Online retailing has recorded explosive growth in China in 2009 – iResearch estimated the transaction value of online shopping grew by 93.7% yoy to reach 248.8 billion yuan. According to the Blue Book forecast, the transaction value may double to around 500 billion yuan in 2010, reaching 3% of the total retail sales of consumer goods. The Ministry of Commerce (MOFCOM) issued a notice in December 2009, aiming to promote China’s e-commerce developments. The MOFCOM hoped that online transactions would account for more than 5% of domestic retail sales by the end of the 12th Five-Year Programme period. The target should be achievable if retail sales growth stays at around 20% yoy and online shopping maintains 50% annual growth.
The Blue Book expected online retailing in China would continue to flourish with the mainstreaming of online shopping and the increasing sophistication of e-commerce models. Retailers are expected to invest more and more to develop the online business. E-commerce, as it develops, is conducive to job creation, consumption stimulation and overseas market expansion.
