In 2014, total transaction value of China online shopping market exceeded RMB2.8 trillion (US$453.61 billion) with an increase of 48.7% according to latest data of iResearch. China’s National Bureau of Statistics’ official data shows online shopping value accounted for 10.7% of total retail value in China.
iResearch estimated that in 2018, total transaction value would be RMB7.3 trillion (US$1.18 trillion) in China online shopping market.
Related: Apparel: Most Popular Category Among China Online Shoppers
According to iResearch’s data, in 2014, total transaction value of China online shopping B2C market exceeded RMB1.2282 trillion (US$198.97 billion), representing 45.8% of overall online shopping market. The value increased by 5.4% from 40.4% in 2013. Besides, the growth of B2C market was much faster than C2C market in 2014. In 2015, market share of B2C is expected to surpass C2C.
In China online shopping B2C market in 2014, Tmall accounted for over 60% market share, followed by Jingdong (18.6%). Other B2C websites, like VIP.com, YHD.com and Gome.com, grew faster than the overall B2C market.
In terms of online shopping B2C websites selling owned inventories in China in 2014, Jingdong ranked top with a market share of 49%, followed by Suning.com and VIP.com.
Jingdong GMV for the fourth quarter of 2014 was RMB85.8 billion (US$13.8 billion), up 119% from the fourth quarter of 2013. GMV for the full year of 2014 was RMB260.2 billion (US$41.9 billion), up 107% from the full year of 2013.
GMV transacted on Alibaba China retail marketplaces in Q4, 2014 was RMB787 billion (US$127 billion), an increase of 49% compared to the same quarter of 2013, and compared to RMB556 billion in the quarter ended September 30, 2014, representing a net addition of RMB231 billion GMV in three months.
China online shoppers from tier-3 and tier-4 cities have higher income and more online shopping need nowadays. China e-commerce companies even entered rural areas to establish service stations. Growth in online shopping in counties and villages in China has outpaced those in cities, becoming a new engine that is further driving China’s domestic consumption, according to research from Alibaba Group.
There are more and more categories of products in online shopping market. Besides, home-decorating and medical e-commerce companies are developing rapidly online.
China government implemented a series of policies to open cross-border e-commerce pilot areas like Shanghai, Ningbo and Zhenghzou. There were over 2,000 cross-border e-commerce enterprises in China on record according to China General Administration of Customs.
Also read: Alibaba Has over 86% Share of China Mobile Shopping Market in 2014
