Online Retail in China and Russia: Current State and Development Prospects

In recent years, due to the digitalization of the economy, there has been a rapid development of online commerce around the world. China is a global leader in online trade; the country demonstrates the highest volumes of the online sales market. The Russian online sales market is the most dynamic, Russia ranks first in terms of the growth rate of online retail. Within the framework of this study, we analyze the current state of online retail trade in China and Russia over the recent years, assess the contribution of e-commerce to the retail turnover of the two countries, identify factors affecting the active and dynamic development of this sector and promising directions for further development of online consumption in the context of modern socio-economic transformations. In the course of the research, we have found that the successful development of online retail in China is the result of an effective system of political regulation and stimulation of this segment, constant expansion and improvement of Internet coverage, improvement of e-commerce infrastructure and people's financial situation. In Russia, the widespread use of the Internet, including on mobile devices, the transformation of consumer attitudes, requests and preferences, the increase in sales volumes of the largest marketplaces and online stores reflect large reserves and great potential for further growth and successful development of this sector. The main directions for further development of the e-commerce segment are as follows: improving the standard of living and quality of life, improving the infrastructure of online commerce, mainly in the direction of ensuring the security of online payments and other transactions, expanding the informatization of rural areas and their population, greening online consumption, improving the regulatory framework in the field of e-commerce.