According to GlobalData, China’s e-commerce market will be worth $2 trillion in 2022. The country also has a rapidly expanding middle class, making it a desirable market for American Business.
Buying online book and media retailer Joyo.com for $75 million allowed Amazon to enter the China market in 2004. In 2011, the joint venture changed its name to Amazon China, using the website Amazon.cn.
Alibaba Group and JD.com, two business titans that jointly control and run some of the most reputable business-to-consumer e-commerce sites in the nation, emerged as powerful rivals that defeated most reputable business-to-consumer e-commerce sites in the nation, emerged as powerful rivals that were able to defeat Amazon in China.
Both businesses’ purchasing, payment, and delivery platforms purchasing, payment, and delivery platforms of both businesses demonstrated a greater sensitivity to Chinese customers’ preferences, among other factors.
In its early years, Amazon promoted its e-reader and tablet product lines, but China’s convoluted regulatory approval process delayed their release, stunting the growth of the U.S. e-commerce giant as well.
According to research, Amazon’s market share fell to less than 1% by 2019 from a high of almost 15% in 2011 and 2012. In July 2019, Amazon formally shut down its online store in China.