[November 23, 2017] |
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New Technavio Report Identifies Top Trends for B2C E-commerce Market in China
The latest market research report by Technavio
on the business-to-consumer
(B2C) e-commerce market in China predicts a CAGR of around
28.78% during the period 2017-2021.
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http://www.businesswire.com/news/home/20171123005299/en/
Technavio has released a new market research report on the Business-to-Consumer E-commerce Market in China (Graphic: Business Wire)
The increase in Internet and smartphone penetration, free shipping and
unproblematic return policies, easy payment options, and growing
seasonal sales are the top factors expected to drive the
business-to-consumer e-commerce market in China during the forecast
period.
The rise in the number of smartphone users has significantly contributed
to the online retail market's growth. As of 2016, nearly 51%-53% of the
mobile phone holders in China used smartphones. The rapid rate of
smartphone penetration results in significant growth opportunities for
online retailers in China. As customers are accustomed to shopping that
offers comfort, the growth of online shopping is expected to be on the
rise.
Tamal Saha, a lead analyst from Technavio, specializing in research on
the retail
goods and services sector, says, "As per the World Bank Group, in
2016, the percentage-to-population of internet users in China was
53.20%. 733.45 million people in China have access to the internet; the
number is the largest globally. Smartphone users in China spend more
time online than users in other APAC countries apart from Japan and
South Korea.
In China, a customer spends nearly 16 hours a week on an average on
the internet for shopping, online payments, ticket bookings, and other
online transactions. The growth of wireless and fixed connections has
increased the degree of broadband penetration in Chia."
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The top three emerging trends driving the B2C
e-commerce market in China according to Technavio's research
analysts are:
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Growing m-commerce platform
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Omni-channel retailing
-
Increasing social media marketing
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Growing m-commerce platform
A high degree of internet penetration and an increase in the number of
smartphone users worldwide have led to the evolution of the shopping
habits and shopping patterns of the global customer. This applies to
e-commerce customers in China as well. The growing demand for e-commerce
is coupled with an equally increasing popularity of m-commerce.
"Mobile versions of many a web-portal have been launched to meet the
growing demand for m-commerce and smartphone shopping. Alibaba Group
Holding, a key vendor in the online space, has launched mobile
applications that are compatible with iOS, Windows, Android (News - Alert), and other
operating systems. The use of mobile wallets is expected to peak in the
forecast period with the advent of e-cash," according to Tamal.
Omni-channel retailing
Omni-channel retailing is a key trend that has recently been
incorporated by domestic and international physical retailers across
different product categories. Omnichannel retailing is an evolving
concept in the B2C e-commerce market in China. Multiple retailers are
investing in omnichannel retailing through their own web shopping
portals.
Vendors in beauty and personal care (BPC) market such as Procter &
Gamble (P&G), Shiseido, Unilever, others sell their products through web
portals and e-commerce retailers. Likewise, physical retailers catering
to product categories such as apparel, footwear, toys, baby products,
and others are venturing into the online shopping space.
Increasing social media marketing
Social networks occupy a significant space in the B2C e-commerce market
in China. On a daily basis, users spend about 1.95-2.15 hours on social
media in China. The major social networking websites in China include
douban, Renren, WEIBO, and Tencent's Qzone. As of 2016, China registered
around 689 million social media users; the country is expected to
incline by a CAGR close to 4.60% by 2021.
Retailers in the B2C e-commerce market in China use social networking
websites to gain marketing and sales leverage. The optimum utilization
of social media for marketing plays a significant role in creating new
products and consumer experiences, understanding changes in fashion
trends and interests, tracking brand and product reviews, and launching
several social media marketing campaigns.
The key vendors are as follows:
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Alibaba Group Holding
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Dangdang
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JD.com
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Suning Holdings Group
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Vipshop Holdings
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View source version on businesswire.com: http://www.businesswire.com/news/home/20171123005299/en/
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