Xin Ou
Research expert covering Greater China
E-commerce in the Asia-Pacific region - statistics & facts
Due to its rapidly evolving digital landscape, the Asia-Pacific region (APAC) has emerged as a powerhouse in e-commerce. With better internet access and technological advances along with the efficient, effective, and quick distribution of goods, consumers across the region have turned their attention from physical to online shopping.
The e-commerce market in APAC has grown significantly since it emerged as a global, dominant force, with multiple markets generating the highest e-commerce revenues worldwide.
Social media has also been a driving force in stimulating the expansion of the e-commerce sector throughout APAC. 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.
New ways of commerce
One of the key drivers of e-commerce growth in APAC is the adoption of new technologies. With widespread smartphone usage and internet adoption, mobile commerce has shaped the way consumers shop. As it is possible to have access to online retail right in one’s pocket, mobile commerce usage rates have surged greatly, with South Korea leading in APAC.Social media has also been a driving force in stimulating the expansion of the e-commerce sector throughout APAC. 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.
Technological advancements cultivate more growth
Innovative payment solutions, such as digital wallets and mobile banking have made online purchases seamless and secure. Digital wallets have emerged as the most popular among e-commerce payment methods, leaving credit cards behind. E-commerce makes it convenient for consumers to shop digitally without leaving their homes, which is apparent in some APAC countries, as over 50 percent of the consumer spending was online.New wave of consumers
China, Indonesia, 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, in Southeast Asia, e-commerce has also witnessed a rapid increase in online shopping, driven by platforms like Lazada and Shopee. The Southeast Asian e-commerce market was forecast to increase exponentially in value compared to 2019.
