In a recent outlook on China’s eCommerce Evolution, Brent Cohen outlines the astonishing evolution we might be missing.
In 2012 China had a 66.5% growth rate and registered RMB 1,2 trillion ($197 billion) in eCommerce transactions. Cohen says an expected RMB 4 trillion ($655 billion) increase by 2020 is a “conservative” estimate.
That shouldn’t be too surprising for anyone not completely blind to outside-US eCommerce. Although US still leads the way both in terms of market size and per-capita spending, China is catching up fast. It’s main assets:
- it’s the biggest market in terms of ecommerce shoppers in the world (242 million people)
- it has a 6.3% eCommerce share of total retail (US only has 5%)
- it fills a gap between the large territory the country has and the relatively small coverage classical retail stores provide. Online retail in China provides a coverage of 51% whilst the brick-and-mortar retail – only 13%
Have a look at this great resource: