China's E-commerce in 2024 Growth and Transformations
TapTechNews August 22nd news, according to the information on the official website of the Ministry of Commerce, the person in charge of the E-commerce Department of the Ministry of Commerce introduced the development situation of China's e-commerce from January to July in 2024 today.
From January to July, online retail promotes the steady growth of consumption, platform enterprises accelerate technological and business model innovation, e-commerce promotes the digital transformation and upgrading of industries, and international cooperation in the e-commerce field achieves mutual benefit and win-win results.
The new momentum of online consumption continues to gather. From January to July, according to the data of the National Bureau of Statistics, the national online retail sales reached 8.38 trillion yuan ($1.21 trillion), an increase of 9.5%. Among them, the online retail sales of physical goods reached 7.01 trillion yuan ($1.02 trillion), an increase of 8.7%, accounting for 25.6% of the total retail sales of consumer goods. Digital consumption, service consumption and trade-in policies and measures create new momentum of online consumption. According to the monitoring of business big data, the growth rates of mirrorless cameras, smart home systems and mobile phones were 22.5%, 20.9% and 15.5%, and the consumption of online services on key platforms increased by 20.2%, among which online tourism and online catering increased by 51.1% and 20.8%. In July, the trade-in sales of televisions, washing machines and refrigerators on the main e-commerce platforms increased by 92.9%, 82.8% and 65.9%.
Continuous emergence of platform technology and model innovation. The cloud broadcasting of Chinese platform enterprises has become the main broadcasting method of the Olympic Games for the first time,助力奥运会数字化转型. Video platforms innovate the sports + e-commerce business model, integrating event broadcasting, brand cooperation and commodity sales. The main e-commerce platforms accelerate the launch of artificial intelligence operation tools.
E-commerce promotes the digital transformation of various industries. It promotes the digitalization of agricultural production and marketing docking. Digital business promoting agriculture goes deep into central and western regions such as Hubei, Hunan and Ningxia to select high-quality products and cultivate fine products. According to the monitoring of business big data (the same below), the online retail sales of agricultural products increased by 20.1% from January to July. It promotes the digitalization of industrial enterprise procurement, and the transaction volume of key industrial e-commerce platforms increased by 4.8%. It promotes the digitalization of life service industries, and the sales of housekeeping, laundry and haircutting on the main platforms increased by 46.4%, 45% and 43.6%.
Silk Road e-commerce international cooperation achieves mutual benefit and win-win results. The co-building rules, sharing markets and building capabilities of the Shanghai Silk Road e-commerce cooperation pioneer area has made new progress. The national pavilions of 26 Silk Road e-commerce partner countries display more than 15,000 kinds of goods. The electronic bill of lading solution of Chinese enterprises was adopted by international shipping enterprises for the first time. The fresh food e-commerce platform has established direct-purchasing bases for fruits and vegetables in partner countries such as Vietnam and Thailand, becoming a new channel for local agricultural products to enter China. From January to July, t he sales of Thai durian and Vietnamese cashew nuts on Chinese e-commerce platforms increased by 48.6% and 41.4%.
TapTechNews queries the data of the National Bureau of Statistics. In July 2024, the total retail sales of consumer goods was 3.78 trillion yuan ($549.76 billion), an increase of 2.7% year-on-year, and the growth rate was 0.7 percentage points faster than that of the previous month; from January to July, the total retail sales of consumer goods was 27.37 trillion yuan ($3.98 trillion), an increase of 3.5% year-on-year.
First, the steady expansion of commodity consumption. According to the data of the National Bureau of Statistics, in July, the retail sales of commodities was 3.34 trillion yuan ($483.57 billion), an increase of 2.7% year-on-year, and the growth rate was 1.2 percentage points faster than that of the previous month. The sales of some upgraded goods accelerated. The retail sales of sports and entertainment goods and communication equipment of the units above the quota increased by 10.7% and 12.7% year-on-year respectively, and the growth rates were 12.2 and 9.8 percentage points faster than those of the previous month respectively. The policy effect of the trade-in of automobiles continued to appear. According to the data of the Automobile Circulation Association, the retail sales of new energy passenger cars increased by 36.9% year-on-year in July.
Second, the relatively rapid growth of service consumption. According to the data of the National Bureau of Statistics, from January to July, the retail sales of services increased by 7.2% year-on-year, and the growth rate was 4.1 percentage points faster than that of the retail sales of commodities during the same period. Among them, the catering revenue was 3.06 trillion yuan ($443.57 billion), an increase of 7.1%; the retail sales of transportation and travel services and communication and information services maintained double-digit growth.
Third, the good growth momentum of online consumption. According to the data of the National Bureau of Statistics, from January to July, the online retail sales of physical goods increased by 8.7% year-on-year, accounting for 25.6% of the total retail sales of consumer goods, which was 0.3 percentage points higher than that in the first half of the year. According to the data of the State Post Bureau, the business volume of China's express delivery reached 142.6 billion pieces in July, an increase of 22.2% year-on-year.
Fourth, the growth rate in rural areas is faster than that in urban areas. With the continuous improvement of the county-level commercial system, the sales scale of the county and township markets has been steadily expanded. According to the data of the National Bureau of Statistics, in July, the retail sales of consumer goods in rural areas was 5066 yuan ($732.29 billion), an increase of 4.6% year-on-year, and the growth rate was 2.2 percentage points faster than that of the retail sales of consumer goods in urban areas. From January to July, the retail sales of consumer goods in rural areas was 3.65 trillion yuan ($528.57 billion), an increase of 4.5% year-on-year, and the growth rate was 1.1 percentage points faster than that of the retail sales of consumer goods in urban areas.