B2C e-commerce gaining ground in China
Business to consumer (B2C) e-commerce is thriving in China.
Research company yStats.com expects the B2C e-commerce market in China to grow by more than 30 per cent annually between 2010 and 2016.
yStats.com also found out that social commerce is on the rise in the nation as more and more Chinese residents use social networks to purchase products online. Social commerce is expected to become even more significant in China than in the US.
Mobile commerce is also gaining in importance, it says. Between 2011 and 2012, m-commerce grew approximately fivefold.
Overall, fashion, shoes and bags, as well as computers and household appliances are among the most popular product categories online. B2C e-commerce with luxury goods is one of the leading trends.
Leading Chinese online retailers include Tmall, 360buy, Tencent and Suning.com.
The total online payment transaction value in China demonstrated strong quarter-on-quarter growth in 2011-2012. Third-party online payments, which are used by around a third of online shoppers in China, were especially on the rise.
Also, Alipay, a part of Alibaba Group, launched a mobile wallet application in China, offering online-to-offline payments.