Australian companies wanting to sell products online to China should feel very reassured by the latest ecommerce statistics.
The graphs below illustrate how Chinese ecommerce has expanded and the use of mobile phone technology for payments (2016).
According to McKinsey’s data, China already has 42 per cent share of the world’s e-commerce transactions, processing US$790 billion in 2016, or 11 times more than mobile payments in the US.
E-commerce and e-payment have already become the beacons of the digital era with China’s three largest internet companies – Baidu, Alibaba Group Holding and Tencent Holdings – increasingly wielding their influence over China’s business activities and daily lives.
According to the South China Morning Post (owned by Alibaba), China’s government will allocate more resources toward the implementation of big data analysis and digitalising the world’s second-largest economy, part of a US$150 billion strategy to turn the nation into the global innovation hub for artificial intelligence by 2030.
It's exciting times for Australian producers that want to engage with China.