Internet commerce in China has grown by 70 percent

E-sales revenue in China last year was about 800 billion yuan (96 billion euros), an increase of more than 67 percent over the previous year, according to a survey by Beijing consulting firm iResearch.

The extraordinary growth of e-commerce has made it possible to significantly reduce costs, create millions of new jobs and make a significant contribution to the economic restructuring advocated by the government, the report says. Internet sales currently account for 3 percent of total sales, a rate that could rise to 2015 percent by 7.

IResearch examined the development of online trade in luxury goods separately. That was 10,7 billion yuan (1,3 billion euros) last year, nearly 70 percent more than a year earlier.

With the increase in the number of Internet users, the expansion of Internet services and the spread of electronic payment methods, further expansion of e-commerce is expected. Its value, according to a study by Boston Consulting Group (BCG) in late November last year, will reach 2015 billion yuan (240 billion euros) in China by 37,2. With this, the East Asian country could become a world leader in the market for online sales, ahead of the United States. Electronic sales of luxury goods are estimated to nearly quadruple by the middle of the decade, to 4,5 billion yuan (XNUMX billion euros).

Source: MTI