Residents prepare for a live streaming program selling local products in Dacun Village, Luzhai County, Liuzhou City, South China's Guangxi Zhuang Autonomous Region, June 14, 2023. [Photo/Xinhua]
Experts say China's burgeoning e-commerce sector will help fuel a recovery in consumption, improve people's lives, and improve people's lives, as more shoppers choose high-quality and diverse products through online marketplaces. It is said that it plays an important role in supporting the economy.
Their comments come as China marks 30 years since gaining full access to the internet, which has revolutionized traditional economic models, accelerated social development and empowered people. A revolution has occurred in the way we work and live.
E-commerce was a term that was almost unheard of 20 years ago. But industry insiders say online shopping has now become one of the pillars of China's economy, giving new impetus to Chinese consumption and becoming the main driver of boosting economic growth. emphasized.
The country's leading e-commerce platform, which connects hundreds of millions of customers seeking cost-effective transactions with countless operators such as Alibaba Group Holding, JD and PDD Holdings, is already a traditional asset in the world's second-largest economy. is changing the retail landscape.
Li Zhongliang, a villager from Donghai County, Lianyungang City, Jiangsu Province, sold thousands of dollars worth of crystal products to British consumers during a four-hour live streaming session on an online shopping platform.
Like Mr. Lee, countless residents in Tokai have seen their sales soar through live streaming e-commerce. The county's online e-commerce platform sales exceeded 28 billion yuan ($3.9 billion) in 2021, symbolizing China's achievements in internet construction and the rapidly developing online retail sector.
According to a report by market consultancy iResearch, the market size of China's e-commerce sector based on live streaming will reach 4.9 trillion yuan in 2023, an increase of 35.2% from the previous year.
Taobao village refers to a collection of retailers within an administrative village whose residents mainly use Alibaba's Taobao online market to accept e-commerce, and by promoting agricultural products and other local specialties, many Online has helped lift rural areas of China out of poverty.
Mo Daiqing, senior analyst at the Internet Economic Research Institute, a domestic consulting firm, emphasized the importance of the online retail sector in promoting consumption, expanding employment and improving people's livelihoods, and strengthening the resilience of the real economy. Contributed.
E-commerce was seen as a complement to brick-and-mortar business until it exploded with a promotional event called the “Singles Day Shopping Carnival.” The Double 11 or 11-11 promotional gala held every November, which Alibaba started in his 2009, has turned into the world's largest online shopping event.
Together, Alibaba and Jingdong will help brands and small and medium-sized retailers realize digitalized operations, while providing cost-effective products to capture price-sensitive consumers. It is focused on empowering brands and small and medium-sized sellers.
Wang Yun, a researcher at the Macroeconomic Research Institute affiliated with the National Development and Reform Commission, said, “Singles' Day online shopping extravaganza is extremely important in stimulating consumers' purchasing intentions and promoting consumption recovery. ” he said.
Mr. Wang said that online shopping represents a new type of retail and is important for linking transactions, reducing information asymmetry, improving efficiency in product transactions, improving the shopping experience of consumers, and promoting high-quality economic growth. He said that he plays a role.
China's retail sales, a key indicator of China's spending power, rose 4.7% year-on-year in the first quarter, according to the National Bureau of Statistics.
Online retail sales in the January-March period increased by 12.4% year-on-year to 3.3 trillion yuan, and online retail sales of physical goods expanded by 11.6%, accounting for 23.3% of total retail sales.
To meet the growing consumer demand for a wide range of products and foster new consumption growth points, e-commerce platforms are leveraging next-generation information technologies such as 5G, artificial intelligence, and big data to create customized Efforts to launch new products are also accelerating.
