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Search/Move fast or get left behind in e-commerce

Move fast or get left behind in e-commerce

Updated:2013-12-09 07:35
By Mike Bastin (China Daily)

Commerce | Mike Bastin China's e-commerce market continues to grow by leaps and bounds. The market grew 120 percent between 2003 and 2011 compared with just 17 percent in the US over the same time, according to global consultancy firm McKinsey. It forecast that China's market could be worth between $420 billion and $650 billion a year by 2020. More specifically, last year online sales revenue in China was put at between $190 billion and $210 billion, only $10 billion behind the US market and growing much more quickly. This incredible surge has been aided in no small way by the annual consumption bonanza that takes place on so-called Single's Day, Nov 11. E-commerce companies in China have turned it into the world's biggest online shopping day with a plethora of promotional incentives, including deep discounts. On Single's Day this year the record for e-commerce sales was broken as early as lunchtime. At precisely 1:04 pm on Nov 11, sales on Alibaba, China's largest e-commerce group, had reached $3.1 billion, around double the sales recorded over the whole of Cyber Monday after Thanksgiving in the US last year. By midnight on the recent Single's Day, Alibaba's sales had risen to...

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