Home / News Type Content Tools: Save | Print | E-mail | Most Read | Comment
Lack of Trust Stifles Online Trade
Adjust font size:

A lack of confidence is holding back China's e-commerce development according to survey findings released yesterday.

The survey, sponsored by the China Electronic Commerce Association (CECA), identifies 36.3 percent of Chinese companies with experience in online trading as not trusting e-commerce. For consumers the figure stands at 13.3 percent. Rampant fraud led 23.5 percent of Chinese companies to list trustworthiness as their biggest concern about online trading.

An earlier report by the China Internet Network Information Center found 71.1 percent of Chinese Internet users, who'd yet to buy or sell something online, were wary of fraud.

"A lack of mutual trust between sellers and buyers has become the biggest bottleneck to the rapid growth of e-commerce in China," said Zhao Yinhu, vice-president of CECA at the opening in Beijing yesterday of the Ninth China International E-commerce Conference.

In response to the concerns Chinese e-commerce companies have launched evaluation schemes to rate sellers' reputations in online commerce.

Before starting online transactions CECA's survey found that 64.2 percent of Chinese consumers and 71.1 percent of enterprises check the sellers' record of previous buyers' feedback.  

However, despite the increasing use of evaluation schemes 40.3 percent of enterprise purchasers still fail to give feedback to sellers after completing transactions, Zhao said. "If such a practice continues an effective evaluation mechanism will hardly be established," observed Zhao.

Inadequate security for online payments and ineffective laws and regulations had also led a large number of consumers and enterprises to shun online commerce, said Zhao.

(China Daily September 5, 2006)

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- Survey: Online Shopping on the Rise
- Online Trade Spreads Its Net to More Customers
- E-business Giant Favors Chinese Market
- Growth in E-commerce
- E-commerce Needs Safe Payment System
- China Stresses Credibility in E-commerce
- Online Transactions to Hit US$125b This Year
- Government-run E-business Site Opens
Most Viewed >>
- World's longest sea-spanning bridge to open
- Yao out for season with stress fracture in left foot
- 141 seriously polluting products blacklisted
- China starts excavation for world's first 3G nuclear plant
- Irresponsible remarks on Hu Jia case opposed 
- 'The China Riddle'
- China, US agree to step up constructive,cooperative relations
- FIT World Congress: translators on track
- Christianity popular in Tang Dynasty
- Factory fire kills 15, injures 3 in Shenzhen

Product Directory
China Search
Country Search
Hot Buys