web analytics

Inside Retail Asia: China’s online retail sales 40 per cent of global market

China’s online retail sales accounted for about 40 per cent of the entire global market last year.

This is revealed in a report released by the Chinese Ministry of Commerce which estimates the nation had 731 million internet users and 467 million online shoppers last year.

Of these, 441 million were mobile shoppers, meaning that more than 60 per cent of China’s internet population buys online via mobile device.

China’s online retail sales reached RMB26.1 trillion (US$3.8 trillion) in value last year, growing 19.8 per cent year-on-year, the report says. This maintains China’s place at number one, as its transaction value accounted for 39.2 per cent of the global online retail market.

Online buyers mainly bought clothing, home-improvement items, home appliances, digital products and phones, food and beverage, and mother-and-baby products.

Meanwhile, China’s online services had a breakthrough last year with revenue reaching RMB2.45 trillion at a year-on-year growth rate of 23.7 per cent, according to the report.

Services derived from e-commerce, such as web design, financial training and data services, also boomed to RMB1.1 trillion, says the report.

The market size of electronic payment services, logistics services and electronic authentication grew to RMB950 billion.

Meanwhile, another report says China has been projected to account for more than half of the world’s online retail market this year.

Published by yStats.com, the China B2C E-Commerce Market 2017 says that about two-thirds of internet users in urban China already shop online, with the share higher in the top cities. Signs of maturity in the internet retail market in China include the growing contribution of the B2C segment and the retreating C2C share of retail e-commerce sales.

Read more at: https://insideretail.asia/2017/06/06/chinas-online-retail-sales-40-per-cent-of-global-market/