UTRECHT - Chinese online market is expected to reach USD 315 billion (2 trillion RMB) by 2015, which will surpass the US’ e-commerce market.
These are the findings of a study released by global management consulting firm Boston Consulting Group.
According to the research, within the next five years, most of the current online shoppers in China will spend nearly USD 940 annually, twice the amount they spend nowadays and close to the US average spending of USD 1,000.
According to the same research, Taobao.com is the most popular e-commerce platform in China. In 2010, the website accounted for 79 percent of China’s online transaction value.
The consulting firm’s research has also mentioned that the increase in e-commerce spending in the country is attributable to a surge in personal incomes and increased familiarity with online retail websites, as well as the development of online companies. By 2015, 365 cities will have 100,000 or more middle- and affluent-class consumers, but China's largest merchants now have stores in only 260 cities.
The study has included a survey of 4,000 online shoppers in China and has focused on differences between Chinese online shopping behaviour versus that of developed markets.