Emerging Asia Poised as E-commerce Hub
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Over US$25 billion in gross merchandise volume was settled within 24 hours through Alibaba’s online retail marketplaces on this year’s “Ali-double-11” (Nov) global e-shopping festival. Another leading e-commerce platform, JD.COM, reported $19 billion of online orders the same day.
Asia is benefiting more than any other region in the world since cross-border e-commerce has introduced new dynamics to international trade. Global retail e-commerce sales have grown faster than traditional retail sales since 2014. In ASEAN, facilitation of the growth of e-commerce is one of the six main areas covered by the E-ASEAN Framework Agreement, whilst at the national level, developing a digital economy and e-commerce have already been part of most Asian countries’ national strategies and action plans.
E-commerce in many Asian markets will see double-digit growth in the next five to ten years. India, Indonesia and Malaysia are among the fastest-growing retail e-commerce markets at growth rates of over 20% per year. E-commerce in China is growing at an annual rate of around 17%.
From 2015 to to 2021, the region’s total e-commerce market revenue will likely increase from around $320 billion to more than $900 billion. With such growth trends, emerging Asia is likely to be the global epicentre of e-commerce by 2025.
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