Yandex.Money Makes Shopping in China Easier: Launch of the Brand New Online Trading Platform TradeEase
September 8, 2015
The new online trading platform TradeEase has launched in Russia. The platform allows users to shop in China for electronics, household appliances, clothing, footwear, accessories, spare car parts, and much more. Now this platform aggregates offers of 200 Chinese stores. This number is expected to grow to 800 by the end of the year.
TradeEase was created in part by the Bank Of China, the Suifenhe government, and the Chinese system integrator PayEase. Yandex.Money provides payments for the platform through its payment solution. To make shopping more convenient for their Russian customers, TradeEase displays its prices in rubles. The platform also accepts payments via Yandex.Money e-wallets, as well as bank cards. A special arbitration service helps resolve disputes that may arise between buyers and sellers.
TradeEase is planning to attract about 100,000 customers from Russia in its first month of operation and one million customers by the end of the year. The platform is planning to expand to other countries of Eastern Europe in the near future.
According to data from EWDN, Russian cross-border e-commerce is a 5 billion dollar market. Trading between Russia and China accounts for approximately 70% of that market. Altogether, Russian customers placed 50 million orders at Chinese online stores over the last year.