China eCommerce To Surpass 50 Per Cent Of Retail Sales

China will be the first country where the majority of retail sales will transact online, says eMarketer. The market research company forecasts that 52.1 per cent of China’s retail will come from eCommerce in 2021, up from 44.8 per cent in 2020. For almost every other country in the world, this datapoint remains far out of reach. The country with the next highest rate of eCommerce as a share of total retail sales is South Korea, which is projected to transact 28.9 per cent of its sales online this year. In the U.S., the figure will be just 15 per cent, and the average among western European countries will be 12.9 per cent. Despite the U.S. remaining just ahead of China in overall retail sales ($5.506 trillion versus $5.130 trillion in 2020), China will outpace the U.S. by nearly $2 trillion in eCommerce this year. eMarketer says social media and social commerce are the main driving forces behind the eCommerce push in China, along with the coronavirus.