China’s Online Retail Sales Increasing by 9.7% in First 3Qs of 2020
In the first three quarters of 2020, China’s online retail sales exceeded 8 trillion yuan, a year-on-year increase of 9.7%. Online retail sales of physical goods reached 6.6 trillion yuan, a year-on-year increase of 15.3%.
Online retail is accelerating the digital transformation of market players, giving birth to new business models, improving the efficiency of the industrial chain, supply chain, and value chain, and fostering momentum for the development of the digital economy.
Overall, China’s online retail market showed the following characteristics in the first three quarters:
1. New hot spots for online consumption continue to emerge
Healthy consumption and green consumption have become new trends in online consumption. New models that combine entertainment and consumption, such as live e-commerce and content e-commerce, are favored by consumers.
2. E-commerce accelerates the development of digital industry
Through the “C2M” model, large-scale e-commerce companies use online data, technology, and creativity to feed back physical companies to create “intelligent manufacturing platforms” to promote innovation, reduce costs, and make up for shortcomings.
3. Rural e-commerce maintains a good momentum of development
In the first three quarters of this year, China’s rural online retail sales were 1.2 trillion yuan, a year-on-year increase of 7.8%; China’s agricultural product online retail sales were 288.41 billion yuan, a year-on-year increase of 34.3%.
4. Cross-border e-commerce promotes foreign trade upgrading
Cross-border e-commerce expands the scope of testing. Driven by policies such as the pilot B2B export supervision of cross-border e-commerce, cross-border e-commerce maintained a good growth momentum. Big data monitoring of key e-commerce retail import platforms shows that cross-border e-commerce retail imports have increased by more than 17% year-on-year.
5. Online service consumption accelerates recovery
In the third quarter, online catering online retail sales increased by nearly 10% year-on-year, and the growth rate of online travel online retail sales turned from negative to positive.