New Trends in Cross-Border E-commerce: Rise of Micro-Multinationals, Brand Power Becomes Key to Success

New Trends in Cross-Border E-commerce: Rise of Micro-Multinationals, Brand Power Becomes Key to SuccessOn October 14th, Deloitte, in collaboration with WorldFirst, a one-stop digital payment and financial services platform under Ant Group International, released the "2024 Digital Trade New Landscape Report." The report delves into the growth trajectory of global digital trade, particularly focusing on the vibrant growth engine of the Asia-Pacific region and the rise of "micro-multinational enterprises" within this region

New Trends in Cross-Border E-commerce: Rise of Micro-Multinationals, Brand Power Becomes Key to Success

On October 14th, Deloitte, in collaboration with WorldFirst, a one-stop digital payment and financial services platform under Ant Group International, released the "2024 Digital Trade New Landscape Report." The report delves into the growth trajectory of global digital trade, particularly focusing on the vibrant growth engine of the Asia-Pacific region and the rise of "micro-multinational enterprises" within this region.

The report highlights that, in recent years, cross-border e-commerce platforms have continuously expanded their service scope, introduced more diverse service models, and actively adjusted their merchant recruitment policies, providing fertile ground for the rapid growth of "micro-multinational enterprises." These enterprises have made significant progress in terms of product strength, user base, and have gradually evolved into "cross-border giants" in various industry sectors.

"Cross-border giants" typically have a size of 100-200 employees, focus on specific niche markets, fully leverage the potential of their product categories, and enjoy high recognition and influence within their respective industries. They are adept at utilizing digital technologies, including diverse digital products and services, and possess a strong brand awareness, accumulating consumer recognition and trust.

However, as the dividends of cross-border e-commerce platforms gradually diminish, industry competition is shifting from an incremental market to a stock market, where brand power, channel strength, and operational efficiency become crucial factors for breakthrough success. The report's survey reveals that a quarter of respondents believe that product branding and premiumization are the primary growth drivers for the future. Adapting to the market and consumers, achieving localized development, and rapidly penetrating the market have become key competitive points, particularly in emerging e-commerce market regions.

Furthermore, over 70% of respondents stated they are currently implementing or planning to implement localized operations overseas, with product localization, team localization, and marketing localization being the three prioritized aspects.

It is noteworthy that the trend of building self-operated platforms (independent websites) is expanding, and a combined channel layout integrating cross-border e-commerce platforms with independent websites is becoming increasingly visible. The report shows that over half of the merchants have established independent websites, while 36% are planning to build their own independent websites. Importantly, more traffic is shifting to brand independent websites, allowing them to deepen connections with consumers and upgrade their supply chains, including product design and development, brand marketing, and promotion.

Stone Wenyi, CEO of WorldFirst, believes that competition in the future digital trade landscape will intensify, and comprehensive capabilities such as professionalism, product strength, brand power, and innovation will become decisive factors in determining success. WorldFirst will continue to assist "cross-border giants" in achieving "one account, global payment," while simultaneously collaborating with over 130 core ecosystem service providers to create a cluster effect, empowering export enterprises both internally and externally to achieve business growth and swiftly seize the ever-changing opportunities in global digital trade.

Xie Sijun, Partner-in-Charge of Technology Industry at Deloitte China, points out that digital trade enterprises are leveraging advanced digital technologies such as big data analysis, artificial intelligence, the Internet of Things, and cloud computing to build new business models and value chains, offering a richer and more diverse range of products and services to global consumers. Digital platforms, represented by cross-border e-commerce, are breaking down barriers of space and time, promoting close collaboration in global value chains. With the continuous improvement of cross-border e-commerce infrastructure and ecosystems, "micro-multinational enterprises" have seen significant improvements in both product competitiveness and user base. They are gradually transforming into "cross-border giant enterprises" through diversified, branded, and refined platform and market strategies.

The release of the report sheds light on the future development of "cross-border giants" and provides valuable insights into the future trends of the cross-border e-commerce industry. As digital trade continues to evolve, "micro-multinational enterprises" are expected to play an increasingly vital role, injecting new vitality into global economic growth.

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