Global e-commerce market is expected to grow 20.7% this year to $3.5 trillion in sales.
China’s $1.94 trillion e-commerce is the largest in the world, and more than three times that of the number two US market, according to a newly released eMarketer report. And the rise of New Retail there, which blends the best of online and offline commerce to drive higher levels of engagement between brands and consumers, is inspiring innovations in retail across the globe, eMarketer noted.
The report described a booming global e-commerce market, is expected to grow 20.7% this year to $3.5 trillion in sales. China’s $1.94 trillion in sales will have contributed 54.7% of that figure, according to eMarketer. Here are the areas in e-commerce where China is leading, according to the report:
- Mobile commerce: Four out of five e-commerce dollars are being generated from mobile devices in the country in 2019 – or 80% – versus the 64.4% global average, the report said.
- Mobile payments: Chinese consumers rely on apps, such as Ant Financial’s Alipay, for both online shopping and payments at physical stores. About 81% of smartphone users in China will use mobile payments this year, compared to just 27% in the U.S.
- Cross-border e-commerce: This was a channel to watch, eMarketer said, as global infrastructure improves and small businesses are able to better access to global markets. In China, demand for high-quality household products and luxury goods and high-fashion apparel will drive the trend.