Despite some forecasts projecting a slowdown in ecommerce in China, a new report from Goldman Sachs sees the world’s largest online market continuing to boom over the next four years. The report pegged Chinese ecommerce sales at $750 billion in 2016 sales, coming from 460 million online shoppers, and projects a CAGR of 23% through 2020 – nearly triple the rate of offline sales. See what categories and companies are leading.
In a quick counter-salvo, Amazon recently lowered the free shipping threshold for non-Prime members from $49 to $35, a response to Walmart’s move earlier this month.
The speed with which Amazon changed its policy is an indication of just how seriously it is taking ecommerce competition from the world’s largest retailer.
For one thing, online shopping in China is a much bigger deal than it is in the West, as Singles Day sales volumes show. Yet unlike their counterparts in more mature economies, China’s increasingly affluent consumers are fairly new to e-tail. Here are seven key differences between Chinese and Western consumers.
As we approach 2017, it’s clear two things will drive omnichannel retail: consumers’ increasing desire to shop how they want, where they want and when they want and technology that allows ecommerce businesses to deliver on that experience. Here is why the future of retail of selling everywhere is now.