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Chinese consumers accelerate shift toward online shopping: Fitch

Abstract : Chinese consumers have accelerated their shift toward online shopping because of measures to curb the spread of COVID-19 and fears of infection, according to a report by Fitch Ratings.

BEIJING, June 25 (Xinhua) — Chinese consumers have accelerated their
shift toward online shopping because of measures to curb the spread of
COVID-19 and fears of infection, according to a report by Fitch Ratings.

Online retail sales of goods will account for an increasing share of
total retail sales, a trend that will be irreversible, noted the report.

The ratings agency expects the ratio of e-tailing sales to total retail sales of goods to climb in the rest of 2020.

Compared with more developed countries, China’s e-tailing penetration
rate remained relatively low, but the government’s ongoing urbanization
drive will boost demand for online shopping, according to the report.

Besides, China’s population structure, with a majority aged between
20 and 59, makes consumers generally more receptive to e-tailing and the
internet.

China’s e-tailing leaders, including Alibaba Group, JD.com and
Pinduoduo Inc., are deploying sophisticated information and
communication technologies to support the robust growth in e-tailing,
the report said, adding the country’s advanced courier network will also
be a boost for the sector. Enditem

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Source: Chinese consumers accelerate shift toward online shopping: Fitch

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