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China poised to surpass US in online spending this year
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China is expected to overtake the United States in e-commerce spending this year and its online trade may reach 3.3 trillion yuan (US$532 billion) in 2015, according to the latest industry report.
China's e-commerce market size will maintain 32 percent annual growth in the next three years and will be 50 percent bigger than that of the US in 2015, Bain & Company said its "China E-commerce Report" today.
"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 Hoffman, partner in Bain's retail practice in China and co-author of the report.
China also has a higher smartphone usage in online shopping with more than 60 percent of consumers surveyed using smartphones to browse or buy products.
According to Bain’s survey of more than 1,300 online shoppers in China, multi-channel retailers are more likely to see a rise in consumer spending, instead of cannibalizing their brick-and-mortar stores.
More than 60 percent of respondents said a retailer's online store would prompt more purchases than its brick-and-mortar stores.
The ever-growing e-commerce market will attract more shoppers and Bain estimates that about 58 percent of online retail growth over the next three years will be contributed by new consumers.
The US online retail sales grew 14 percent to US$100 billion in the first half of this year, according to research firm ComScore.
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