New data has emerged about the digital commerce market in China, and statistics suggest that business-to-business sales remain the core component of the industry. Information collected by iResearch revealed that China’s eCommerce industry grew by 21.3 percent in 2014, reaching a nearly $2 trillion value.
That figure is expected to nearly double by 2018, reports said.
B2B sales remain the largest contributor to these figures, too. According to iResearch, B2B commerce made up 70 percent of all eCommerce in 2014. Small- and medium-sized enterprises accounted for about half of all eCommerce business.
Researchers predicted that mobile commerce will accelerate in the coming years at a 48 percent compound growth rate. Experts said the shift from the PC to mobile devices and the improved digital commerce strategy of retailers and suppliers will play crucial roles in expanding mobile commerce in China for years to come.
Altogether, online shopping grew by 48.7 percent in the year.
The rise in digital procurement in the B2B sector has been a hotly debated topic in recent years. While B2B players are notoriously slow to adopt new technologies, experts say business buyers are demanding a more B2C-like procurement experience, which includes the ease of online shopping.
The figures also emerge as China begins to play a leading role in the adoption of electronic and mobile purchasing habits among B2B buyers. Separate data from iResearch found that while eCommerce conglomerate Alibaba is, unsurprisingly, the leader in B2B eCommerce, new startups in China are increasing their competitive edge against mainstream players.