China saw surging online shopping in the second quarter of 2013 with transactions totaling 437.13 billion yuan (about 70.8 billion US dollars), showed new data on Sunday.
The figure was a 24.2-percent quarter-to-quarter increase, and a 45.3 percent year-on-yearincrease, according to a research report released by iResearch, China's leading Internet industry research company.
According to the National Bureau of Statistics, total retail sales of consumer goods amounted to 6.03 trillion yuan nationwide in the period.
This indicates that online shopping now accounts for about 7.3 percent of consumer retail inChina.
In the second quarter, China's E-commerce giants initiated several rounds of collective pricewars to stimulate consumption.
According to the iResearch report, the price war has developed from a means of competition into a market tool used by E-commerce companies to tap and stimulate customers' purchasing desire.
Source:China Daily
