Report: Chinese E-Commerce Surpasses U.S.
May 29, 2014
Two separate studies this week illustrate China’s ascendancy in online commerce. E-commerce retail sales in China tripled between 2006 and 2013, growing to $294 billion last year and surpassing the U.S. A report from China’s Development & Research Center of the State Post Bureau and Deloitte found that over the past five years, online retail sales grew 70 percent annually and the number of Chinese consumers shopping online surged from 70 million to 300 million. During the same time frame, e-commerce increased from 1.3 percent of total retail sales to nearly 7.5 percent.
A separate study looked at how consumers in the country are making these purchases and the growing significance of mobile commerce. The People’s Bank of China said mobile payments using bank transactions made in the first quarter of 2014 grew 255 percent compared to Q1 last year. That followed 232 percent year-over-year growth in Q4 of 2013. Online payment value in general grew 33.8 percent in Q1 this year compared to 2013 and transactions grew 25.9 percent, according to the PBOC.