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7 Factors of Fastest Growing ecommerce Countries

(Last Updated On: April 15, 2021)
The fastest-growing eCommerce countries are really going well, and China is one of them. Ecommerce has brought revolutionary transformation to some countries. Due to its acceptance from the stakeholders, associated with other social, technical, and economic factors, e-commerce has brought a leapfrog development in the business and job sectors to some countries.
This article intends to discuss the fastest growing eCommerce countries- why and how.

Do you know which country in the whole world leads the e-commerce industries? How this country could be able to dominate this trendy business? What are the value additions that the country yields to create its own pattern?

Fastest Growing eCommerce Countries

China is the country that alone controls 45% of the total e-commerce activities around the world. The digital economy created by China itself has witnessed holistic development over the last 10-12 years. How did they do this to beat the whole world in this industry?

A case study on the tastest Growing eCommerce Countries

China is the country that alone controls 45% of the total e-commerce activities around the world. The digital economy created by China itself has witnessed holistic development over the last 10-12 years. How did they do this to beat the whole world in this industry?

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China’s market share

It’s a fact that China with its existence in less than one percent of the world e-commerce industry only 10 years back, now dominates its market share by up to 42%. The United States, on the other hand, grabs its market share by up to 24%, it is a sheer downtrend from 35% that was in 2005.

Currently, China has been such a giant in the e-commerce industry that it deals with yearly more transactions compared to Japan, France, the United Kingdom, Germany, and the United States altogether.

Why & How

The huge market with numerous product innovation and demand of the customers from all walks of life have intensified the growth of e-commerce do drastically in China. McKinsey Global Institute thoughtfully calculated the digital economy of China and reported on the range, scope, opportunities, and degree of continuous digitization process for transition and value proposition based on technological abundance.

Related: Is your business idea as innovative as a blue ocean strategy?

1. Payments flexibility

The high ratio of mobile users in China has further motivated its users to easily access the E-commerce industry wherever and whenever they need. Available high-speed mobile internet has greatly dominated mobile payments. Users of mobile internet increased more than double in only 3 years to 68% (2016) from 25% (2013). On average, China’s 731 million of 1.4 billion inhabitants use the internet on a regular basis.

As per the report, consumption-based mobile payments in China were $790 billion (2016), which alone was more than 11 times that of the United States where 262 million people regularly use mobile internet.

2. Startups

Moreover, one-third of the globe’s 262 proprietorship startups worth more than $1 billion, which are also dubbed as ‘unicorns’, are Chinese entrepreneurs. They dominate 43% of the global value of these business ventures.

3. Venture capital

It is also significant that China’s venture capital industries have increased by 19% (2016) in just two years of time span. It turned to $77 billion in 2014-2016 from $12 billion between 2011-2013 respectively.

Companies that deal with digital technologies such as big data, robotics, artificial intelligence (AI), and fintech ventures are very attractive to venture capitalists in great numbers.

4. Internet giants

China’s three largest internet giants: Baidu, Alibaba, and Tencent invested 42% of China’s total investment in the e-commerce industry.

Moreover, these three giants successfully bid on 35 international deals during the last couple of years. It is compared to 20 afforded by the top three internet organizations in the entire United States during that time.

5. Growth comparison

Based on these catalysts which are convenient for digital products and services, China gains a yearly surplus worth $15 billion from $10 billion during the past five years of the rapid growth of e-commerce.

In 2013, the United States experienced around five times more digitization than China. However, the gap is found significantly minimizing in the next three years. US dominance in digitization had decreased to 3.7% (2016) compared to China.

6. Future prediction

Therefore, it is predicted that China’s e-commerce industries will be experiencing significant transformation in revenue generation and profit bases synergized by the digital forces.

The report predicts that, by 2030, economic disruption and industrial digitization in China might be shifting and improvising a value equivalent to 10% to 45% of the revenue bases. Every possible consumer goods and retail industry, including, automotive and mobility, electronics, healthcare, biotechnology, freight, agronomy, and logistics industries will experience this upheaval.

As per the source, the three ‘digital forces’ named, disintermediation, disaggregation, and dematerialization – are anticipated to transform value from sluggish incumbents to more nimble ventures, and from one segment of the value chain to another by rotation.

Related: Future growth of e-commerce marketplace trends by 2030

Giant and traditional business ventures might face the challenge to generate substantial amounts of profit if they lost to new products, innovative services and creative business models from companies where the digital boom is properly nurtured. The best way to keep the growth moving, adaptation to technology, innovation, and change will be the vital determinants.

7. Business solution approaches

By keeping its practical experiences and case studies on multinational companies in mind, McKinsey recommends six approaches that businesses in China should focus on as the country is continuously being digitized. These are-

  1. “Adopt bold strategies” means business ventures taking all-out preparations to disrupt their own business models that enable them to increase the foundation of their loyal customers.
  2. “Use the power of China’s vast digital ecosystem” refers to business ventures to assess the benefits of collaboration with giant digital platforms and internet greats of China.
  3. “Maximize value from analytics by using China’s data pools” means developing the business imperative for aggregating and assessing data and information, that enables a competitive advantage for business ventures.
  4. “Build an agile organization for digital transformation” indicates indulging companies less hierarchical and convert them into smaller units.
  5. “Digitize operations based on a solid transformation program” means digital technologies are holistically shifting the economic base where some Chinese business ventures are at the hibernation stage.
  6. “Engage with China’s policy and regulation” refers to the government which is making it transparent that the digitized economy is top attention.

Take away

Leading businesspersons, as well as the government authorities, are on the holistic move to digitization.

When these priorities will be fulfilled, the report predicts that China would be able to secure the driving seat to overcome cross-border issues like obstacles to international challenges, in no competition, innovation, digital independence, and uniqueness in the future. It is a tremendous example for other nations who are willing to lead.

Related: 10 ways to make global e-commerce easier for everyone

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