E-commerce is set to prosper among the BRICS countries and become a major fabric connecting their nationals, according to the latest report by Alibaba Group Holding Ltd.
By 2022, gross merchandise volume generated via online shopping portals will skyrocket 340 percent from last year to reach $3 trillion in Brazil, Russia, India, China and South Africa, the research arm of the world's largest e-commerce platform, Alibaba, said in a report released on Tuesday.
That figure would represent 59 percent of global e-commerce transaction value in five years, up from 41.8 percent a year ago, according to AliResearch.
Meanwhile, the number of online shoppers is projected to nearly double from 720 million last year to 1.35 billion in 2022. That means an expanded share of total online shoppers from 47.2 percent to 61 percent.
Cross-border e-commerce among the five-nation bloc also will gain traction, with transaction volume predicted to jump six times to $553.6 billion in five years, accounting for 41 percent of sales generated from the entire cross-border shopping network.
The report found that Chinese people are increasingly drawn to Russian candies and cookies, Indian handicrafts and spices, Brazilian pine nuts and propolis, as well as grapefruit and wine from South Africa.
Meanwhile, customers in the four countries are most attracted to Chinese apparel, mobile phones and accessories, and consumer electronics, according to data from AliExpress, an Alibaba export subsidiary targeting overseas buyers.
AliResearch attributed the foreseeable e-commerce boom to maturing IT infrastructure, the prevalence of smart phones and enhanced payment and logistics capabilities.
From China Daily