China will lead global e-commerce and mobile commerce markets by 2022
Nov 21, 2018 (China Knowledge) - According to the 2018 Global Payment Report issued by Worldpay, the world's leading payment service provider, China's mobile commerce market will develop by leaps and bounds by 2022, and many countries are following the global trend of mobile commerce.
In the report, Worldpay found that the largest e-commerce markets in the next four years are China, with USD 1.78 trillion; the U.S. with USD 1.15 trillion; and the United Kingdom with USD 314.5 billion. The report suggested that if Chinese businesses want to expand their international business, they should consider entering the e-commerce market with the fastest annual compound growth rate, such as India (21%), Malaysia (21%), Turkey (19%) and the Philippines (19%).
The report predicts that mobile commerce will be the next lucrative sales channel for global businesses. By 2022, China with USD 1.18 trillion; the U.S. with USD 360 billion and the United Kingdom with USD 115.3 billion are expected to be the three largest mobile commerce markets in the world. In China, mobile shopping is the fastest growing segment. In next four years, the composite annual growth rate of mobile commerce is expected to reach 12%. Of course, the strong growth momentum of mobile commerce is not only in the Chinese market, but also in Australia, India, Mexico and Singapore.
Shi Nanfei, general manager of Worldpay China, said that in the next few years, businesses can be optimistic about the development of China and the global e-commerce market. China's growth is an infinite opportunity, and the proportion of using electronic wallet to pay is amazing. Even the most mature online economies are dwarfed. Globally, mobile commerce has become a new battleground for businesses to compete for sales opportunities.
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