China a growing market for online e-commerce

US firms looking to develop their international e-commerce sales may want to think about targeting the fast-growing Chinese market.

New research from the Boston Consulting Group (BCG) predicts that annual e-commerce spending in China will reach two trillion yuan (US$315 billion) by 2015, a 320 per cent increase on the 476 billion yuan (US$75 billion) spent in 2010.

The total of 145 million online shoppers in China is second only to the 170 million found in the US, on a country-by-country basis.

BCG predicts that rising personal income coupled with increased familiarity with online shopping will drive the growth.

"No longer just bargain hunters, more and more of China's e-shoppers are looking for unique products, better service and an engaging online experience," the group's report added.

A separate report from Forrester Research predicts that US consumers will spend $59.9 billion online in the build-up to Christmas, up from the $51.7 billion spent in the 2010 holiday season.

Posted by Richard Jones