Far-Reaching Survey of over 1,300 Shoppers finds nearly 70 percent Visit Stores first Before Purchasing Online
SHANGHAI--(BUSINESS WIRE)-- E-commerce spending by Chinese consumers has risen to RMB 1.3 trillion in 2012 and will surpass what is spent online in the United States in 2013. It is expected to continue on a trajectory of 32 percent average annual growth, reaching RMB 3.3 trillion by 2015; this according to the 2013 edition of Bain & Company’s annual “China E-commerce Report.” In addition, in just two years, China e-commerce spending will be 50 percent more than that of the U.S. Findings were released today at a press conference in Shanghai.
Bain’s report includes a survey of over 1,300 shoppers spread across China in large and small cities, and across age, education, and income levels. The survey explores the relationships between online and offline shopping and shows that for many consumers the boundary between shopping experiences is blurring.
“While surpassing the U.S. is a major milestone for e-commerce in China, the key finding in our report is that there’s no longer a meaningful distinction between retailers’ brick-and-mortar, web, and mobile strategies,” said Serge Hoffmann, partner in Bain’s Retail Practice in China and co-author of the report. “If you’re not reaching Chinese consumers seamlessly across all of these channels, you’re missing out on a major growth opportunity.”
Other key findings from the survey and report include:
The report finds a significant shift in China’s e-commerce evolution and adoption. Bain provides five key success factors for omnichannel players to master this new environment:
“Brick-and-mortar retailers need to act quickly and thoughtfully to marry offline and online strengths,” concluded Bruno Lannes, head of Bain’s Retail Practice in China and co-author of the report. “Otherwise, they risk becoming irrelevant over time as pure-play e-commerce takes hold.”
Editor’s Note: For a copy of Bain’s “2013 China E-commerce Report” report or to schedule an interview with Serge Hoffmann, please contact Cheryl Krauss at email: email@example.com or +1 646-562-7863, or Frank Pinto at email: firstname.lastname@example.org or +1 917-309-1065. Members of the Chinese media should contact Pinky He at email@example.com or +86 21 2211 5585.
About Bain & Company, Inc.
Bain & Company, a leading global business consulting firm, serves clients on issues of strategy, operations, technology, organization and mergers and acquisitions. The firm was founded in 1973 on the principle that Bain consultants must measure their success by their clients' financial results. Bain clients have outperformed the stock market 4 to 1. With 50 offices in 31 countries, Bain has worked with over 4,600 major multinational, private equity and other corporations across every economic sector. For more information visit: www.bain.com. Follow us on Twitter @BainAlerts.
Source: Bain & Company, Inc.