EBay Booms As E-Commerce Takes Off In China
The rise in popularity of online shopping among Chinese Internet users has had a major impact on social buying sites.
According to Reuters reports, eBay recorded $4 billion in ‘cross-border sales in Asia-Pacific from its eBay and PayPal platforms' last year. This success is largely due to the rise in popularity of online shopping in China. With more than 470 million Internet users in China, e-commerce transactions have grew 65% to $30 billion in the second quarter of 2011; while business-to-consumer spending went up by 173% to $8.5 billion. Jay Lee, eBay's Asia-Pacific Managing Director stated: