Internet population and online retail growth in China
China’s e-commerce market has seen phenomenal growth over the years due to its ever expanding internet population. Seeing a constant surge in online population, more and more companies are jumping on the bandwagon of online business. And seeing more online businesses, more and more consumers are opting for online shopping, a hence vice and versa situation.
Hundreds of retailers, ranging from clothing outlets to jewelry sellers and electronic equipment stores are now using websites to sell goods to customers. And customers are happily buying such stuff on a larger scale.
The reason for online retail growth is due to its ease of access on both ends, as that of buyers as well as the sellers. It is also highly preferred due to its convenience on both ends and greater variety as well as 24/7 availability.
Facts and figures
According to the statistics of 2017 released by CNNIC (China Internet Network Information Centre), the Chinese online population has touched the new highs of 772 million with the addition of 40.74 million new connections. The increase of 5.6 percent has resulted in 55.8% of the total internet penetration hence signifying how fast people are embracing the online world with open hands. While in comparison to the rest of the world the China’s online population is most significant so far.
With the increase in the internet population, online businesses have expanded and so has the online consumers market. With regards to this, online shopping users reached 533 million as of 2017 accounting to a significant proportion of 69.1% of the total internet users. This is huge considering the statistics and comparing to the world at large.
Drawing a comparison with other countries China ranked 1st with 83% in the second quarter of 2017. While in the same time frame the UK came second with 82% and Germany third with 81%. Whereas Thailand came last in the top 10 category list with 74 percent. The figures are like a medal on the palate of Chinese online consumers’ behavior.
Mobile, handy as well as readily accessible, has been contributing to the world of online shopping tremendously. According to the same facts and figures by CNNIC, mobile shoppers comprise nearly 95 percent of the total online shoppers’ number. So all in all the Chinese online market is expanding by leaps and bounds.
While talking in monetary terms, the total transaction amount of online shopping surpassed a whopping 1.07 trillion USD in 2017, which makes it to 7.2 trillion CNY.
These figures are startling and surprising at the same time signifying the bright future of online retail growth in China.