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China's online shopping up 42%, drop from 66% growth rate
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CHINA’S spending on online shopping grew by 42 percent last year to 1.85 trillion yuan (US$303 billion) — slower than the 66 percent growth rate in 2012, a recent industry report showed.
Domestic online retail is anticipated to make up 7.8 percent of total retail spending in 2013, Internet consultancy iResearch Inc said in a research report today.
China's online shopping market will become more mature with its growth rate stabilizing in the next few years, the report pointed out.
Traditional retailers are also moving online to grab more consumers, making more merchandise accessible for lower-tier cities' residents.
IResearch predicted the size of total online shopping transactions in China will reach 4 trillion yuan by 2017.
Businesses’ online consumer shopping sites made up 35 percent of overall online spending last year, and that proportion is estimated to be half of the total by 2017.
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