Statistics from the Ministry of Commerce show that electronic business transactions in China are expected to top 450 billion yuan this year -- almost double last year's volume, and 22 times that of 2005.
Statistics from the Ministry of Commerce show that electronic business transactions in China are expected to top 450 billion yuan this year -- almost double last year's volume, and 22 times that of 2005, Xinmin Evening News reports. Online shopping volumes have been rocketing since 2007. A poll in 'New Opinion' reported that 36 percent of respondents buy online each week, and more than half spend between 200 to 500 yuan each time.
The convenience of online shopping and access to items unavailable in regular stores has contributed to the growth of the sector, which, in turn, has boosted industrial growth and employment. Group purchasing, i.e. customers teaming up to obtain better discounts, has emerged in major cities this year as the latest development in online shopping, and is likely to be a growing trend in the future of the industry.