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IGD: Chinese Online Grocery Market To Be Worth $180bn By 2020

By Publications Checkout
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IGD: Chinese Online Grocery Market To Be Worth $180bn By 2020

The Chinese online grocery market is set to be worth almost $180 billion by 2020, according to the latest IGD research.

The figure represents nearly five times its current value of $41 billion, in what is the world's largest online grocery market.

The IGD findings also revealed that by 2020, online grocery in China will be worth almost $70 billion more than the other top nine online grocery markets combined, with the UK online grocery the world’s second largest, at $28 billion.

Joanne Denney-Finch, IGD chief executive, said, "There’s going to be significant growth across all of the top ten online grocery markets. This is being driven by busy shoppers making the most of more digital technologies and the rising trend of ‘anywhere, anytime shoppers’. They add to their online shopping basket over a period of time on whichever device is most handy at that moment.

"New innovations, such as grocery delivery services from Instacart and Uber, are also helping to support online’s rapidly increasing popularity by providing convenient time-saving solutions."

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On China, Denney-Finch added, "Already the world’s largest, the Chinese online grocery market is maturing rapidly and will significantly dwarf other countries by 2020. This will be powered by more people in China having access to the Internet, both through smartphones and other devices. Given the size of its population, even a small change will have a significant impact.

"Most online sales in China take place through digital marketplaces, such as Alibaba’s business-to-consumer site Tmall. These allow international retailers without stores in China to gain instant access to new customers and tap into the booming Chinese market with limited investment."

Meanwhile, commenting on the UK, Denney-Finch said, "The UK online grocery market continues to rapidly develop and will achieve impressive growth to reach $28bn (£17.2bn) by 2020. This is being driven by shopper demand as well as new retailer innovations to make buying groceries online more convenient. The UK has always been a leader in online grocery, with both retailers and shoppers keen to embrace new technology, and we expect this to continue."

© 2015 European Supermarket Magazine – your source for the latest retail news.

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