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China e-commerce skyrockets

China’s e-commerce market rose a stunning 45.3 per cent to 4.98 trillion yuan ($807 billion) during the first half.

If online sales continue to grow at this pace for the full year, China could overtake US as the largest online market by the year’s end.

Retail sales through the web grew 7.7 per cent while sales from mobile devices increased 55.8 per cent.

Sales via mobile are expected to grow more as smartphone recorded sales of 244.4 million units in the first half.

E-commerce is particularly booming in Chinese small towns. Taobao’s report in July showed that people in counties and townships spent an average of 5628 yuan per person online, almost 1000 yuan more than their urban peers.

McKinsey Global Institute’s report revealed that for every 100 yuan spent online, 57 yuan is spent by consumers in third and fourth-tier cities.

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