Chinese e-commerce market

Chinese e-commerce market, the world’s largest, is estimated to register a strong growth of 17.2% in 2021, as consumers increasingly shift from offline to online. Against this backdrop, e-commerce value is expected to grow at a strong CAGR of 11.6% between 2021 and 2025 to reach CNY21.4 trillion (US$3.3 trillion) in 2025, says GlobalData, a leading data and analytics company.

Chinese e-commerce evolved rapidly during the last five years, supported by high Internet and smartphone penetration, increasing consumer confidence in online shopping, emergence of e-commerce platforms, and the availability of various alternative payment solutions such as Alipay and WeChat Pay. According to GlobalData’s E-Commerce Analytics, e-commerce sales in China grew at a CAGR of 17.7% between 2017 and 2021 to reach the value of CNY13.8 trillion (US$2.1 trillion) in 2021. Ravi Sharma, Banking and Payments Lead Analyst at GlobalData, comments: “The COVID-19 pandemic has further driven e-commerce activities in the country, as concerned consumers are increasingly using online channel for their purchases to avoid getting exposed to disease vectors, a trend that is expected to continue even beyond the pandemic.”