Yandex.Checkout to strengthen collaboration with Chinese online retailers

November 11, 2016

Chinese online retailer GearBest.com has started accepting payments using Yandex.Checkout, Russia’s leading online payment provider. Yandex.Checkout will provide many payment options for GearBest customers: online shoppers can now pay for their orders via e-wallets, direct debit with Sberbank Online or Alfa Bank as well as by cash using one of the 250 thousand payment kiosks throughout Russia.

GearBest.com offers its customers a wide variety of goods — from smartphones and various electronics to toys and sportswear — and it’s constantly growing. Mobile phones, electronic cigarettes and ‘smart’ watches are said to be most popular products among the website shoppers. Customers spend an average of 20 USD for a purchase at a time. The online store is already available in more than 100 countries. GearBest.com came to Russia this June and Russia is now considered one of the most important markets for the company’s business development.

Cross-border e-commerce in Russia is booming. In 2016, according to Association of Russian Internet Companies latest study, the e-com cross-border market grew by 37% reaching 143 billion rub, with Chinese goods making 90% of all goods ordered in foreign online stores.

Yandex.Checkout is currently expanding its collaboration with Chinese online stores. Being the leading payment service provider in Russia and the CIS, Yandex.Checkout offers its services to over seventy large and medium Chinese online platforms, including AliExpress, JD.com, TradeEase, LightInTheBox, LeEco and many more.

«Chinese goods have been extremely popular among Russians. Low pricing, competitive quality and wide variety of goods are the biggest attraction for Russian consumers, especially as the Russian economy experiences slowing economic growth and the ruble continues to depress against the US dollar»,— says Anna Kuzmina, Deputy Chief Commercial Officer at Yandex.Money.

Yandex.Checkout has recently studied how Russians are shopping in Chinese online stores and noticed a significant rise in their popularity throughout a year. In 2016, the number of customers who place orders at Chinese online stores grew by 50%. This year the number of payments made on Chinese sites via Yandex.Checkout increased by 64% while the number of purchases increased by 40%.

About Yandex.Checkout

Yandex.Checkout is a leading service for accepting online payments in Russia, according to a 2016 survey by MARC. With this payment solution, merchants from all over the world can offer Russian consumers the online payment methods most popular among Russians and CIS-citizens: bank cards, e-wallets, mobile phones, and cash via mobile retailers and payment kiosks (there are over 250 thousand cash-acceptance points all over CIS). Currently, more than 76,000 online stores across the globe use Yandex.Checkout.

Yandex.Checkout was launched by Yandex.Money in 2013. Yandex.Money is the joint venture of search engine Yandex (NASDAQ: YNDX), and Sberbank, the largest bank in Russia. Yandex.Money also offers consumers easy, safe, and reliable methods of paying online on its own site and mobile app. The service hosts about 28 million user accounts with about 15,000 new accounts opened daily.