China remains the largest global eCommerce market in terms of trading value, accounting for over 40% of the total transactions.
Transactions through eCommerce platforms have reached CNY 26.1 trillion (USD 3.8 trillion) in 2016, increasing by 19.8% from 2015, according to a Sina news report citing data from the Ministry of Commerce.
Ecommerce-related services have accumulated a value of CNY 2.45 trillion (USD 357.5 billion) in 2016, growing by 23.7% from 2015.
This growing market is sustained by the increasing number of internet users who reached 731 million or 53.2% of the country’s population. Online shoppers account for 467 million, or 63.8% of internet users. Another 441 million use mobile phones to place orders showcasing an annual growth rate of 29.8%.
The eCommerce market’s growth in China is due to the fast expansion of Alibaba’s Taobao and Tmall marketplaces and Tencent-backed JD.com platform. The report shows that clothing, electronic appliances, mobile phones, digital goods, food and drink are among the most traded goods on eCommerce platforms.