Between 2015 and 2019 the e-commerce market in China grew at a CAGR of 21.5%
China’s e-commerce market in numbers: statistics and forecast. Source: shutterstock.com
GlobalData says that the e-commerce market in China to grow at a compound annual growth rate (CAGR) of 13.3% from an estimated $1.5 trillion in 2019 to $2.6 trillion by 2023.
At the same time, alternative payment solutions are increasingly being used for e-commerce purchases. They’re accounted for more than 70% of the total e-commerce transaction value in 2019. Survey respondents noted that comfort, security, and convenience are the most important factors for using alternative payments for online purchases.
Alipay remains the most popular alternative payment solution with a 55.7% share, followed by WeChat Pay with 10.4%. International payment solutions such as Apple Pay, Samsung Pay, PayPal, Masterpass and Visa Checkout are also gradually strengthening their presence in the Chinese e-commerce market.
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