Over the past few years, cross-border e-commerce has grown exponentially, taking the entire world by storm. Currently, merchants are expanding their market beyond their borders in order to make their business more robust, more successful as well as more expandable. This is also due to the contribution of the internet and technology that has made it easier for people to explore foreign brands by accessing foreign merchants and purchasing products.
Committed to engaging everyone in global trade, MyyShop has tremendously lowered the barrier to opening and operating a cross-border e-commerce business with its advantages in single link URL online shop fast creation, smart product recommendation, integrated marketing, online payment, and cross-border logistics, helping users to innovate and turn their impact into a good business.
During a conversation with Diane Wang (Founder, Chairperson, & CEO of DHGATE Group, which owns MyyShop), we learned about the company and its influence on lowering the barrier and other challenges related to the cross-border e-commerce business. Following are the snippets from the insightful discussion.
MyyShop was founded when we observed that the relationship between production and consumption in the global trade as well as the retail chain was being reshaped due to booming social media networks.
According to the data from eMarketer, 55.5% of Gen Z (born between 1997 and 2012) adult social network users buy from their social platforms in the US, while 47.5% of Gen Z teen social network users shop inside such channels. As the first generation in the mobile internet era, Gen Z is dominating the voices in social media, leading the popular culture and greatly influencing consumption. Their strong willingness to consume is leading the global consumption trend and bringing significant changes to global trade.
For Gen Z, it will be an era of "new generation + new connections, and new possibilities". Decentralized independent websites are booming, and small merchants are also able to be “decentralized” from big platforms. In the chain of the new network: sharing is promotion, the connection is sales, and logistics is a service that can be paid for immediately. As both a consumer and a seller, everyone has the ability to connect with the producers directly.
In 2020, MyyShop was unveiled to connect global MSME (Micro, Small and Medium Enterprise) supply chains with people owning substantial private domain traffic on social media platforms and rebranded in July this year as a one-stop social commerce SaaS platform.
Speaking of our most popular product, MyyShop VIP includes an AI-Powered Analytics Tool which helps its users stay on top of the most popular trends and discover the trending products among Creators & Influencers. It also features a single URL quick online shop builder, which helps users build a social commerce online shop more lightly within a few minutes. One can also seamlessly and conveniently integrate other online stores into Myyshop and manage all businesses through one intuitive, streamlined platform.
On the one side, MyyShop has been used by a wide variety of merchandise suppliers. For instance, one of our clients is a Chinese household products seller targeting the North American market via TikTok. The client once had the willingness to sell but did not know which product to sell first. With MyyShop’s short video analytics tool powered by AI and big data technology, the client figured out bathroom products could be the category since there were more and more short videos about these products while interaction between video producers and viewers was also picking up. Later via MyyShop’s AI-enabled tool, the client found that water pressure-powered LED showerheads that can constantly change colors would be the best choice among all bathroom products. MyyShop matched the client with over 30 online influencers, who sold colorful showers and generated RMB 2 million in sales in less than one week.
On the other side, MyyShop has been used by a large number of social media content creators. For instance, a US-based cosmetics-focused content creator with 30,000 followers at the beginning created a video for one product of a supplier, which she gained access to via MyyShop. The video was played nearly 40,000 times in a very short period of time, while 8 percent of all viewers bought the product. In this move, the creator gained 20% more followers. She now has about 190,000 followers, gaining nearly USD 10,000 in monthly revenue from making product-recommendation short videos.
As of July 2022, 1.66 million content creators worldwide have registered on MyyShop, boosting sales of more than 4 million products. With respect to that, we expect more than 1 million active content creators will use MyyShop and generate USD 3.8 billion in gross merchandise volume over the next three years.
The following factors make MyyShop a popular, one-stop social commerce SaaS platform within the market:
MyyShop has tremendously lowered the barrier to opening and operating a cross-border e-commerce business with its advantages in trending product discovery, smart matching product recommendation, single link URL easy online shop creation, integrated marketing, online payment, and cross-border logistics, helping users to innovate and turn their impact into a good business.
“MyyShop connects manufacturing capacity with private domain traffic, providing a wide selection of products, e-commerce tools, logistics, and marketing services.”
Read Full Magzine: 10 Fastest Growing Private Companies to Watch in 2022