According to the data from the US Department of Commerce, the market value of our e-commerce has reached $975 billion in the past 12 months. Three years ago, the market value of the e-commerce market was $518 billion. According to the annual growth rate at that time, it will take seven years to double the market value. If the epidemic does not occur, the e-commerce market will maintain an annual growth rate of 14-15%, reaching US $780 billion this year, a decrease of nearly US $200 billion compared with us $975 billion today. The growth rate of the e-commerce market is 25% higher than expected, and the overall growth of the retail industry is no exception.
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In the first quarter of this year, the growth rate of the e-commerce market was only 6.7%. This is the slowest growth since the financial crisis in 2009. Of course, this value is the last point in time for the continuous and historic growth of the e-commerce market year-on-year, the first quarter of 2021. It is an indisputable fact that the growth rate of the e-commerce market tends to be flat.
In the first quarter of this year, 14% of consumers' shopping was realized through e-commerce platforms. This part of consumption does not include the categories with a less competitive relationship with e-commerce - Catering expenses, fuel supply, purchase of special movable properties such as cars and ships, etc. E-commerce sales account for about 21% of the total retail sales, that is, for every $5 spent by consumers, more than $1 occurs through the e-commerce platform.
In 2021, the growth rate of physical retail exceeded that of e-commerce for the first time in history. Under the epidemic, this sub-force driving the transformation of consumption habits is cooling down.
In the past four quarters, the growth rate of physical retail exceeded that of e-commerce, making the proportion of e-commerce in the total retail expenditure basically flat. Although the penetration rate of e-commerce is declining, the net expenditure of e-commerce channels is still higher than the predicted trend before the epidemic.
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