Posted On 2017/07/08 By In News, Research, Internet, Social Media, Shopping With 314 Views

China eCommerce Market to grow 19% in 2017

The e-commerce market in China is expected to grow by about 19 percent year on year in 2017, a report said on Thursday. China has entered “a new retail era” characterized by online and offline (o2o) retail that has created huge potential and demand, especially for customized products, according to a report released by consulting firm McKinsey & Company Thursday.

The popularity of social media spurs online buying, it said.

Many e-commerce traders that are expanding into online social networks, however, often offer lower quality service compared with that provided by major online shopping sites, the report said.

There is huge market potential if they can just improve their services, it said.

After years of explosive growth, China has emerged as the world’s largest e-commerce market, equaling the combined size of the next six major markets including the United States, Britain, Japan, Germany, South Korea and France, it said.

Last year, China’s e-commerce market expanded 19.8 percent year on year to 26.1 trillion yuan (3.82 trillion U.S. dollars), accounting for 39.2 percent of the world’s total, according to the Chinese Ministry of Commerce.


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Sources:

Article: Xinhua / Image: Marco Verch

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About

Stefan

Stefan (from Austria, Europe) has been living, studying and working in China since 2010. Stefan has worked on several research, publication and consulting projects focusing on the China Travel Market. He holds two Masters degrees and is an expert on China Outbound Tourism, Marketing and Social Media in China. Stefan works with BMG on the Global Ready China Seminars as well as the Global Ready China News and related projects. He also has teaching engagements in the areas of eMarketing and Tourism Strategy.

1 Responses

  1. It’s fair to say that Singles’ Day, Chinese Black Friday/Cyber Monday, may be the actual future of retailing. The Chinese embrace technology, love ecommerce and love spending. Fully embracing virtual and augmented reality, China is already at least one digital step ahead.

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