The latest publication from Hamburg-based market research company yStats.com titled “China B2C E-Commerce Market 2024” highlights the emerging trends in the B2C E-Commerce market in China, including Social Commerce, discount B2C E-Commerce adoption, and key online retail players in the region.
Online sales comprised over half of total retail in China, fueled by Social Commerce and AI integration
According to forecasts, by 2027, the B2C E-Commerce market in China is poised to reach over EUR 3 trillion, exhibiting a notable Compound Annual Growth Rate (CAGR) from 2023. Furthermore, the share of online retail sales in China is projected to account for more than half of the total retail sales by 2027, as stated in the new yStats.com publication.
Social Commerce continues to hold substantial relevance in China’s B2C E-Commerce market, with its popularity extending into Western markets as well. Moreover, technological advancements like AI integration into online shopping experiences are gaining traction, aligning with evolving consumer expectations. As found in the new yStats.com report, a significant surge in discount B2C E-Commerce adoption, particularly witnessed during the recent holiday season in 2023. Economic uncertainty and a slower-than-expected retail recovery post-COVID have been key drivers of this trend. Notably, this trend has also been moving into Western markets, due to the effects of the recent global economic developments.
“Taobao & Tmall” and “JD.com” dominate China’s domestic B2C E-Commerce Market
As China’s B2C E-Commerce market continues to evolve rapidly, businesses are urged to stay abreast of emerging trends and capitalize on opportunities within this dynamic landscape. According to findings in the yStats.com report, “Taobao and Tmall” and “JD.com” emerged as the largest domestic B2C E-Commerce entities in China, capturing a significant share of the total market as of 2023.
The report also underscores specific sectors experiencing robust growth in 2023, with online retail sales of food and clothing witnessing annual growth rates of around +11% each.
