Investorideas.com

Call 800 665 0411 to learn about our services for your stock

Search   Follow Investorideas on Twitter   Investorideas is on Facebook   Investorideas is on Youtube   Investorideas is on Pinterest  Investorideas is on stocktwits   Investorideas is on tumblr   Investorideas is on LinkedIn   Investorideas Instagram   Investorideas Telegram   Investorideas Gettr   Investorideas RSS




Share on StockTwits

China continues to lead global e-Commerce market with expected $2.2 trillion sales in 2023, says GlobalData

 

August 29, 2023 (Investorideas.com Newswire) China is set to retain its dominant position in the global e-Commerce landscape. Bolstered by a remarkable 9.9% growth, the Chinese e-Commerce market is anticipated to surge to CNY 15.2 trillion ($2.2 trillion) in 2023, driven by the ongoing shift of consumer preferences from offline to online shopping, forecasts GlobalData, a leading data and analytics company.

According to GlobalData's E-Commerce Analytics, e-Commerce sales in China grew at a CAGR of 11.2% between 2018 and 2022 to reach a value of CNY13.8 trillion ($2.0 trillion) in 2022.

China accounted for 33.9% share in the global e-Commerce market in terms of payments value in 2022. China was followed by the US with $1.8 trillion while the UK stood at a distant third with $ 287.4 billion in 2022. The global e-Commerce landscape is unlikely to change in 2023 with China expected to retain its position at the top.


Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, comments: "The Chinese e-Commerce market evolved rapidly during the last five years, supported by the rapid adoption of smartphones, growing internet penetration, increasing number of online shoppers, and the availability of alternative payment solutions such as Alipay and WeChat Pay."

Sharma adds: "The COVID-19 pandemic further accelerated e-Commerce activities in China, as wary consumers are increasingly using online channels for purchases to avoid getting exposed to disease vectors, a trend that is set to continue."

The growth in the e-Commerce market is also supported by the improving e-Commerce activities in rural areas. According to the China's Ministry of Commerce, online retail sales in rural areas increased by 12.5% during the first half 2023 compared to the same period in 2022.

Livestream shopping has been a trend in the country. Livestream shopping allows customers to view and buy products via online video streams hosted on e-Commerce platforms. In addition, social commerce is growing in popularity thanks to the efforts of messaging platforms such as WeChat. Sub-apps offered by WeChat run within the WeChat app, allowing users to buy products without having to download other mobile apps or be redirected to another website.

Sharma concludes: "The Chinese e-Commerce market will continue to grow supported by the rise in consumer preference for online shopping, improved payment infrastructure, and proliferation of payment tools. The e-Commerce market is expected to grow at a robust CAGR of 11.6% between 2023 and 2027 to reach CNY23.5 trillion ($3.4 trillion) in 2027."

For more information

To gain access to our latest press releases: GlobalData Media Centre

Analysts available for comment. Please contact the GlobalData Press Office:

EMEA & Americas: +44 (0)207 832 4399
Asia-Pacific: +91 40 6616 6809
Email: pr@globaldata.com

Notes to Editors

  • Quotes provided by Ravi Sharma, Lead Banking and Payments Analyst at GlobalData
  • Information is based on GlobalData's E-commerce Analytics.
  • This press release was written using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData's team of industry experts.

About GlobalData

4,000 of the world's largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData's unique data, expert analysis and innovative solutions, all in one platform. GlobalData's mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.

More Info:


Investorideas.com Newswire

This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders


Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp


That's all it takes to get an article published on Investor Ideas - Learn More