China on track as the biggest online market

NOT only is China set to rule the global economy, it is also forecast to become the biggest online market.

A new study by the McKinsey Global Institute predicts that by 2020 China's online retail market, or e-tail, will equal that of the US, Japan, the UK, Germany and France combined today. The country is already the world's second largest e-tail market, with revenue for 2012 estimated to be as high as $210 billion.

"The country's retail sector already is among the most wired anywhere - e-tailing commanded about 5-6% of total retail sales in 2012, compared with 5% in the United States," the study said.

The report also found that the majority of online shopping in China takes place on digital marketplaces, such as PaiPai, Taobao and Tmall.

The three largest online retail segments in China are currently apparel, recreation and education, and household products.