China is set to become the largest online retail market in the world, with sales already likely to triple to over US$360bn by 2015, according to a report by The Boston Consulting Group (BCG).
China already boasts more online shoppers than any other market, the report said, and growth is being powered by rising numbers of internet users, and by greater consumer acceptance of e-commerce.
'Faster than in any other major economy, the internet is becoming embedded in Chinese society,' said David C Michael, BCG senior partner and co-author of the report. 'The rapid growth represents a once-in-a-lifetime opportunity for companies that figure out how to connect with China's digital generations.'
China has 193m online shoppers, compared with 170m in the US, the report said.
Between 2009 and 2011, the share of internet users who shop online rose from 28 per cent to 36 per cent. The share of online shoppers will likely reach 47 per cent by 2015, BCG said.
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