China's e-commerce marked has surpassed the U.S. as the the largest in the world.

China’s ecommerce market is exploding. It has surpassed the U.S. as the largest ecommerce market, and according to new research from Exane BMP Paribas, “The percentage of consumers preferring to buy online is growing by leaps and bounds.” The investment company expects 9 percent of all Chinese purchases to be made online this year, up significantly from five years ago, with China lagging only the three most developed ecommerce markets (the U.K., the U.S. and Germany) in penetration rate.

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Exane and others suggest brands partner with established players like Alibaba’s Tmall, which enjoys a substantial share of the ecommerce market. Although some brands are wary of Tmall, as The Wall Street Journal has pointed out, a VentureBeat columnist notes that it offers several key advantages to retailers. Exane’s report focuses specifically on luxury retail, warning that “European and American luxury players have no time to waste in the Chinese online market,” given the appetite for luxury goods in China and the increasing propensity to shop online.