Online retail shopping in China soared considerably in 2016.
The National Bureau of Statistics is responsible for measuring the country’s economic data, and has reported a boom in online shopping. The report notes a 26.2% increase in online retail sales, and 15.5% of total retail purchases were made online.
The National Bureau of Statistics’ report also stated that China will undoubtedly overtake the United States as leader in the online retailing shopping space, attributing the rapid growth to retailers building a stronger digital footprint.
Internet Retailer quoted Fung Global Retail & Technology analyst Esme Pau, who said: “We expect New Retail, a new form of [online-to-offline sales] promoted by Alibaba and supported by Chinese authorities, will shape the retail landscape for China going forward. Earlier in 2017, Alibaba announced the privatisation of Intime Retail Group, which we believe would be a test case for its New Retail strategy. Also, other partnerships between physical stores are Alibaba and Sanjiang, JD.com Inc. and Yonghui Supermarket.”
In addition, according to the International Monetary Fund, China’s GDP grew by 6.7% in 2016, compared to India’s 6.6% GDP growth.
Could China soon become ‘the most powerful economy globally’?
– Pymnts.com; China Daily