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Asia-Pacific forecasted to take half of global online retail sales by 2021, reports yStats.com
Asia-Pacific is the largest and one of the fastest growing online retail markets worldwide. The yStats.com report reveals that this region is predicted make up almost half of global B2C E-Commerce sales by 2021. It also maintains a share of more than 50% in terms of global sales when services and C2C sales are included. In the time period between 2016 and 2021, E-Commerce sales in Asia-Pacific are forecasted to experience hefty double-digit growth rates as well as an increase in the digital commerce share of retail.
In this same time frame, India ranks highest regarding growth rate in the region, exceeding even China, highlights the yStats.com report. Both countries are set to experience future growth stemming from rural areas due to rapidly rising Internet and online shopper penetration rates. Nations in Southeast Asia are also experiencing E-Commerce growth spurts.
Australia, Japan, and South Korea are forecasted to see moderate growth rates as they are advanced markets and the rate of online shopping penetration is already high. To give an example, the share of online retail sales compared with total retail sales is close to 20% in South Korea, highlights yStats.com’s report. The amount of new online shoppers is beginning to stagnate and as a result, E-Commerce is making changes to stimulate more purchases by reducing delivery times, increasing number of products and making a shift to M-Commerce.
Mobile is the key trend found amongst the entire Asia-Pacific region. In many countries, M-Commerce’s share of B2C E-Commerce sales is already more than one-third, and is as high as almost half in some markets. An increase to smartphone penetration rates underlines this pattern and leading marketplaces like Amazon, Alibaba, JD.com, Flipkart, Lazada and Rakuten see evidence towards increased mobile traffic and share of transactions.
For further information, see: https://www.ystats.com/wp-content/uploads/2017/06/2017.06.13__Product-Brochure-Order-Form_Asia-Pacific-B2C-E-Commerce-Market-2017.pdf
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