Mobile Drives Chinese E-Commerce to $1.6 Trillion by 2019
Sept. 28, 2015
China passed the U.S. to become the largest e-commerce market in the world in 2013 and it continues to widen its lead. Despite a slowdown in the rate of growth of China’s overall economy, retail e-commerce sales, both overall and as a percentage of total retail sales, continue to show strong growth, according to a new report from eMarketer. The research firm expects e-commerce to grow from $672 billion this year to $1.6 trillion in 2019. By that time, the report said, e-commerce will account for nearly 29 percent of retail sales in China.
“E-commerce is weathering the overall economic slowdown better than any other sector,” said Mark Tanner, managing director of China Skinny, a Shanghai-based marketing and research agency. “And, overall retail is still growing quite a lot faster than GDP.”
And, while e-commerce is the engine of Chinese growth, mobile commerce is the engine of e-commerce, the report found. eMarketer expects m-commerce sales in China, which totaled $180.4 billion last year (38 percent of overall e-commerce sales), to grow to more than $1.4 trillion in 2019, accounting for more than 70 percent of total e-commerce sales.