China’s Online Retail Sees Big Boost in 2017

All over the world, the retail industry is seeing a major transformation. As more people turn to the online arena to purchase everyday goods, retailers are looking for ways to fuse the digital and physical retail space.

One country that has seen significant growth in its online sales presence is China, according to the China Internet Watch data compiled this month.

At the halfway point of the year, retail in China took an interesting turn. With its overall consumer goods sales reaching an 10.4 percent increase to 17,236.9 billion yuan, the country’s online purchase power surpassed it with a 33.4 percent increase to 3,107.3 yuan.

In total between January 2017 and June, online retail sales accounted for 18 percent of China’s overall retail sales.

The eCommerce arena in China seems to be growing at a significant rate and shows no signs of slowing down. Across the board, China’s online sales have increased in all areas, including physical goods (25.1 percent), food (20.8 percent) and clothing (31.8 percent).

As online sales continue to be a pervasive force in the global economy, it’s likely that we’ll continue to see an upward trajectory from various developed countries that have a focus on innovation and technology.

And if China’s first half of 2017 is any indication, the country may just be leading the way for what the future of eCommerce holds.



Featured PYMNTS Study: 

With eyes on lowering costs to improving cash flow, 85 percent of U.S. firms plan to make real-time payments integral to their operations within three years. However, some firms still feel technical barriers stand in the way. In the January 2020 Making Real-Time Payments A Reality Study, PYMNTS surveyed more than 500 financial executives to examine what it will take to channel RTP interest into real-world adoption. Here’s what we learned.

Click to comment