Rapid smartphone adoption fuels China’s online retail market boom
Total transaction volume in China's mobile shopping market is projected to reach $36.84b, a 140-fold increase from 2010. May 21, 2013 | Lalitha SivanesanThe Chinese market may be a newcomer to the concept of shopping online using mobile devices, but is quickly catching up with its Western counterparts, and will likely overtake them. Currently, China's online retail market accounts for 6% of China's total retail sales, amounting to $64 billion. The shift to mobile shopping comes despite the fact that only 30% of the Chinese respondents said they had been shopping online for more than five years. A recent survey indicates that over the next one year, one in four Chinese consumers are going to use their smartphones or tablets to shop online, double the global average. Chinese consumers stand head and shoulders above other consumers around the world in terms of online shopping frequency, with 58% of survey respondents shopping at least once a week, compared to 29% of global figures. China is the world’s largest mobile phone market with 1.15 billion subscribers. This, together with a rise in internet subscribers as well as an increasingly affluent middle class society have contributed to China’s online retail boom, which was virtually non-existent half a decade ago. An example of this boom is Tmall, a China-based business to consumer website which currently controls 50% of China’s online market. According to Euromonitor International, it will overtake US online retail giant Amazon in sales to become the world's largest internet retailer by 2016. Tmall sales are projected to hit $100 billion that year, compared to $94 billion for Amazon. Chinese consumers are growing far more sophisticated than their global peers. They have taken to using multiple shopping platforms, and even social media, increasing the likelihood that they will spend more on mobile banking. This is supported by a recent research which shows that 77% of Chinese online shoppers will spend more on their top three favorite retailers as they start shopping across multiple channels. Chinese consumers are also changing their mobil... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Channels, China, Internet Banking, Mobile Banking, Retail Banking, Technology & OperationsChannels,China,Internet Banking,Mobile banking,retail,technology, Channels,China,Internet Banking,Mobile Banking,Retail Banking,Technology & Operations, Keywords:Online Shopping, Tmall, Amazon, Social Media Online Shopping, Tmall, Amazon, Social Media
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