China firms could grab +15% global ex-China ecommerce share
Global ecommerce gross merchandise value (GMV) delivered an 18.6% three-year Cagr to US$3.5tn in 2022 with penetration rising 6ppts to 20%. The domestic policy uncertainty and huge global opportunities accelerate China ecommerce’s globalisation. Chinese firms enjoy low-cost supply chains and high operating efficiency supported by tech innovation. The USA, Europe, Latin America and Asean are top markets for them with +US$10tn/2tn retail/ecommerce sales annually as of 2022.