The world’s largest e-commerce market is about to grow.
China’s e-commerce market will reach $ 3.3 trillion in 2025, according to Global Data, a leading data and analytics company.
Growth of 17.2% is expected in 2021 as consumers move from offline to online more and more. Similarly, between 2021 and 2025, the size of the e-commerce market is expected to grow at a strong combined annual growth rate of 11.6%.
The Covid-19 crisis led to a slump in consumer spending overall, which led to growth in e-commerce purchases.
“The Covid-19 pandemic is domestic as concerned consumers are increasingly using online channels to make purchases to avoid exposure to disease vectors that are expected to continue beyond the pandemic. We are further promoting our e-commerce activities. ” Ravi Sharma, Banking and Payment Lead Analyst at Global Data.
China’s e-commerce growth is supported by the high penetration of the Internet and smartphones, growing consumer confidence in online shopping, and the emergence of e-commerce platforms in recent years.
Alternative payment solutions such as Alipay and WeChat Pay (including Tenpay) are the main beneficiaries of the increase in e-commerce purchases.
“China’s e-commerce market has risen over the past five years. Due to the significant rise in consumer preference for online channels during a pandemic, the proliferation of online payment tools and the emergence of new e-commerce formats, e-commerce in China It will further accelerate the growth of commerce, “added Sharma.
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China’s e-commerce market will reach US $ 3.3 trillion by 2025
Source link China’s e-commerce market will reach US $ 3.3 trillion by 2025