What you need to know about eCommerce sales in China
According to Nielsen’s online shopper trend report, the proportion of consumers who had recently made a cross-border e-commerce purchase reached 67% in 2017, compared with only 34% in 2015.
Online retail sales in China went past $1 trillion for the first time in the world’s leading e-commerce market. Retail web sales totalled 7.18 trillion yuan ($1.149 trillion) in 2017, an increase of 32% from 5.43 billion yuan ($869 billion) in 2016, according to China’s Ministry of Commerce.
Bain & Company estimates that digital sales will expand by 41% annually through 2020
The growth of digital payments in China means many younger people have skipped the credit card concept for paying online. Alipay and Wechat pay are the most popular online payments in China.
Consumers are increasingly turning to online and mobile payments. In 2016, mobile payments by Chinese consumers were more than 50 times greater than those made by US shoppers. (Forbes)
In China shopping festivals such as Double 11 are the perfect opportunity for new brands to enter the market. On these holidays consumers are looking to try new things and buy new products. Based on Nielsen’s survey, before Double 11 this year, 79% of consumers said they planned to participate in Double 11. Alibaba saw 168 billion RMB in sales and 39% growth on Singles’ Day.
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