According to the Internet Society of China, e-commerce sales reached USD210.39bn (1.32 trillion yuan) in 2012, representing an increase of 64.7% from the previous year. The online boom in China is thought to be as result of more consumers preferring online shopping because of its convenience, wide range of options and personalised services.
Lu Wei, secretary-general of the society stated that online sales accounted for 6.3% of total retail sales in 2012. Lu Wei credited the growth to the fast development of e-commerce in the country’s industrial, transportation and financial sectors.
The secretary-general also said that the number of small and medium-sized businesses using third party e-commerce platforms for marketing their goods and services had surpassed 17 million by the end of 2012.
A SmartDebit spokesperson from the Surrey-based firm commented, “The necessity for a multi-channel approach to the market is more important now than ever before for businesses. The global growth in e-commerce sales is showing that consumers prefer the variety of choice and value for money they can achieve when browsing the internet. Just like the small and medium-sized businesses in China, 32 percent of UK businesses are expected to invest heavily in the e-commerce channel over the next 12 month period.”
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.