February 3, 2022, LONDON: Loqate, a GBG solution, is making it easier than ever before for businesses based outside China to take advantage of the growing cross-border market, enabling them to sell and deliver goods and services to hundreds of millions of Chinese consumers. With the launch of the new China Premium Data Set - the most comprehensive premise-level address data for mainland China on the market – Loqate can help businesses quickly verify, onboard, and deliver to Chinese consumers.
China is home to 1.4 billion people, 140 million of which shop outside of the country for goods and services. According to Statista, the value of cross-border imports into China is valued at 2.8tn Yuan. But for companies operating outside the country, it can often be difficult to effectively sell and ship goods cross-border due to poor address-level data on consumers. Poor data makes it difficult to verify a customer, to identify and deliver to their address and causes compliance issues with Chinese regulations.
Loqate’s China Premium Data Set ensures quality and accuracy of address data on Chinese consumers. It is integrated into Loqate’s existing solutions, Capture and Verify, ensuring Loqate can now provide scalable address data capture and verification to businesses looking to reach the Chinese consumer. With more accurate address data on Chinese consumers, businesses will now be able to:
- Reduce failed deliveries: Verifying addresses up-front can save businesses wasted costs in failed delivery attempts and chargebacks. Loqate customers have reduced failed delivery rates by up to 70%
- Enhance the customer experience: Loqate’s Address Capture will auto-populate any Chinese address fields in three keystrokes or less, reducing data entry time by more than 78% and errors by 20%
- Meet regional compliance requirements: Improved address-level data can help companies better verify shoppers, while also helping ensure Know Your Customer (KYC), anti-fraud regulations and address data quality requirements in region are met
Matthew Furneaux, Director of Location Intelligence at Loqate, said: "Being able to reach Chinese consumers online has never been more important, as wealthy Chinese consumers travel less and spend more on their home turf, according to research from consultancy firm Bain. This will have a profound impact on the luxury retail sector, for example, with China set to become the world’s biggest luxury market by 2025.
"Without accurate address data on Chinese consumers, however, businesses based overseas will find it increasingly difficult to capture this market - with failed deliveries, poor customer experience and compliance issues a major concern. The new data set is a game-changer, making it easier than ever before for companies to get a foothold and grow in the Chinese market."