China’s online sales may overtake US
Print Edition
China’s e-commerce spending may surpass that of the United States this year and will reach 3.3 trillion yuan (US$532 billion) in 2015, according to a latest industry report.
China’s e-commerce market will continue to grow 32 percent annually in the next three years and will be 50 percent higher than that of the US in 2015, Bain & Co said its annual “China E-commerce Report” yesterday.
“Retailers need to reach Chinese consumers across all channels including brick-and-mortar stores, online stores and mobile presence, otherwise they’ll lose growth opportunities,” said Serge Hoffmann, partner in Bain’s retail practice in China and co-author of the report.
In the first half of this year, the US’s online retail size jumped 14 percent to US$100 billion, according to research company ComScore.
More than 60 percent of Chinese shoppers in a Bain survey of more than 1,300 domestic online consumers in tier-one to tier-four cities used smartphones to browse or buy products online.
The survey also revealed that more than 60 percent of respondents said a retailer’s online store would increase their spending at the namesake brick-and-mortar store.
Bain said e-commerce will continue to grow as about 58 percent of new online sales in the next three years will be generated by new consumers.
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