In 2020, the global eCommerce market was worth US$2.4 trillion. China was the biggest eCommerce market globally, with Gross Merchandise Sales of Whopping US $1,116 billion. China's eCommerce market growth is fueled by both the increasing purchasing power of the local population and crossborder eCommerce. With revenues of US$411 billion in 2020, the U.S. constitutes the second biggest eCommerce market, followed by Japan with US$105 billion.
Chinese key market players such as Alibaba Group, JD, and Tencent jointly contribute to the comprehensive eCommerce ecosystem in China – and are increasingly penetrating other promising Asian markets such as Indonesia and India. The Chinese population is tech savvy and mobile first, and Chinese eCommerce giants are therefore constantly pushing technology forward. They have diversified into literally every sphere that comes in touch with online retail, from payments to logistics. Current developments in China will - to a large extent – define the next decade's global eCommerce
Many players from both online and offline retail are moving to multi-channel strategies and are continuously reinventing the way we shop online. Expectations are growing rapidly as customers discover more convenience on all levels – be it product customization, mobile-optimized search, quick checkout processes, and/or hassle-free delivery
