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E-commerce in China held steady in 2020 as the growth amounted to 20 per cent, which was 7.5 percentage points less than anticipated, for a total of $2.164 trillion, according to a recent report by eMarketer. This year, it is expected to grow by 18.5 per cent, lower than China’s recent figures but still the eighth fastest rate in the world.

China will continue to account for more than half of all e-commerce globally (52.1 per cent), the report said.

Alibaba remains the biggest e-commerce player in the world by sales but had a disappointing 2020 and saw its share of China’s e-commerce market drop below 50 per cent for the first time. Pinduoduo (PDD) and JD.com are growing much faster. In 2021, PDD is expected to claim a 13.2 per cent share and JD.com a 16.9 per cent share. These ‘big three’ will account for 77.2 per cent of the market this year.

If China’s e-commerce livestreamers were their own country, they would be the third largest retail e-commerce market in the world this year ($299.66 billion in sales), noted the eMarketer report. Livestreaming e-commerce grew by 160 per cent last year and will grow by another 85 per cent this year.

The report added that China’s social commerce figures are already 10 times what they are in the US at $351.65 billion. But the new story is livestreaming social commerce, which will grow by 95.5 per cent this year and account for more than 50 per cent of social commerce by next year.

Fibre2Fashion News Desk (KD)

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E-commerce in China expected to grow by 18.5% in 2021: eMarketer