It is NO longer news that China eCommerce is sizeable, growing fast and becoming a new avenue for growth in China. However, the recent FT article on China internet statistics is still a refreshing reminder of the magnitude and characteristics of China's eCommerce market.
Here are six characteristics you need to know about China eCommerce:
1. It's not only the largest, but also the most "local" eCommerce market in the world -- it has its own digital ecosystem
2. It is driven by a younger and better educated new generation of Chinese consumers
3. Mobile is prevalent (as the FT article mentioned) and it is triggering a wave of new innovation
4. It is eCommerce leaders like Alibaba and Tencent who are driving the retail innovation in China, from online to offline
5. Innovation is also spreading from consumer to business-to-business service and wholesale/distribution
6 Lastly, media is changing quickly in China -- social media is converging with video and games
Are you ready to capture the China eCommerce opportunity?
China has more than 800m internet users, according to government figures published earlier this week, cementing the country’s status as the world’s biggest market for tech companies — larger than the US and India combined — and enabling the birth of Alibaba, Tencent, Baidu and a raft other online giants.