{"id":10281,"date":"2023-10-02T16:27:25","date_gmt":"2023-10-02T14:27:25","guid":{"rendered":"https://cross-border-magazine.com/cn/?p=10281"},"modified":"2023-10-02T16:27:26","modified_gmt":"2023-10-02T14:27:26","slug":"china-e-commerce-keeps-growing","status":"publish","type":"post","link":"https://cross-border-magazine.com/cn/china-e-commerce-keeps-growing/","title":{"rendered":"China retains global e-commerce leadership with a 9.9% growth in 2023"},"content":{"rendered":"\n
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China retains global e-commerce leadership with a 9.9% growth in their e-commerce market, according to GlobalData's forecast, which predicts the Chinese e-commerce market will grow to CNY15.2 trillion ($2.2 trillion) at the end of 2023.

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According to GlobalData's E-Commerce Analytics, e-commerce sales in China grew at a compound annual rate of 11.2% between 2018 and 2022 to reach CNY13.8 trillion ($2.0 trillion) in 2022.

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China accounted for 33.9% of the global e-commerce market in terms of payment value in 2022. The United States followed China with $1.8 trillion, while the United Kingdom was a distant third with $287.4 billion in 2022. \"The picture is unlikely to change in 2023, and China is expected to maintain its position at the top,\" GlobalData advances.

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China's e-commerce is supported by activities in rural areas 

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Improved e-commerce activities in rural areas also support growth in the e-commerce market. According to the Chinese Ministry of Commerce, online retail sales in rural areas increased by 12.5% during the first half of 2023 compared to the same period in 2022.

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Similarly, live shopping has been a trend in the country, allowing consumers to view and purchase products through online video streams hosted on e-commerce platforms. In addition, social commerce is growing in popularity thanks to messaging platforms such as WeChat.

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\"The Chinese e-commerce market will continue to grow supported by increasing consumer preference for online shopping, improving payment infrastructure and proliferation of payment tools. The e-commerce market is expected to grow at a robust CAGR of 11.6% between 2023 and 2027 to reach CNY23.5 trillion (US$3.4 trillion) by 2027,\" concludes Sharma.

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China’s bet to conquer global e-commerce

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Part of China’s e-commerce global dominance is due to the rapid expansion of marketplaces like Pinduoduo - part of Temu - which recently launched its U.S. online shopping site. 

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Pinduoduo’s Temu is a cross-border e-commerce website with most products likely to come from overseas, especially China. Temu said shipping to the U.S. could take 7-15 business days.

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Pinduoduo could face some challenges in cracking the U.S. market. First, it will need to build a brand reputation versus the likes of Amazon. It could also suffer from its relatively long shipping times versus the same-day or next-day deliveries Amazon offers via its Prime subscription services.

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China retains global e-commerce leadership with a 9.9% growth in their e-commerce market, according to GlobalData's forecast, which predicts the Chinese e-commerce market will grow to CNY15.2 trillion ($2.2 trillion)...

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