China’s online spend will triple to $360 billion by 2015
The amount of money China’s Internet users will spend on online retail is set to triple to a staggering $360 billion in just three years. This huge number will be fuelled by the growing number of people with Internet access in China combined with greater consumer confidence in buying products online, according to The Boston Consulting Group.
Marketwatch cites the study conducted by the Boston think-tank, which reports that China will become the biggest online retail market in the world. 10 per cent of all online retail transactions come from Chinese consumers. There are already more online shoppers in China than any other country in the world, including the United States.
Once the domain of the young and cashed-up in China, a growing number of people in the general population are connecting to the online world. By 2015, China will have 700 million people online. That is 200 million more than today. China will have twice as many Internet users as Japan and the US put together. Last year, Chinese Internet users spent a total of 1.9 billion hours online per day.
"Companies with global ambitions need to have an active online presence in China if they expect to succeed,” Christoph Nettesheim said, a BCG senior partner and co-author of the report.
Half of the entire population will be online by 2015. 38 per cent of China’s population were online last year. The fastest-growing demographic will be city-dwelling consumers aged 51 years and over. This segment will grow by 22 per cent each year.
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Managing Director, The Strategy Group
Dr Tobias is an accomplished innovation consultant and entrepreneurship strategist, drawing expertise from the academic, entrepreneurial and corporate worlds. Jeffrey’s commercial and business experience is particularly focussed on lean startup, design thinking and leadership. Prior to The Strategy Group, Jeffrey was Cisco’s Global Lead for Innovation in the Internet Business Solutions Group helping Fortune Global 500 companies improve customer experience and grow revenue by transforming how they do business.
Jeffrey is a professor of innovation and entrepreneurship teaching MBA students at the Australian Graduate School of Business at the University of New South Wales. An active angel investor, Jeffrey is on the board of various well known startups. Jeffrey’s corporate background includes leading global innovation strategy at Cisco, working with large corporates such as Adobe, Westpac, Telstra, Woolworths, and Perpetual.