China e-commerce industry is estimated to see a CAGR of 18.8% during the period (2019-2025). The outbreak of COVID-19 primarily occurred in China which has caused a major disruption to China’s supply chains. Though, China appears to be recovering pretty well from the initial outbreak. Alibaba and Tencent-backed JD.com Inc. reported that online sales of grocery, fresh produce, and consumer essentials grew manifold during the series of lockdown and implementation of social distancing, driving up the country’s online retail sales of physical goods by 3.0% in the first two months of the year. In May 2020, Alibaba announced that GMV (gross merchandise value) had reached $1 trillion for the year ended 31st March 2020 with active users on its platforms had risen to 726 million over the same period. Whereas Pinduoduo generated $163 billion GMV during the same period and reached 628 million active buyers. Further, JD.com GMV risen to $299.5 billion during the same period and had a significant rise in active users share of 24.8% accounted for 387.4 million. This growth in users and GMV identifies that the e-commerce industry in China held up well during the outbreak of COVID-19.
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China e-commerce industry report is segmented into electronics, apparel, healthcare, pharmaceuticals, and nutritional products, beauty and personal care, and others. Healthcare, pharmaceuticals, and nutritional products segment is anticipated to exhibit the highest growth in 2020. The demand for vitamins & proteins to maintain the immunity level of consumers is a key factor contributing towards the high growth of the market segment. Moreover, the e-commerce market for beauty & personal care products will grow at the second-highest growth in 2020. The high demand for personal care products to maintain hygiene is anticipated to be the key factor contributing to the growth of the market segment.
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Verticals Affected Most
· Electronics
· Apparel
· Beauty & Personal Care
· Healthcare, Pharmaceuticals & Nutritional Products
· Others (Home Furnishing Products, Books, Grocery, and Automotive)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
