Hank Lin, Sales Director at Majorel China
How did China become so successful in the e-commerce industry?
Over the past decade, China has become the global leader in the e-commerce sector. Their remarkable growth which even outpaced the U.S., can be attributed to a few key business strategies. Read more to discover which ones these are.
With the global e-commerce market value expected to top $1.39 trillion in 2023 and $1.64 trillion by 2027, it’s no wonder a worldwide battle for a piece of the pie is underway. Although the United States is generally regarded as the creator of e-commerce as we now know it, its status as an originator hasn’t guaranteed market domination.
Over the past decade, China’s booming e-commerce sector has emerged as a frontrunner in the global race for the market. The country has far outpaced the U.S. and other economic powerhouses to capture a significant share of total economic activity in the space in record time. In 2011, World Economic Forum data showed that China’s e-commerce activity accounted for less than 1 percent of the total market. By 2021, China had captured 45 percent of the market, while the U.S. only accounted for 24 percent (an 11 percent decrease from 2005).
Read the full article on Total Retail here: mytotalretail.com
