China leads e-commerce market across the globe: report

Sales in China’s e-commerce market were valued at $2t.

China is the leading e-commerce market in the world with sales estimated to be grow 10.4% to $2.3t in 2022, GlobalData reported.

In its E-Commerce Analytics, GlobalData found that e-commerce sales in China grew at a compound rate of 13.3% between 2018 and 2021. Between 2022 and 2026, the market is expected to grow 8.7% to reach $3.2t in 2026. 

The market also accounted for more than 37% of the e-commerce market across the globe. 

“The Chinese e-commerce market evolved rapidly during the last five years, supported by the rising internet and smartphone penetration, increasing consumer confidence in online shopping, the emergence of e-commerce platforms, and the availability of popular alternative payment solutions such as Alipay and WeChat Pay,” Ravi Sharma, Banking and payments Lead Analyst at GlobalData, said.

“The COVID-19 pandemic has further accelerated the e-commerce activities in China, as wary consumers are increasingly using online channels for purchases to avoid getting exposed to disease vectors, a trend that continues beyond pandemic.”

Read more: E-commerce market to reach over $20t by 2025

China is followed by the US and the UK with $1.5t and $292.1b in 2021, respectively. GlobalData noted China will likely sustain its lead in 2022.

This is also supported backed by the rising e-commerce activities in rural areas, which grew by 35.3% year-on-year in 2021, based on government data.