China's Q1 e-commerce transactions reach $149b

China’s e-commerce transaction volume hit US$149 bilion in the first quarter, state media reported, citing data from iResearch Consulting. The consultant said e-commerce has become the focus point for the internet industry with 74.3% of the US$200 billion of investment in internet businesses in the first quarter taken up by the business-to-business (B2B) sector. B2B transactions between small- and medium-sized companies accounted for over half of the e-commerce market, with ticket and hotel bookings rising rapidly and total online shopping accounting for 10% of total transactions. An earlier report stated that Shanghai showed the highest volume of online purchases, totalling US$2.5 billion in the year ended May 2010.