E-commerce has undoubtedly taken the world by storm. With better internet access along with the efficient, effective, and quick distribution of goods, consumers across the globe have turned their attention from physical to online shopping. Internet connectivity and penetration have surged across the Asia-Pacific region throughout recent years, which has resulted in the subsequent digitalization of the region. Alongside the region and its citizens, many vital industries also underwent digital transformations to keep up with the new, technology-driven world. One such industry is the retail sector. Given that the Asia-Pacific region’s retail market has continuously generated huge income for the region, it seemed only fitting that the retail sector digitalized with the region. The Asia-Pacific’s e-commerce market has grown significantly since it emerged as a global, dominant force, with
E-commerce platforms
There are key factors that have been the driving force behind e-commerce’s growth across the region. The emergence of a growing middle-class teamed with increased levels of disposable income has propelled internet penetration and
smartphone ownership across the region. As consumers across the region have experienced increased exposure to the internet, the move from physical to online shopping appears only natural. Social media has also been a driving force in stimulating the expansion of the e-commerce sector throughout the Asia-Pacific region. Social media platforms have seized the opportunity to advertise and sell goods by providing direct links to online retailers. Known as social commerce, some social media channels even double as an online marketplace, ensuring that consumers do not need to leave the site to purchase goods. Moreover,
usage of live commerce is high in some markets as consumers can get detailed explanations similar to TV shopping through a live stream. Mobile commerce has also experienced a rise in the Asia-Pacific region,
taking up well over half of total e-commerce sales.
New wave of consumers
China, Japan, and South Korea rank as some of the leading e-commerce markets throughout the region, accounting for
significant shares of total retail e-commerce sales in the world. China houses some of the
leading e-commerce companies in the region, such as Alibaba, Pinduoduo, and JD.com. However, e-commerce has gained traction in Southeast Asia in recent years, with its
e-commerce market forecast to increase exponentially in value compared to 2019.
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