The next three years will see China’s ecommerce sales more than triple, according to forecasts from insights provider Analysys International.
Reported by warc.com, the firm’s predictions show business-to-consumer transactions will be worth RMB785 billion in 2013, increasing to RMB1.2 trillion in 2014 and RMB1.6 trillion in 2015.
Compare those figures to RMB240 billion in 2011 along with RMB470 billion in 2012 and it appears an increasing number of Chinese consumers are willing to make an online payment for business goods and services.
Analysys believes the market is beginning to witness a ‘degree of maturation’ when it comes to the sites that are proving popular with shoppers. Consequently, the B2C market will grow at a faster rate than the entire online retail industry, which includes consumer-to-consumer transactions.
Chen Shousong, analyst at Analysys International, told chinadaily.com.cn: “Tmaill and Jingdong Mall have gradually become the driving force of the nation’s ecommerce industry, replacing the customer-to-customer model represented by Taobao.com.
“Intensified competition among large platforms will further narrow retail profit margins. However, it also helped set the tone for the nation’s B2C sector with large shopping platforms set to dominate the market in the years to come,” he added.