China Online Shopping GMV Totals 456.44 Bn Yuan in Q1 2014

According to iResearch, China online shopping GMV hit 525.1 billion Yuan in Q1 2014, up 44.4% versus Q1 2013. Seen from the online shopping market structure, B2C took up 43.7% share of the online shopping market by GMV, rising 4.7% compared with Q1 2013. Seen from major players in the B2C market, Tmall occupied over 50% and rapidly developing JD accounted for about 20%.

According to iResearch, China online shopping GMV hit 525.1 billion Yuan in Q1 2014. Data from the National Bureau of Statistics showed that online shopping made up 7.4% of total retail sales of consumer goods in Q1 2014.

We believe that online shopping sector has become mature after more than a decade of rapid growth. With better regulations and shopping services, and  more online shopping transactions, online shopping market will maintain fast growth. We estimate its growth rate of 2014 will be around 30%.

According to iResearch, B2C transactions reached 181.92 billion Yuan in Q1 2014, which accounted for 43.7% of total online shopping GMV. B2C share rose by 4.7% from 36.8% in the same period last year, indicating a drop in C2C share. The YoY growth of C2C GMV in Q1 2014 stayed at 18.3% while that of B2C was a significant 44.6%.

We attribute the fast growth of B2C market share to China New Year (CNY) big sale in January and food and cosmetics promotions by major online stores in March. In addition, the relatively slower growth of C2C market also contributed to the rise in B2C market share.

Top5 China B2C players include Tmall, JD, VIP, Yixun and Amazon China. Tmall and JD were the superpower in the competition. Tmall took up more than half of the share and JD grasped 19.2%.

Taobao, JD and VIP ranked top 3 by mobile shopping GMV with share of 76.4%, 6.9% and 2.0% respectively. Taobao has multiple mobile products including Taobao wireless, Taodiandian and Alipay wallet. In Q1, Taobao began to test its corporation with offline grocery, food, clothing and entertainment businesses. JD accepted Tencent’s 215 million USD investment on March 10th. With the deal, JD would integrate QQ shopping (B2C) and Paipai (C2C) and enjoy huge traffic from Tencent.  VIP acquired Lefeng and will introduce cosmetics flash sales soon with joint logistics and marketing. VIP will join WeChat flash sales platform and continue to strengthen its mobile competitive advantages.


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