In the past few years, online shopping has improved a lot and got an immense number of customers. Asia is catching up well with the western nations in this aspect. Emarketer released new data which shows how fast Asia’s online shopping is growing. It says, Asia’s online shoppers are set to spend a record US$1 trillion in 2016.
E-commerce has been successfully in India and Southeast Asia, but China’s outstanding online retail market is making up for the greater part of the US$1 trillion. To be exact, China’s online shoppers are up to spend US$899 billion. Currently, the biggest e-commerce market in the world, China’s dedicated online shoppers accounted for 42.8% of the world’s total e-commerce spending in 2015. According to Emarketer, this is expected to rise to 47% this year.
Being the fastest growing region in the world, Asia’s e-commerce is likely to reach US$2.7 trillion by 2020. Middle class is expanding and mobile & internet is penetrating fast through this region. Logistics and infrastructure have improved a lot and competition between e-commerce players have increased. All these are resulting in the faster growth of e-commerce in this region.
According to Emarketer’s data, Asia’s retail spending is expected to strike US$4.9 trillion. In the US the spending is predicted to be US$4.8 trillion. The report also says, the growing consumer economies in China, India, and Indonesia will drive the retail sales over the next four years. These are great news for Asia and high time to work on it.