Online audience increasingly completes purchases online
According to a new report from McKinsey, the Chinese e-commerce market will reportedly more than triple in size over the next three years, generating USD420bn annually by 2015, reports StrategyEye. The research firm says growing access to high-speed broadband and internet-connected devices, as well as increasingly affluent shoppers, will lead this growth. The market has already seen rapid growth, up 77% year on year to USD121bn in 2011. The report claims growing access to the internet means the number of potential online shoppers now stands at 513m, or 40% of the country’s population.
McKinsey suggests China will be generating 20% more than the US market is forecast to be making by 2015, making it the world’s largest e-commerce market in three years time. The forecast chimes with predictions from Boston Consulting Group that e-commerce will make up 8% of all retail sales in China by 2015, as the country’s huge online audience increasingly completes purchases online.
China currently has an estimated online audience of 193m and has consequently become a target of US tech companies looking to tap this growing online audience. Facebook CEO Mark Zuckerberg reportedly visited Chinese officials last year.
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