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Shanghai reports record transaction volume of e-commerce in 2016
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SHANGHAI'S booming e-commerce industry saw another year of robust growth in 2016.
The transaction volume of e-commerce hit a record high of more than 2 trillion yuan (US$290 billion) in 2016, up 21.9 percent year on year, according to data released by Shanghai Municipal Commission of Commerce.
Of that amount, e-commerce for enterprises accounted for 72 percent, reaching about 1.4 trillion yuan, an annual increase of 17.3 percent. The surge was attributed to trade growth in steel, petrol chemicals, non-ferrous metals and automobiles.
The individual consumer e-commerce market also achieved remarkable growth in 2016, up 35.4 percent year on year to 560 billion yuan. Of which, consumer goods made up nearly 300 billion yuan and services represented 260 billion yuan.
The online shopping market in Shanghai was worth 110 billion yuan in 2012.
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