China is currently experiencing huge growth in its e-commerce industry. Online shopping, the most powerful engine of China’s e-commerce market, posted a 96.9 percent increase in the year 2010 and has continuously been gaining momentum since. In 2015, China’s online retail transactions reached RMB 3877.3 billion (US$ 622.5 billion, an increase of 33.3 percent over 2014), accounting for 12.9 percent of total social retail sales. By 2020, China’s e-commerce market is predicted to be larger than those of the U.S., the UK, Japan, Germany, and France combined.
These predictions are linked to the number of people currently connected to the Internet in China, be it via computers or smartphones – by the close of 2015, there were 688 million Internet users in the country. According to data from the China Internet Network Information Center, the number of online shoppers topped 413.3 million in 2015, accounting for 60 percent of all internet users. By 2020, 750 million Chinese are predicted to shop online. One clear trend that cannot be ignored is the increasing popularity of mobile devices: the number of mobile shoppers reached 339.7 million in 2015, with the amount of mobile owners shopping online rising from 42.4 percent to 54.8 percent year-on-year.
The figure is a glance of the huge ecommerce industry in China. Next week we will discuss main players in this market and cost to list your products on each. For a better viewing experience, please click “Read in browser“.
Image source: China Briefing