China's Online Retail Market to Triple to $365B by 2015
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China's Online Retail Market to Triple to $365B by 2015, Says Research Firm

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China is set to become the world's largest online retail market, with sales expected to triple to US$364 billion by 2015, according to a report from The Boston Consulting Group.

The country will become the top online retail market by 2015, or shortly after, with 8 percent of all retail purchases done online, the Wednesday report said.

By 2015, China will have 701 million Internet users, up from the 513 million the country currently has. This will bring total Internet penetration in China to 51 percent, the report added.

China currently has 193 million online shoppers, 23 million more than the U.S. By 2015, China's online shoppers will rise to more than 300 million.

Except for teenagers, China's Internet users spend at least 1.6 hours a week shopping online, the report added. Younger Chinese users spend at least two hours a week.

China's e-commerce companies are already benefiting from the uptick in online consumer demand. E-commerce giants manage two of the largest online retail sites in the country.

   Source: pcworld    Author: Michael Kan