The Chinese e-commerce market is set to surge to CNY15.2trn (USD2.2trn) in 2023, up 9.9 per cent, driven by the ongoing shift of consumer preferences from offline to online shopping.
According to GlobalData, e-commerce sales in China grew at a CAGR of 11.2 per cent between 2018 and 2022 to reach a value of CNY 13.8trn in 2022.
In 2022, China accounted for 33.9 per cent share in the global e-commerce market in terms of payments value. The Asian economic giant was followed by the U.S. with USD 1.8trn, while the UK stood at a distant third with USD287.4bn in 2022.
The global e-commerce landscape is unlikely to change in 2023 with China expected to retain its position at the top, according to GlobalData.
“The Chinese e-commerce market evolved rapidly during the last five years, supported by the rapid adoption of smartphones, growing internet penetration, increasing number of online shoppers, and the availability of alternative payment solutions such as Alipay and WeChat Pay,” said Ravi Sharma, Lead Banking and Payments Analyst at GlobalData.
