GMV of Chinese E-Commerce Market, 2008-2018, Source: Statista
As 2017 draws to a close, the data for China’s burgeoning e-commerce market are in. Topping $1.132 trillion, Chinese e-commerce is a global behemoth that will continue to expand rapidly for many years to come.
Probably no event is a better barometer of the health of Chinese ecommerce than Single’s Day (11/11), an Alibaba pioneered shopping extravaganza for deals and discounts that has spread throughout their commercial ecosystem. This year sales in that 24 hour period topped $25 billion, a 40% increase over last year. What’s more, the Chinese e-commerce market is projected to double by 2019.
So, what are the factors that have contributed to the astronomic growth in Chinese e-commerce this year (and will continue into the future)? Let’s take a detailed look.