China’s online retail sales in the first three quarters were 7.32 trillion

China's online retail sales in the first three quarters were 7.32 trillion

According to the official website of the Ministry of Commerce, yesterday, the head of the e-commerce department of the Ministry of Commerce introduced the development of the national online retail market in the first three quarters of 2019.

In the first three quarters of this year, China’s online retail market maintained steady and rapid growth. The national online retail sales reached 7.32 trillion RMB, a year-on-year increase of 16.8%. Among them, the online retail sales of physical goods reached 5.77 trillion RMB, a year-on-year increase of 20.5%. The growth rate was 12.3 percentage points higher than the total retail sales of social consumer goods in the same period, accounting for 19.5% of the total retail sales of consumer goods, an increase of 2.0 percentage points over the same period of the previous year. The contribution rate to the growth of total retail sales of consumer goods reached 43.7%.

In the first three quarters, China’s online retail market has the following characteristics:

First, consumer content and channels are presented in a double upgrade. Business big data monitoring shows that the B2C model with quality and service advantages in the first three quarters accounted for 78%, with a year-on-year growth rate of 23.4%, which was higher than the overall growth rate of online retail sales by 6.6 percentage points. Sales such as cost-effective, intelligent, personalized design, and cultural products have grown rapidly. Smart stores and experiential scenes are widely favored by consumers. Before the “11” holiday, online accommodation bookings increased by 11.2% year-on-year, of which five-star hotel bookings increased by 23.5% year-on-year, indicating that consumers are more willing to pay for quality.

Second, rural e-commerce maintained a good momentum of development. The Ministry of Commerce has further promoted e-commerce into rural comprehensive demonstrations, actively carried out the construction and promotion of agricultural special product brands in poverty-stricken areas, and promoted the accelerated growth of rural online retail sales. According to business big data monitoring, the retail sales of rural networks in the first three quarters reached 1.2 trillion RMB, a year-on-year increase of 19.7%, and the growth rate was 2.9 percentage points higher than the national average. The national agricultural product network retail sales amounted to 282.47 billion RMB, a year-on-year increase of 26.4%. The Ministry of Commerce has guided the China E-Commerce Poverty Alleviation Alliance to actively promote the agricultural product brands, and promoted the application of “three products and one standard” for more than 100 kinds of agricultural special products. The sales growth rate of agricultural products promoted by the E-Commerce Poverty Alleviation Alliance generally exceeds 30%.

Third, cross-border e-commerce promotes the upgrading of foreign trade. Business big data monitoring of key e-commerce retail import platforms shows that cross-border e-commerce retail imports increased by more than 30% year-on-year. From the perspective of the country of origin, imports from Japan, the United States, and South Korea ranked the top three, accounting for 20.5%, 14.9%, and 10.8%, respectively. In terms of categories, imports of cosmetics, grain, oil, food and daily necessities ranked the top three, accounting for 34.6%, 27.6% and 13.8% respectively. Cross-border e-commerce helps domestic brands to go to sea, and further establishes China’s brand image in the international arena. Silk Road E-commerce has become a new engine for the development of the “Belt and Road”. As of the end of September, China has established e-commerce cooperation mechanisms with 19 countries.

Fourth, e-commerce and social integration are booming. Social, live, and content e-commerce have become important new formats in the e-commerce market, and have maintained rapid growth. The new eco-business model of social interaction and content sharing is gradually taking shape. E-commerce and social integration have promoted the diversified development of the e-commerce market, continually stimulated consumption potential, and activated small and medium-sized cities and rural consumer markets, which have become an important force driving domestic demand.

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