E-Commerce Sales in Asia Pacific to Nearly Double by 2025, Reaching USD 2 Trillion
Asia Pacific’s e-commerce sales are expected to nearly double by 2025 reaching USD 2 trillion, according to global market research company Euromonitor International.
The region is predicted to see the highest retailing sales growth in 2020-2025, following Latin America, with digitalization, connectivity and demographics representing the key drivers in the region’s shift into an innovation hub post-pandemic.
In this year’s whitepaper ‘Top 100 Retailers in Asia 2021’, Euromonitor looks at how the APAC region world-class mobile connectivity enables digital transformation and is supported by extremely tech-savvy consumer segments in the region.
“As consumers connect and shop online more than ever, an increasing number of brands are expected to tap into social media to virtually engage and build trust with consumers in addition to serving as retailtainment,” says Deepika Chandrasekar, senior research analyst at Euromonitor International.
In 2020, businesses receiving online orders recorded 37.6% growth and will reach 44% by 2025. “Livestreaming experienced an explosive growth in 2020 in tech-advanced markets. Countries like China and emerging economies in Southeast Asia including Indonesia and the Philippines witnessed a surge in social commerce through WhatsApp, Instagram and Viber,” added Quan Yao Peh, research analyst at Euromonitor International.
As the retail landscape becomes more competitive with players fighting to stay relevant in the digital space, localizing the shopping journey to individual markets and personalizing the retail experience to various customer segments in Asia Pacific will be essential.