In 2021 China is forecast to pass a key threshold - 50% of the country's retail sales coming from ecommerce.
China is forecast to see 52.1% of retail sales made online, up from 44.8% in 2020. For the first time anywhere more than half of retail sales from entire country will transact on the internet:
China has led the world in ecommerce sales numbers and % share of total retail. Let us examine some of the key factors that are driving the growth of ecommerce in China today.
👩👩👧👧 Social Commerce
Social commerce grew by 44.1% in China last year and is forecast to grow by another 35.5% this year to reach $363.26bn. By comparison, social commerce in the US will reach $36.09bn this year.
📺 Live Commerce
Live commerce is the hot new trend of promoting ecommerce live via digital video. US-based platforms like YouTube and Facebook are already preparing for the trend. While TikTok is busy accelerating their ecommerce offering.
Group-buying-meets-social-networking platform Pinduoduo has grown to claim 13.2% of ecommerce trade. The platform has become the world’s fourth-largest ecommerce company in a few short years.
💭 WeChat Mini Programs
Mini Programs allow all manner of businesses to better leverage WeChat’s user base. These programs have proven to be popular among both merchants and consumers. Estimates show that over $200bn in ecommerce transacted via these programs in 2021.