Deloitte: By 2025, the total sales scale of the TOP 100 online retail enterprises in China will reach 2.17 trillion RMB

The 2025 Online Retail TOP100 report jointly released by Deloitte and the China Chain Store & Franchise Association shows that the total online sales of the TOP100 companies exceeded 2.17 trillion yuan (the same below), with a year-on-year growth of 13.6%. In addition to the TOP100 threshold rising to the billion yuan level, the number of companies in the trillion, hundred billion, and billion levels has also increased this year, while exhibiting characteristics of "multi-format synergy."

In 2024, China's online retail sales reached 15.5 trillion yuan, an increase of 7.2% compared to the previous year, maintaining its position as the world's largest online retail market for the 12th consecutive year. Data shows that by the end of 2024, the number of online shopping users in China reached 974 million, while emerging channels such as short videos, live streaming, and mini-programs are continuously reshaping consumer shopping habits. Instant retail, which aligns with the fast-paced lifestyle and convenience needs, is gradually becoming the mainstream consumption method.

Zhang Tianbing, partner in charge of Deloitte China's consumer goods and retail industry, stated that amid the booming global online retail market, China's consumer market is undergoing a profound transformation and upgrade. More than 60% of the companies in this year's TOP100 achieved positive growth, with consumer brand companies leading in growth rates, highlighting the vitality of the industry. However, in the face of new challenges such as fragmented traffic and intensified competition, companies urgently need to shift from a "selling goods" mindset to a "content-driven" model. Retail media is becoming the key to breaking the deadlock, not only expanding user touchpoints and improving conversion efficiency but also reshaping the core value of retail, extending to services, lifestyles, and even emotional connections. By building an omnichannel media network and exploring innovative content and scenario-based marketing, retail companies are exploring new growth paths to respond to market changes with greater resilience.

Peng Jianzheng, president of the China Chain Store & Franchise Association, stated that in the current context of rapid growth in the global online retail market combined with intensified competition, China's online retail market is undergoing a profound transformation from rapid expansion to refined operations and high-quality development.

Deloitte pointed out that in this year's online retail TOP100, JD.com (09618.HK)(JD.US), Midea (00300.HK), Alibaba (09988.HK)(BABA.US), and Vipshop (VIPS.US) ranked in the top four, with sales exceeding 100 billion yuan, demonstrating a strong leading effect. In the structure of the TOP100, consumer brand companies dominate with 63, followed by 24 physical retail companies and 13 e-commerce platforms, with diverse entities jointly supporting a trillion-level market pattern. In addition to the "billion club," another 20 companies have entered the "hundred billion camp," becoming the backbone of the market. Overall, among the TOP100 companies, 61 achieved positive growth in online sales, with 40 achieving double-digit or higher growth, particularly notable among consumer brand companies, which accounted for 40%, further highlighting their growth potential and vitality in the industry.

In terms of detailed categories, food and beverage companies are actively exploring instant retail and short video sales, clothing, footwear, and personal care cosmetics companies are strengthening mini-program outreach, home appliance companies are leveraging policies and live e-commerce for rapid growth, while retail channel companies cover diverse models such as second-hand, cross-border, and unmanned retail It is worth mentioning that physical retail enterprises have demonstrated strong initiative and innovation in the process of channel digitization. On one hand, they collaborate with e-commerce platforms and social media to create a digital ecosystem; on the other hand, they accelerate the development of new stores that are intelligent, offer a good combination of experiences, and have a pleasant environment, further promoting a high degree of integration between online and offline.

The report suggests that retail enterprises should focus on three key directions to build a more resilient growth system. Retail media not only expands user touchpoints but also enhances conversion efficiency and brand influence through content-driven strategies. Differentiated positioning revolves around real needs, promoting lean upgrades of products and services, and enhancing user stickiness and experiential value. Business model innovation reshapes the relationship between suppliers and retailers, shifting from competition to collaboration, and improves overall efficiency through data sharing, inventory linkage, and joint marketing. These three measures complement each other, providing a clear path for enterprises to cope with fragmented traffic, user stratification, and cost pressures, while also injecting sustained growth momentum into the online retail market