In a word, yes!
The Chinese eRetail market is the largest in the world. Depending on where you read, 2016 Chinese eCommerce spending was anything between $710-$750 billion. This figure is just under half of all eRetail spending made worldwide and it dwarfs the American equivalent spending of $450 billion during the same period.
The scary thing is, this market is not even close to being fully developed.
The above mentioned spending of over $710 billion is estimated to have been made by around 460 million Chinese online shoppers. We know that the population of China is over 1.3 billion, so the potential for further market penetration is fantastic.
Indeed, the amount of Chinese regular online shoppers is expected to increase by a further 200 million by 2020. This will be facilitated by a further improvement in domestic infrastructure, closer international trade ties (think post Brexit UK-China trade deals and the 1 million jobs Trump expects Chinese eCommerce spending to create in the USA).
The spread of affordable and improving mobile technology will also aid the increase in Chinese online spending, as will as the rising living conditions and disposable income of residents of traditional Tier 2 cities such as Wuhan, Chengdu and Hangzhou.
So what does this mean? Well, Goldman Sachs think this means that Chinese annual eCommerce spending will reach a massive $1.7 trillion by 2020.