Report: China Mobile Shopping Market Grows 181% YOY
China's mobile shopping market is skyrocketing, with the top three e-commerce companies taking most of the spoils, according to a recent report from iResearch.
According to iResearch, which focuses on China's Internet industry, the value of China's mobile shopping market reached $6 billion (37.52 billion yuan) in Q2 2013. That's a growth of 181% when compared to the same time last year, and 41% greater when compared to Q1 2013, according to the company.
iResearch credits the mobile shopping growth in part to June 18 e-commerce promotional efforts and greater company investments in mobile to upgrade the mobile shopping experience for their customers.
While the overall penetration rate for mobile shopping hasn't sped up that quickly, iResearch says it nonetheless grew by nearly 9% in Q2, up 1% from Q1. Growing smartphone ownership and 3G Internet access help increase that penetration rate.
So far, the top three e-commerce companies -- Alibaba's Taobao, JD.com, and Tencent -- captured more than 80% of the mobile shopping market, according to iResearch data. Taobao Wireless captured 76% of the overall market. iResearch says that this is in part due to a consumer-to-business social product called WeiTao that Taobao launched in April.
While JD.com, Tencent, and Suning.com all increased their investment in mobile shopping, their market share in PC-based e-commerce remained stable.
The article Report: China Mobile Shopping Market Grows 181% YOY originally appeared on Fool.com.Fool contributor Kevin Chen has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.