Though virtually non-existent five years ago, new research shows China’s ecommerce sector growing into one of the most wired retail markets around the world.
In a survey of over 11,000 online shoppers in 11 countries, researchers from consulting firm PricewaterhouseCoopers (PwC) found that consumers in China are the most frequent visitors of online stores when it comes to access via mobile device.
According to nytimes.com, this is just one of the many findings which allowed China to generate combined retail sales of around $211 billion (£136 billion) last year.
In the country, research from PwC shows that 58 per cent of shoppers browse online stores at least once every week. This is far more than those in key online shopping markets like the US (42 per cent), Britain (41 per cent) and Germany (29 per cent).
Meanwhile more than a third of Chinese online shoppers use tablets and smartphones to make purchases. This is double the global average and should encourage retailers to ensure their online payment services are wired up to receive money via mobile device.
Carrie Yu, China and Asia Pacific retail expert at PwC, says businesses across a range of industries can capitalise on China’s growing retail market, claiming things are starting to unfold “very fast”.
Cited by redliontrader.com, she said: “E-tailing has become a major focus for CEOs across all segments of retailing, whether it’s electrical goods, luxury goods or even groceries.”
Meanwhile, with wages rising and the country’s online population growing, global management consulting firm McKinsey believes the best is yet to come.
In a recent report on the country’s online shopping sector, the group claimed: “In a nation where many other sectors are rapidly expanding, e-tailing stands out for its astonishing growth.”