Before the Covid-19 pandemic, E-Commerce gradually rose as a mode for purchases. Following the pandemic, E-Commerce is an unmissable route to market that every business must use.
China is the fastest-growing and largest e-commerce market in the world. In 2021, about 24.5 percent of the total retail sales in China were made online. Marketplaces and other online stores play a leading role in e-commerce. China's largest e-commerce platforms are Tmall, Taobao and JD.com.
By 2023, online retail is expected to account for 64% of China's total retail sales. 55% of Chinese consumers use their mobile phone daily or weekly for online shopping. Apparel is the most attractive category for Chinese online shoppers, followed by cosmetics, food, electronics and household appliances.
Attracting thousands of entrepreneurs and companies from all four corners of the world, China is one of the most promising markets worldwide. With a population of almost 1.4 billion people, China’s rapidly rising wages have contributed to a growth in consumption and an increasing purchasing power. China’s digitalization greatly contributed to the success of the most lucrative industry in China: E-commerce.
Did you know it is estimated that by selling on e-commerce platforms, companies can increase by 20% their sales? Not leveraging e-commerce will make it hard to reach your full potential in China. What is more, the virtual world will change the way consumers in China interact online and shop.