(Source: https://pltfrm.com.cn)
China’s B2B e-commerce sector is experiencing robust growth, driven by digital transformation and the increasing adoption of online platforms for business transactions. The market has seen a significant uptick, with online retail sales surging 9.8 percent year on year to 7.1 trillion yuan in the first half of 2024.
Market Size and Growth
According to the Ministry of Commerce (MOC), the B2B e-commerce market in China was valued at approximately USD 2.22 trillion in 2023 and is projected to grow at a CAGR of 8.90% between 2024 and 2032.
Drivers of Growth
Digital products, services consumption, and trade-in programs have emerged as the three new drivers for consumption growth. AI learning machines and smart wearable devices, in particular, have seen substantial growth at 136.6 percent and 31.5 percent, respectively.
International Cooperation
China’s B2B e-commerce sector has expanded its international cooperation, signing cooperation memorandums with countries like Serbia, Bahrain, and Tajikistan. This has brought the total number of Silk Road e-commerce partner countries to 33, enhancing cross-border e-invoicing and electronic bills of lading interoperability.
Technological Advancements
E-commerce platforms in China are investing heavily in R&D, with investments exceeding 48 billion yuan aimed at optimizing customer experience and reducing costs. Artificial intelligence (AI) is widely used across various aspects, including consumption, operations, and transportation, ushering in a new era of smart e-commerce.
Market Segmentation and Opportunities
The B2B e-commerce market in China is segmented by deployment models such as supplier-oriented and buyer-oriented. The supplier-oriented segment is expected to witness the fastest growth, offering systematic sales channels for a range of products and services.
Challenges and Strategies
Despite the rapid growth, the B2B e-commerce sector faces challenges such as market concentration, competitive pressures, and regulatory compliance. Companies are adopting innovative approaches, leveraging integrated communication and network channels to optimize business operations.
PLTFRM is an international brand consulting agency with in-depth insights into China’s B2B e-commerce market. We assist businesses in navigating the dynamic digital landscape and capitalize on growth opportunities. For a free consultation, search pltfrm.
Email: info@pltfrm.cn
Website: www.pltfrm.cn
