Advertise with fastmoving.co.za
 
 

A new report from the Boston Consulting Group found that Chinese eCommerce spending was $750 billion in 2016, more than the U.S. and the UK combined, while it’s growing at 20% per year, twice as fast as those markets.
A new report from the Boston Consulting Group found that Chinese eCommerce spending was $750 billion in 2016, more than the U.S. and the UK combined, while it’s growing at 20% per year, twice as fast as those markets.

Chinese eCommerce spending more than UK, U.S. combined

INTERNATIONAL NEWS

By Mike O'Brien - May 11th 2017, 09:47

A new report from the Boston Consulting Group found that Chinese eCommerce spending was $750 billion in 2016, more than the U.S. and the UK combined, while it’s growing at 20% per year, twice as fast as those markets. 

The report also found China to be way ahead in terms of mobile commerce. Citing research from Criteo, iResearch and eMarketer, BCG estimated m-commerce’s share of total eCommerce in China was 61% in 2016, compared to 39% in the U.S., and is projected to reach 74% in 2020 compared to 46% here.

“Many (Chinese) consumers skipped the PC era entirely, going right to smartphones,” the report stated.

Chinese consumers are also spending more time shopping online, according to BCG, averaging 30 minutes per day on Alibaba’s Taobao, the country’s largest marketplace, nearly three times longer than consumers here spend daily on Amazon.
© 2017 Access Intelligence 

Read more about: retail | ecommerce | china

Related News

Truworths profit at nine-year low as profit plunges over 70%
16/08/2019 - 11:52
Shares in Truworths slumped to a nine-year low on Friday morning after the fashion retailer reported a 74% slide in profits amid difficult trading environments in SA and the UK.

UnionPay cards - the largest card scheme in the world - now accepted at all Pick n Pay stores across SA
16/08/2019 - 11:11
UnionPay International (UPI) has announced significant progress in the South African retail payments market through their co-operation with Pick n Pay and Absa Bank. Through a tripartite co-operation agreement, Pick n Pay, a major food, clothing, and general merchandise retailer, is now enabled to accept UnionPay cards at all of its till points across its approximately 1,800 stores countrywide.

With banana leaf lamps, H&M backs firms promising social change
15/08/2019 - 10:31
With lampshades made by Indian women and trays from East Africa, H&M said that it had become the latest retail giant to back businesses with a mission to do good, as pressure mounts to end throwaway consumerism.

Kit Kat goes solar at Benoni Cash & Carry site
15/08/2019 - 09:11
In a bid to reduce its carbon footprint, mitigate load shedding and become less reliant on the national grid, the Kit Kat group has completed a solar power installation at its Benoni Cash & Carry store.

Choppies to exit SA market, chair to step down
15/08/2019 - 09:03
Botswana-based grocery retailer, Choppies, has announced that it will be exiting the South African market, four years after expanding into the country.