Chinese online market is expected to become the world’s largest by total customer spending. Online spending could account for half of all Chinese retail spending within a decade.
The change in shopping habits comes as almost half of the country’s 1.3 billion population now have direct access to the Internet, and of that number nearly 80 percent own smart phones or tablets.
China’s online market has grown at an average rate of 71 percent from 2009 to 2012, versus 13 percent in America, and its total size is expected to reach 3.3 trillion yuan by 2015.
Total spending by Chinese consumers on online shopping reached $212.4 billion in 2012, compared to $228.7 billion in the U.S.
Chinese companies with retail outlets have had to realign their sales strategies to compete with online rivals who threaten to undercut them in an increasingly competitive market long dominated by e-commerce company Alibaba Group, and others like 360Buy Jingdong.