Online shopping market retail sales volume in China 2015-2023
In 2023, online commerce transactions in China reached approximately 15.43 trillion yuan, representing an almost 12 percent year-on-year growth. The e-commerce market in China maintained a steady growth in recent years.
E-commerce in China
In 2021, the global digital buyer penetration rate was estimated to range at 65.2 percent. In comparison, the Chinese online buyer penetration amounted to 81.6 percent. The number of online shoppers in China had reached more than 884 million in the 2023.
Business-to-consumer (B2C) online commerce is an important component of China’s e-commerce market. In 2013, it accounted for about one percent of China’s gross domestic product (GDP). Even though the growth momentum of annual B2C e-commerce sales has been slowing down, it still was forecast to have approximately ten percent annual growth in 2021. Tmall, a subsidiary of Alibaba, JD, and Suning were among the leading B2C e-commerce retailers in China as of the first quarter of 2022.
Since its initial public offering (IPO) at the New York Stock Exchange in September 2014, Alibaba became one of the largest internet companies worldwide. As of the third quarter of 2018, it ranked second only to Google based on brand value. Alibaba Group is not solely focused on B2C business. It also dominates in consumer-to-consumer (C2C) and business-to-business (B2B) segments. Alipay, a third-party online payment solution brought forward by Alibaba, has cornered the online payment market in China.
E-commerce in China
In 2021, the global digital buyer penetration rate was estimated to range at 65.2 percent. In comparison, the Chinese online buyer penetration amounted to 81.6 percent. The number of online shoppers in China had reached more than 884 million in the 2023.
Business-to-consumer (B2C) online commerce is an important component of China’s e-commerce market. In 2013, it accounted for about one percent of China’s gross domestic product (GDP). Even though the growth momentum of annual B2C e-commerce sales has been slowing down, it still was forecast to have approximately ten percent annual growth in 2021. Tmall, a subsidiary of Alibaba, JD, and Suning were among the leading B2C e-commerce retailers in China as of the first quarter of 2022.
Since its initial public offering (IPO) at the New York Stock Exchange in September 2014, Alibaba became one of the largest internet companies worldwide. As of the third quarter of 2018, it ranked second only to Google based on brand value. Alibaba Group is not solely focused on B2C business. It also dominates in consumer-to-consumer (C2C) and business-to-business (B2B) segments. Alipay, a third-party online payment solution brought forward by Alibaba, has cornered the online payment market in China.
