COVID-19 is making Chinese consumers embrace e-commerce
GlobalData reports that the Chinese e-commerce market is facing growth since the consumers are shifting away from in-store to online spending. This way, they are trying to avoid exposure to disease vectors.
The analysis reveals that the e-commerce market in China is set to increase at a compound annual growth rate (CAGR) of 17.1% by 2023, reaching $2.9 trillion.
According to the data, e-commerce companies are getting benefited by this trend. For example, online shopping giant JD.com observed an increase in its fresh food sales by over 200%, during the 10-day period ended in February 2020, compared with the same period in 2019.
We’ve reported that almost 75% of the Chinese intend to increase their savings in the future as the coronavirus pandemic changed Chinese their investment preferences.