BABA(US:BABA) Sou Hu Cai Jing·2025-09-01 13:38Core Insights - The report provides a comprehensive analysis of the cross-border e-commerce industry, covering its definition, development history, industry chain, current status, and future trends [1][5][10]. Industry Definition - Cross-border e-commerce refers to international commercial activities where different customs entities transact through e-commerce platforms, utilizing electronic payment and cross-border logistics [11][34]. Development History - The industry has experienced three main phases: - Nurturing Phase (2010-2013): Focused on personal purchasing [14]. - Initiation Phase (2014-2017): Rapid growth supported by government policies and increased consumer purchasing power [15]. - High-Speed Development Phase (2018-2023): Business models and service systems were refined, leading to market consolidation [16]. Industry Policies - The Chinese government has consistently supported the cross-border e-commerce sector, with policies such as tax incentives for export return goods and the establishment of comprehensive pilot zones [17][19]. Industry Chain - The industry chain consists of: - Upstream: Manufacturers, distributors, and brand owners, with Guangdong, Zhejiang, and Jiangsu as key supply regions [22][26]. - Midstream: E-commerce platforms (e.g., Tmall Global, JD Worldwide) and logistics providers (e.g., SF Express, Cainiao Network) [29]. - Downstream: Consumers, primarily young adults aged 18-35 and middle-class individuals [22][30]. Current Industry Status - The market is steadily growing, with the export cross-border e-commerce scale exceeding 75% in 2021. The B2C model is rapidly expanding, with a transaction scale of 3.3 trillion yuan in 2021 [1][9]. - The competitive landscape shows a significant Matthew effect, where leading companies dominate due to brand and supply chain advantages [9][10]. Representative Companies - Key players include: - Temu: Leverages Pinduoduo's supply chain for cost-effective offerings. - SHEIN: Focuses on fast fashion with a flexible supply chain. - Shopee: Targets the Southeast Asian market with localized operations [1][9]. Future Trends - The industry is expected to gradually recover, with trends towards branding, diversification, and refinement. The market will likely concentrate around leading players, and service providers in cross-border payments and SaaS will see significant growth potential [1][10][19]. - Overseas warehouses will become a core competitive advantage due to their ability to enhance logistics efficiency and reduce costs [1][10].