Investment Rating - The report rates the industry as "Outperforming the Market" for the first time [2] Core Insights - The global e-commerce market is steadily growing, with a market size reaching 5.8trillionin2023,reflectingayear−on−yeargrowthof106.9 trillion by 2025, with a penetration rate in retail expected to rise from 13.8% in 2019 to 19.4% in 2023 [10] - B2C e-commerce is showing significant growth potential, with cross-border e-commerce expected to grow at a CAGR of 29.3%, reaching 7.9trillionby2030[13]China′sCross−borderE−commerceOpportunities−China′scross−bordere−commercetransactionvolumereached13.2trillionyuanin2023,withaCAGRof13.314 billion in 2023, leveraging a low-price strategy and extensive advertising [62] - Shein, initially focused on fashion, is expanding into a broader range of categories while maintaining a strong supply chain and user engagement through social media [69][74] - TikTok Shop is capitalizing on its vast user base and content-driven sales model, with a focus on engaging younger consumers [79] Regional Market Insights - The U.S. remains the largest export destination for China's cross-border e-commerce, accounting for 35.1% of total exports, followed by the UK, Germany, and France [19] - Southeast Asia is identified as a high-potential market, with a growing e-commerce sector projected to reach 139billioninGMVby2023[24]CompetitiveLandscape−Amazoncontinuestodominatetheglobale−commercemarketwithaGMVofapproximately700 billion in 2023, but faces increasing competition from emerging platforms [47] - The report highlights the diverse operational models of platforms, including self-operated, third-party, and independent sites, each with unique advantages [45][62][69]
