ulfilment centers, warehouses, distribution centersРVipshop’s Pinjun Express (96% parcels)Р+ Third-party partners (4% parcels)Р?Third-party partnersРThird-party partnersРSource: QuestMobile, Analysys, Thomson Reuters, Company data, Goldman Sachs Global Investment ResearchРExhibit 8: Dissecting China’s overall and online retail sales, and our upward revised 2018-2020 online GMV forecastsРONLINE RATION OF GOODSР20% in 2017 to 29% by 2020E (GSe)РFor the exclusive use of CLAIRE.LU@РCHINA OVERALL RETAIL SALESР2017: Rmb37 trillion 2020E: Rmb48 trillion CAGR: 10%Р*ration by categories adjusted for returns and unfulfilled ordersР?CHINA RETAIL SALES OF GOODS ONLYР2017: Rmb33 trillion 2020E: Rmb43 trillion CAGR: 10%Р?ONLINE GMV ũ GOODS AND SERVICESР2017: Rmb7 trillion 2020E: Rmb14 trillion CAGR: 25%
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