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Just as cash-strapped consumers in the developing world bypassed so-called landline phones in favor of mobile devices, China's lower-income consumers are skipping physical stores in favor of e-commerce sites. A recent report by McKinsey & Co. shows that e-commerce sales in China reached an estimated $190 billion last year, almost equaling the U.S. market as largest in the world. China's online retail industry is expected to grow to at least $420 billion by 2020 — which would total more than the U.S., Japanese, U.K., German and French markets combined.
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