Chinese E-commerce to Surpass U.S. in 2014
April 14, 2014
E-commerce penetration in China will surpass that of the U.S. in 2014, according to management consultancy and research firm UBS. A growing pool of online shoppers, aggressive pricing, improvement in payments systems and improving logistics have combined to push e-commerce from 6 percent of total retail sales in China in 2012 to 8 percent in 2013.
According to Erica Poon Werkun, head of Asian consumer and Internet research for UBS, consumer confidence in online payment has grown alongside the accelerated maturation of payment systems like Alipay and Tenpay. Combined with a new willingness to pay online, an aggressive government urbanization campaign will quickly add to the 300 million Chinese consumers who currently shop online, Werkun said.