China’s fast-growing e-Commerce industry is poised to surpass the US as the fastest-growing business sector in the world, with $US50 billion ($66.4 billion) in sales last year, according to a Commerce Group report.
It’s an achievement China is keen to celebrate, as the country has spent $US70 billion ($87.8 billion) on the sector since the beginning of 2016, and hopes to double its annual output by 2021.
The sector has seen more than double in size in the past three years.
It now accounts for roughly 10% of China’s total online commerce sales, up from around 3% in 2016.
Commerce is also one of the fastest growing consumer sectors in the global economy, accounting for nearly 20% of global retail sales last years, up 25% from 2016, according the report.
The rapid growth in e- commerce has also seen Chinese companies expand their online presence globally, as well as their online distribution channels.
While China’s online commerce market is expected to be larger than the US market by 2021, it is likely to be smaller than in the US, according The Washington Post’s Michael Snyder.
In 2017, Chinese e- Commerce sales reached $US1.7 billion ($2.5 billion), according to eCommerce data provider ecommerce.com.
That compares with $1.9 billion ($3.4 million) for the US and $3.7 million ($5.8 million) in 2014.
It was also the third consecutive year eCommerce saw sales surpass US$US3.3 billion ($4.2 billion) — the highest in the history of the sector.
In 2017, China also led the way in mobile commerce, with more than $US3 billion in sales, according Toei Animation’s The Adventure Zone.