Across The Border | How China’s mobile retail spending will just keep ringing up
There are over 1.3 billion mobile subscribers in China, and the country’s mobile commerce industry is expected to be worth US$1.41 trillion by 2019
China’s retail sector is leading the world in digitisation as its shoppers rapidly shift from bricks-and-mortar stores to online and mobile.
But some analysts suggest the surge in digital payments has also sparked growing fears over data security.
Online retail sales in the country surged 25.1 per cent in the first three quarters of the year, with total sales rising 26.1 per cent to 3.47 trillion yuan (HK$3.95 trillion) compared with the same period last year.
As China has grown into a global e-commerce centre, its online spending volume has ballooned from US$1.4 billion in 2010 to US$25.3 billion last year, according to Euromonitor International.
With the integration of smartphone usage into people’s lives, Chinese consumers are increasingly opting for online and mobile shopping options for ease and accessibility, price comparison, and affordability.
There’s a lot of different motivations driving consumers to purchase online, but in China we definitely see a much higher penetration of e-commerce and particularly using mobile
Around 62 per cent of Chinese people shop from their computers and phones out of convenience, with 36 per cent doing so because it is cheaper, a PricewaterhouseCoopers (PwC) survey showed.