How Big is the E-Commerce Market in China?
You may have heard that the e-commerce market is $400 billion, or that Amazon has become the world’s largest company. If you were to look at the e-commerce market as a whole, you would find that China leads the global market and Japan is Europe’s second largest, while India is the fastest-growing. But how big is the e-commerce market in China? It’s important to understand the scope of this industry before attempting to tap it for your own business.
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Amazon’s e-commerce market is $400B
While we may think of Amazon as an online bookstore, it has evolved into a multi-billion dollar juggernaut in the e-commerce space. This is largely due to its growing Marketplace network of third-party sellers and its increasingly popular Prime loyalty program. In addition to selling all kinds of goods, Amazon also offers a wide range of services to its members. Here are a few of those services:
China leads the global e-commerce market
While it has been a decade since China’s e-commerce industry made headlines, it continues to lead the world by far in terms of sales volume and value. While China’s efforts to foster global e-commerce have received international attention, the country’s technological advancements have not been matched by improvements in civil liberties and privacy protection. Despite the introduction of a new e-commerce law in January 2019, China still lacks the advanced systems and infrastructure required for success. The country’s digital economy is worth $2.3 trillion and is estimated to account for nearly half of the world’s online sales. Moreover, China’s e-commerce industry has grown exponentially during the recent coronavirus pandemic and has risen to meet the challenges of the pandemic.
Japan is Europe’s second-largest e-commerce market
The second-largest e-commerce markets in Europe are the US and China, but Japan is ahead of both in payments and logistics. According to A.T. Kearney, Japan’s annual e-retail market will rise to $80 billion by 2022. Japan has more than 100 million internet users and about 75 million online shoppers, and this rapidly evolving population is fast to adopt new technology. Regardless of the size of the Japanese market, online merchants are encouraged to focus on a top-notch web site and prompt delivery to gain a competitive advantage.
India is one of the fastest-growing e-commerce markets
The e-commerce market in India is very small and only accounts for 1% of the world’s e-commerce spending. The market is also small in terms of internet users, with only 34% of the population online compared to the 92% of the United States or 52% in China. But, despite these challenges, India is well on its way to becoming one of the fastest-growing e-commerce markets in the world.
Canada is a major e-commerce market
Canada is a major e-commerce marketplace with a population of over twenty-seven million. It is home to two official languages, English and French, and over two hundred other languages. Of these, English is the dominant language in the online world, with a market share of 26.8%. As a result, many Canadians have developed a proficiency in English, although it is not a requirement for purchasing a product online.