How fast is eCommerce growing in China?

Posted on by Muna Meyer

How fast is eCommerce growing in China?

China’s retail e-commerce market has been the largest in the world since 2013. Its sales grew 34-fold in the decade to 2020 compared to the world’s ninefold growth. In 2020, its sales stood at US$2.3 trillion, representing just over half of the world’s e-commerce market total of US$4.3 trillion.

How big is the eCommerce market in China?

China is the largest market for eCommerce with a revenue of US$1,343 billion in 2020, placing it ahead of United States. With an increase of 26%, the Chinese eCommerce market contributed to the worldwide growth rate of 29% in 2020.

What is driving China’s e-commerce growth?

Mr Sharma concludes: “Chinese e-commerce market has been on a rise during the last five years. A significant rise in consumer preference for online channels during the pandemic coupled with proliferation of online payment tools and emergence of new e-commerce formats will further drive e-commerce growth in China.”

Why is e-commerce successful in China?

A vast logistics ecosystem supports the growth of China’s e-commerce market. Chinese e-commerce giants Alibaba and JD.com have found success in part by developing highly efficient systems and networks to deal with the delivery of orders.

Is e-commerce fast growing?

Despite the retail industry suffering acute pain during 2020 – and lasting into 2021 too – ecommerce sales witnessed its biggest even boom, reaching unprecedented heights and accelerated growth. Last year, total retail ecommerce sales increased 27.6%, reaching a global value of $4.28 trillion.

What is the biggest e-commerce in the world?

Amazon.com
Amazon.com is leading the global e-commerce market, with a revenue of US$ 120,968 million in 2020 Worldwide, followed by Jd.com with US$ 83,058 million. Third place is taken by Walmart.com with a revenue of US$ 41,114 million.

What is the most popular ecommerce platform in China?

List of the top 10 Chinese e-commerce platforms by monthly traffic

  1. Taobao.
  2. JD.com.
  3. Tmall.
  4. Alibaba1688.
  5. Suning.com.
  6. Xiaohongshu.
  7. Amazon China.
  8. Vipshop.