New research has shown that China’s e-commerce sector has increased by 45.3 per cent in revenue year on year, according to english.peopledaily.com.cn.
Official data shows that the number of online payment transactions accumulated to a sum of 4.98 trillion yuan (£521.91 billion) in the first part of the year.
It is thought that the dramatic growth in the market may be due to rapid internet development in the country. It was also announced earlier this month that the Chinese government is implementing new measures to boost e-commerce. Reports from June showed that the number of internet users in China is steadily growing and now stands at 591 million, which could be boosting e-commerce in the country too.
Areas of the country’s e-commerce which are performing the best include ‘information products and services’, which jumped by 20.7 per cent year on year. Sales of smartphones have also been performing spectacularly in the country, jumping by 120 per cent to 213 million units, according to news.xinhaunet.com.
The rise of internet users and e-commerce activity has also meant that internet-related crime has become more frequent in the industry however. This indicates that those operating e-commerce sites in the country should take proper precautions against issues such as internet theft and illegal activities to protect consumers.