Chinese online shopping market may exceed USD 1 trillion by 2020
30.09.2013 991 views
China may become the world's largest digital market place as its online sales are predicted to exceed USD 1 trillion by 2020, a recent study indicates. According to a report by global consulting company Boston Consulting Group and Beijing-based media Caixin, the growth rate of the Chinese e-commerce market has surpassed other major countries. Results show that its average annual growth rate has reached 90 percent over the past five years, far higher than the 17 percent annual growth rate that the US has maintained since 2003.
Research points out that the Chinese e-commerce market is still considered to have great potential since around 43 million Chinese internet users made their first purchase online in 2011. Only 40 percent of the country's population has access to the internet — which still represents a potential market of 500 million people, of whom only two fifths have made purchases online. The percentage is far lower than the 70 percent in the US. The survey estimates that China's online shopping population will grow by 30 to 40 million people a year until 2015. Findings also unveil that online shopping websites and retailers have also begun establishing their logistic facilities outside of their traditional markets of the country's first-tier cities. Logistics companies should shift their focus to emerging consumer markets in inland areas of China and establish new storage facilities in response to the growing demand for warehouse space. Retailers should also establish a centralized delivery management system to enhance their supply chains.
According to a white paper by investment management company Jones Lang LaSalle, many Chinese business-to-customer (B2C) platforms have established their own logistics networks and management system due to the growing market. Property and logistics companies may benefit from working with these B2C companies as the cooperation would ensure the quality of their tenants, which would help them to obtain land use permits from the government.
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