The Scope of E-Commerce in China
The online buying and selling of products and services has increased exponentially in China— it’s worth billions of dollars. The numbers speak for themselves.
While 60.1% of the total Chinese population bought products online back in 2014, the number increased to a whopping 74.7% this year.
You can enjoy a share of this gigantic billion dollar digital market revenue by studying what drives this boost in the Chinese e-commerce market.
The Internet Penetration Rate
There were almost 772 million internet users in China by the end of 2017. This means that more than 50% of the total population had access to internet and smartphones.
The Popularity of Online Shopping
In 2016, the online commerce transactions reached approximately 4.7 trillion Yuan in China. This goes to show how popular online shopping has become as a medium of social connectivity that it has earned businesses billions of dollars.
The Chinese people also like the options of online sales and promotions as they get to compare prices of goods and services on different websites before purchasing them.
The e-commerce giant in China, Alibaba, recorded 250 billion Yuan in revenue in 2018 which translates to almost 40 billion US dollars!
The Incursion of Smartphones in China
A market research firm released data on Chinese mobile users and it showed that as of 2018, there were about 1.54 trillion mobile phone subscriptions in China.
This number has skyrocketed since 2014 when there were only 1.25 billion mobile users.
As global technology keeps on innovating and putting out new phones, more and more people are getting introduced to this new age invention.
The Growing GDP Per Capita
The Chinese economy is on a financial boost with $8,826 worth of GPD per capita recorded in 2017 by the World Bank officials.
The growing economy has also allowed its local population to enjoy better income levels which have further led to a rise in e-commerce and digital market revenues.
The Ease of Online Payments
The digital age has not only diminished the need for physical shopping centers, but it has also allowed for card transactions through electronic money transfers.
Chinese locals find this to be an added benefit to the online shopping experience as they don’t have to worry about paying cash-on-delivery.
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