China will continue to lead the global e-commerce market with over $2 trillion in sales in 2022
China’s e-commerce market, the world’s largest, is expected to register strong growth of 10.4% in 2022 as consumers increasingly move from offline to online.
The market is expected to grow by 10.4% in 2022, reaching 14.5 trillion yuan ($2.3 trillion). global dataa leading data and analytics company.
According to GlobalData ecommerce analyticsChina’s e-commerce sales will grow at a compound annual growth rate of 13.3% between 2018 and 2021, reaching 13.1 trillion yuan ($2.1 trillion) in 2021.
China will account for over 37% share of the global e-commerce market in terms of payment value in 2021. The US in 2021 is followed by her $1.5 trillion in payments, while the UK in 2021 is her third with $292.1 billion. The e-commerce landscape is unlikely to change in 2022, with China expected to retain its top spot.
“The COVID-19 pandemic has further accelerated e-commerce activity in China. This trend has continued since the pandemic.”
The growth of the e-commerce market is also supported by improving e-commerce activity in rural areas. Online retail sales in rural village communities in the first quarter of 2021 increased by 35.3% year-on-year, according to China’s Ministry of Commerce.
Online shopping events such as Singles’ Day (or Double 11) also contribute significantly to overall online sales.Chinese e-commerce giants including Alibaba When JD.com recorded massive sales totaling $139 billion during the 2021 Singles Day event, jumping 8% and 28% respectively year-on-year.
Sharma concludes: The e-commerce market is expected to grow at a CAGR of 8.7% between 2022 and 2026, reaching 20.2 trillion yuan (US$3.2 trillion) by 2026. . “
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