China E-Commerce on track to 59% of world E-commerce in 2021

E-commerce sales in China was over $1 trillion in 2017.

Alibaba paid about $6 billion to take control of China’s top supermarket chain and one of its biggest department-store franchises.

A Guangzhou-based startup called BingoBox has built a network of 300 fully automated convenience stores. The free-standing glass boxes, about half the size of a 7-Eleven, stock a similar assortment of merchandise, all of it labeled with RFID tags. Shoppers gain access by scanning a QR code displayed on the front of the store with the WeChat app.

BingoBox started in 2016 and has raised about $100 million from investors led by GGV Capital and Fosun Capital.