The rapid acceleration of online shopping has made the e-commerce industry one of the best performing sectors during the pandemic era. China is the world’s largest e-commerce market, accounting for more than half of the world’s e-commerce retail sales, totaling $2.1 trillion in 2021. Online shoppers have increased considerably and accounted for more than 812 million people in China last year. The fast-paced economic recovery, coupled with surging consumer confidence, have allowed Chinese e-commerce companies to achieve robust growth over the past two years.
China’s government have issued a plan that set targets to be achieved to increase the digital economy’s share of the nation’s gross domestic product (GDP) to 10% by 2025. According to a report by Morgan Stanley analysts, China’s consumer spending is expected to double to hit $12.7 trillion by 2030. As consumer spending continues to increase, e-commerce is bound to thrive.
