BEIJING - China will become the largest market for buying and selling products online acrossinternational borders by 2020, a report jointly released by Alibaba and Accenture said thisweek.
The total value of products sold by online retailers to overseas consumers will reach 994billion US dollars by 2020, with China the driving source of growth, the report said.
Online retail worldwide will grow 15 percent annually from 1.6 trillion dollars in 2014 to 3.4trillion in 2020.
Even stronger growth is expected for cross-border retail, which is expected to rise 27 percentannually to hit 1 trillion by 2020, as consumers who shop for overseas products online are setto triple during the same period.
Much of the surge will be driven by Chinese consumers, who have been snapping up foreignproducts outside China or placing orders online. A growing number of Chinese onlineretailers, led by e-commerce giant Alibaba and its chief rival JD.com, have capitalized on thegrowing domestic appetite for foreign products - from diapers and milk powder to designerbags and fresh produce.
More than 100 million Chinese people travelled overseas last year, spending more than 1trillion yuan, data from China's Ministry of Commerce showed.
Cross-border retail also rose more than 30 percent last year to 4.2 trillion yuan, the China E-Commerce Research Center said. China's commerce ministry predicts it will climb to 6.5trillion next year.
Follow me on twitter for more Daily updates
No comments:
Post a Comment