This finding demonstrates the increasingly vital role of e-commerce in the Chinese economy.Į-commerce is becoming a new carrier for promoting industrial structure transformation and innovation-driven development as well as a new engine for facilitating economic growth.
In 2019, import and export trade in e-commerce retail was US$26.6 billion, which is five times higher than that in 2015, with an annual growth of 49.5%. This study adopts the Chinese e-commerce industry as the research object because under the condition of decreased foreign trade, e-commerce as a new business form has been thriving, accounting for an increased total Chinese trade volume. Although these surveys have reported different market size calculations, they have indicated that B2B sales exceed B2C sales and that both are still growing. Statista (2019) reported that the global market value of B2B e-commerce in 2019 was US$12.2 trillion, which is six times greater than that of B2C e-commerce. According to reports by Grand View Research, Inc., the global business-to-business (B2B) and business-to-consumer (B2C) markets were valued at US$5.7 trillion and US$3.35 trillion in 2019, respectively, and both B2B and B2C markets are expected to expand at compound annual growth rates of 17.5% and 7.9%, respectively, from 2020 to 2027. An increasing number of transactions are performed online. Advancements in information and communication technology can considerably improve infrastructure and enhance business efficiency.
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