China’s e-commerce market to reach US$2.2 trillion in sales this year
GlobalData says China continues to lead the worldwide e-commerce industry, with US$2.2 trillion in sales predicted this year.
According to GlobalData, China will continue to dominate the global e-commerce landscape, fuelled by a 9.9 per cent annual growth rate, and the continued movement of customer shopping preferences from offline to online.
GlobalData’s E-Commerce Analytics reported e-commerce sales in China increased at a CAGR of 11.2 per cent between 2018 and 2022, reaching $2 trillion last year.
In terms of payment value, China accounted for 33.9 per cent of the worldwide e-commerce market last year. The market was followed by the US, which had $1.8 trillion, and the UK, which had $ 287.4 billion.
“The Chinese e-commerce market evolved rapidly during the last five years, supported by the rapid adoption of smartphones, growing internet penetration, increasing number of online shoppers, and the availability of alternative payment solutions such as Alipay and WeChat Pay,” said Ravi Sharma, lead banking and payments analyst at GlobalData.
“The Covid-19 pandemic further accelerated e-commerce activities in China, as wary consumers are increasingly using online channels for purchases to avoid getting exposed to disease vectors, a trend that is set to continue.”
The expansion of the e-commerce market is also aided by increased e-commerce activity in rural areas. According to China’s Ministry of Commerce, rural online retail sales climbed by 12.5 per cent in the first half of this year compared to the same time in the last period.
In addition to livestream shopping, social commerce is becoming more popular as a result of the efforts of messaging platforms such as WeChat, which allows users to purchase products without having to download additional mobile apps or be redirected to another website.
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