China's e-commerce continues to show strong growth as the country reported a 30.4 percent growth in the first half of the year.
According to the China E-commerce Research Center (CECRC), the widespread use of smartphones, mobile payment options and 4G networks are major drivers in accelerating that growth, Women's Wear Daily reported.
Online retail sales, both business-to-business and business-to-consumer transactions, were up 48.7 percent, or $252 million dollars. This means that 11.4 percent of all Chinese sales in the first half of the year were e-commerce sales.
The e-commerce site to bring in the most money was Tmall, capturing 57.7 percent of the market. In second was JD.com, grabbing 25.1 percent of the market and Suning, accounting for 3.4 percent of the market.
Although direct-to-customer sales were strong, business-to-business still dominated in China, accounting for $910 million in transactions, 28.8 percent of sales.
Cross-border e-commerce in China is also on the rise, up 42.8 percent in the first half of 2015. Over the summer, Walmart (NYSE:WMT) acquired the outstanding shares of Chinese e-commerce retailer Yihaodian. With full ownership, Walmart plans to invest in its e-commerce growth and further consumers' omnichannel experience.
"Cross-border e-commerce is showing a lot of momentum, it's developing vigorously. More and more cross-border e-commerce companies will jump on this bandwagon, and we will see a substantial increase in international market influence on China's e-commerce," CECRC analyst Zhangshou Ping told Women's Wear Daily.
According to eMarketer, Asia-Pacific e-commerce is poised to grow 25 percent in the next five years.
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