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Chinese e-commerce market is set to grow from $2.1 trillion in 2021 to $3 trillion at a compound annual growth rate (CAGR) of 12.4 per cent by 2024, forecasts GlobalData, a leading data and analytics company. E-commerce sales in China are expected to register a growth of 17.2 per cent in 2021 as consumers shift from offline to online due to the pandemic.
The pandemic has led to a slump in the overall consumer spending, but it has also resulted in the growth of e-commerce purchases, according to GlobalData’s E-Commerce Analytics.
“Chinese e-commerce evolved rapidly over the last five years, supported by high internet and smartphone penetration, increasing consumer confidence in online shopping, the emergence of e-commerce platforms, and the availability of alternative payment solutions such as Alipay and WeChat Pay. The COVID-19 pandemic has further accelerated this trend as consumers are increasingly using online channels for their purchases,” said Nikhil Reddy, b
Apr 8, 2021
The fifth batch of Lab32 will commence on 15 March 2021 with selected startups that bring in leading-edge solutions for industries, such as health-tech, fintech, smart mobility, sustainability and edtech, among others. Thirty to thirty-five startups will be shortlisted from applications after a focused and extensive screening process. Interested startups can apply on https://bit.ly/3dDtAZH or email lab32@t-hub.co. Applications close on 6 March 2021.
The program will continue with its hybrid model launched last year owing to the pandemic. It will enable more entrepreneurs across India to participate in the program without the need for a physical presence in Hyderabad. Lab32’s modules will focus on helping the startups build better versions of products or discover and tap into market opportunities. This batch is looking to enable startups from tier 2 and 3 cities to position themselves for growth.