Online retail sees drop in turnover

Online retail turnover fell for the first time in the first quarter, according to a new report, as shoppers caught their breath after a series of high-profile sales promotions at the end of last year.

Beijing-based iResearch Consulting Group said Chinese shoppers spent 352 billion yuan ($57.4 billion) online in the first quarter of the year, a drop of 17.1 percent compared to the previous quarter.

But the company said annual turnover should still reach 1.85 trillion yuan.