s really as simple as it sounds.   The indicators listed in the document could be used to select possible high risk movements/consignments involving all types of Customs fraud (revenue protection, narcotics, security, IPR, etc.). During 2010 and 2011, the Greek online market has been continually growing by 40-50% and both Spain and Italy show a respective growth of 18% and 16% annually1. Efficiency of clearance and delivery of low value and small parcels is especially crucial. China is not alone in celebrating what used to be an exclusively Chinese festival. In the future, it may increase with the increase of Chinese residents’ income, and further relax the restrictions on cross-border consumption of Chinese consumers. 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