China to make up 50% of global ecommerce market by 2018 as it eyes 'digital Silk Road'
17.12.2015 316 views
China is forecast to account for over half of the global ecommerce market by 2018 as its growing middle class and broad use of smart mobile devices nationwide drive domestic consumption, a recent research study reveals.
This development is also supported by China's commitment to help expand global ecommerce by building a “digital Silk Road”, according to a recent report issued by the research company eMarketer, scmp.com reports. China's increase by 2018 translates into a 133% rise to USD 1.568 trillion, up from an estimated USD 672 billion in 2015.
Worldwide ecommerce sales are forecast to grow 80% to USD 3.015 trillion in 2018 from this year’s estimated USD 1.671 trillion. China is also expected to make up the bulk of the Asia-Pacific online retail market by 2018, when the region’s total sales is projected to reach USD 1.892 trillion.
Monica Pearl, eMarketer’s director of forecasting, said the rapid online retail growth in China and the rest of the Asia-Pacific, combined with faster internet service and greater mobile uptake, is “heating up the competitive landscape, where large local players are increasingly vying for market share by improving their logistics and mobile platforms”.
Source: The Paypers
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