The future of China’s e-commerce lies in omnichannel retail
According to McKinsey & Co, seamless integration of online and offline channels holds the key for China’s retailers to meet the demands of increasingly discerning consumers as e-commerce growth slows.
China’s e-commerce gross merchandise volume growth is expected to slow to 19 per cent this year, before further dropping to 16 per cent next year, compared with the staggering 74 per cent rise in 2011, the consultancy said.
The Chinese e-commerce sector, which is the world’s largest, is equivalent to the combined size of the next six biggest markets of the United States, Britain, Japan, Germany, South Korea and France. Online retail sales are forecast to reach US$812 billion this year, accounting for 17 per cent of the nation’s total retail market.
There are growing signs that chinese shoppers want to buy as and when they are in the mood, such as while they are learning about a new product from a chat with a friend on the social media app WeChat. To monetise such buying impulses, retailers must enable shoppers with the right tools to immediately act on their desires.
Source: South China Morning Post