The COVID-19 pandemic has strengthened an e-commerce industry that was already booming. Consumer behavior changed as a result of the closure or reduced access to in-person retail shops. In 2021, online businesses will account for 52.1 percent of all retail sales in the country, up from 44.8 percent in 2020. In 2021, South Korea is expected to account for 28.9% of global retail sales. In the United States, that figure will be only 15.0 percent. Alibaba reported a total revenue of 155.1 billion yuan (USD 23.4 billion) in the third quarter of 2020. Due to rising demand in the banking and retail industries, sales of their Cloud-based services climbed by 60%. The sector is set to turn profitable for the first time since its inception.
Insider Monkey highlights the list of China’s 15 biggest e-commerce companies. Douyin launched its flagship store in March 2021, marking its entry into the e-commerce business. Brand accounts have the option to open their own stores on the platform. Douyin intends to generate a revenue of 1 trillion yuan in 2021. Yihaodian is an e-commerce platform for food shopping. It operates on a business-to-consumer (B2C) model, connecting farmers and distributors directly with consumers. In 2011, Walmart purchased a 51 percent share in Yihaodian, but by 2015, they had owned 100% of the company. Autohome, Inc. is a holding company based in Beijing that develops and manages mobile apps and vehicle websites. It is China’s most popular e-commerce website for car buyers, selling both old and new vehicles. Dangdang was established in 1999 as a Chinese e-commerce startup. Every year, it adds more than ten million new customers. Alibaba, Amazon.com, Inc., and JD.com are some of the company’s biggest competitors. RED, or Xiaohongshu, is an e-commerce site with over 300 million registered users. It operates RED Mall, which distributes international products to Chinese customers and generated CN 10 billion in revenue in 2017. Momo Inc. is a Beijing-based social networking and entertainment platform. Momo makes money from smartphone games, paid emoticons and stickers, paid membership subscriptions, and marketing. Jumei International is a Beijing-based company that was established in 2010. Among its competitors, China’s biggest online supplier of beauty items has the biggest amount of sold commodities. Curated sales, online shopping malls, and flash deals are all used by the corporation. It also has its own private label that it distributes things under. For more details, click 15 Biggest E-Commerce Companies in China.