China, the largest e-commerce market in the world, is now creating a benchmark for the current and future global retailing. The e-commerce market in the country is driven by its mobile-first consumer behavior, innovative social commerce model, and a trusted digital payments infrastructure.
China is a must-play, must-win market for retailers and brands globally. It is already the world’s biggest retail market and the increasing purchasing power of China’s 415 million millennial consumers will sustain future growth. E-commerce is enabling international retailers and brands to enter China more quickly and easily than before through online-only business models. The rapidly increasing growth of China’s e-commerce sector has also propelled the government to take notice and support this growth.
The retail market of China has never been so simultaneously attractive and challenging. The market is experiencing tremendous growth but the market is fiercely competitive and innovation is constant.