An Obituary for Rakuten China: Excess Pride as a Recipe for Failure
On one side, it was a Japanese giant ready to make its mark on the global stage after its sheer dominance of the domestic market. On the other side, it is the world's largest potential market for online shopping, massive even though the penetration rate is a mere 3% of total retail but growing at a pace unheard of in the brief history of the Internet. There seemed to be some sort of synergy. Its potential meeting ambition, backed up by the trust the Chinese consumers placed in Japanese products combined with what the Chinese see as diminished by still significant wave of that "cool Japan" pop culture .