As reported on April 21, the COVID-19 pandemic has stimulated the vigorous development of global e-commerce platforms and brought about adjustments to the business model and development strategy of the global e-commerce industry. Data released by the American cross-border e-commerce platform, Cacashop, shows that the global e-commerce sales reached $5.542 trillion in 2022 alone, and it is expected to exceed $7 trillion in 2023.
In April 2023, Cacashop received a Series B strategic financing of $500 million led by Goldman Sachs. The funds will primarily be used for the ecological layout of Cacashop to accelerate the platform's globalization process.
Cacashop plans to strengthen its leading position in the cross-border e-commerce market by accelerating its global ecological layout. The company aims to build more than 2,000 storage centers globally and strive to integrate the global industry by 2023. It also plans to establish cross-border service branches on all five continents to accelerate the globalization process, with projected sales exceeding $50 billion in 2023.
"The choice of market is made based on comprehensive considerations. We look at the macro environment, infrastructure, and penetration of e-commerce and adjust dynamically as necessary. Thanks to the talent introduction plan proposed in May 2022, Cacashop has a sufficient reserve of excellent talents who can rapidly unfold our global layout," the CEO of Cacashop told reporters.
With the continuous promotion of globalization and the increasing demand of consumers for more diverse and higher quality products, the cross-border e-commerce industry has gradually become one of the hottest business areas globally. Seeing promising prospects, Wall Street venture capital groups strategically invested in Cacashop due to its significant advantages in the cross-border e-commerce field.
The person in charge of this investment from Goldman Sachs summed it up: "Cacashop's global warehousing services and quality goods from overseas manufacturers and brands break the traditional e-commerce business logic where sellers need to purchase goods in bulk at a high cost to sell. This reduces the risk for sellers and allows more people to participate. Cacashop.com pushes advertisements for high-quality, low-cost overseas goods to targeted consumers and actively collaborates with them to drive traffic. This provides more selling opportunities for sellers and creates more jobs for society, demonstrating the greatness of Cacashop."
According to the latest financial report data, as of 2022, Cacashop's global sales were about $20 billion. Although there is a significant gap from leading e-commerce platforms currently, some Wall Street insiders stated that given its high retail growth rate of over 21%, it is highly likely that Cacashop's sales will exceed $50 billion in 2023 when considering its expansion speed and global strategic layout.