China is a fast-growing market and its mobile commerce is on target to explode in 2014, pushing it into territories beyond what the United States is even capable of – thus providing an incredibly lucrative market for mobile payments.
Coming courtesy of Alibaba, China’s biggest online shopping company, a new infographic shows that – if everything carries on growing as it is already – China’s mobile commerce sector will explode in 2014, ensuring it hits $27.1 billion ‘on-the-go’ sales, therefore surpassing figures from US mobile shoppers.
By 2015 Chinese mobile commerce could well be over $41 billion.
That is a long way off though as currently China had a modest 2012 with an estimated $7.8 billon in sales across the entire nation.
Still though, Alibaba has seen a considerable year-on-year increase of mobile money sales as 6.87 per cent of all transactions made on Taobao and Tmall were made on phones – thus showing a phenomenal 600 per cent increase.
The infographic – shown in full below – also contains some interesting statistics, such as 50 per cent of China’s mobile shoppers are aged between 21 and 30, with four out of five purchases being made on iPhones and iPads.
Those making purchases on mobiles are 67 seconds faster than those purchasing on PCs and 10PM appears to be the busiest time of the day for mobile shoppers.
Most eye-opening of all is the information surrounding China’s Singles Day Shopping Festival on November 11th.
On that day nearly nine million mobile payments were made, which came to a total of $193 million in transaction volume.
Every 60 seconds 104 electronic home appliances, 300 digital products, 428 pairs of shoes, 2805 items of clothing and so many more products were sold on Taobao platforms.
Is it surprising that mobile payments are doing so well in China?
Can you see there being more opportunities to capitalise upon China’s mobile commerce growth?
Let me know by leaving a comment below.
To find out what the key emerging markets and technologies are in the Asian payments industry, attending Cards & Payments Asia 2013 – as well as downloading the free prospectus – will give you an edge over other competitors in the market.