The growth in China's e-commerce is expected to contribute largely in boosting the economy, reported China Daily.
At the State Council executive meeting on Wednesday, Premier Li Keqiang acknowledged the potential of e-commerce in raising the status of the economy. Thus, Keqiang encouraged the development of processes entailed in securing seamless e-commerce operations such as having faster broadband and extending the reach of goods to rural areas.
The rise of e-commerce in China is foreseen to largely affect the status of the economy and even surpass the contributions of real estate.
"Consumption based on the internet may become the third important growth point that the central government is searching for to boost the economy, after autos and real estate," said Chinese Academy of Governance Economics Department director Zhang Zhanbin.
"The scale of internet-based consumption may exceed the former two," Zhang added.
A survey conducted by MKM Partners revealed that 70 percent of internet users in China intend to purchase more via online sites.
Foreign brands and investors have also seen the potential in China's e-commerce.
"It is not just the fast-growing numbers of wealthy mainland Chinese that is changing its consumer habits in China, but the proliferation of e-commerce engines like Baidu and Alibaba as well," said Business Spectator's James Riley.
Meanwhile, women are believed to be the catalyst for China's booming e-commerce, according to a September report from Warc.com. The report detailed that 70 percent of the people who patronized online group buying sites are women.