The digital revolution has been rewiring retail for years. The COVID-19 pandemic accelerated this transition as e-commerce became the default setting for many homebound consumers. The crisis-inspired surge in e-commerce is leading to a permanent shift in retail, creating both new challenges as well as new opportunities for retailers and consumer brands alike. This report explores those opportunities and challenges in the Asia Pacific region, including Australasia.
E-commerce in Asia Pacific and Australasia stands as the most dominant region with significant unmet opportunities in 2021 and beyond. To put that into perspective, this expansion in the region will account for more than 45% of the global absolute value growth in the 2020-2025 forecast period.
China is the largest and fastest-growing e-commerce market in Asia Pacific and Australasia. The market alone accounted for 64% of the absolute value growth in Asia Pacific and Australasia in 2020 and will continue to grow at a CAGR of 7% by value during 2020-2025 and more than USD99 billion in unmet e-commerce opportunity, according to the Euromonitor E-commerce Readiness Model.
Mobile is quickly becoming a popular device of choice replacing tablets and laptops for consumers when shopping online. Even during the pandemic, consumers have been increasingly turning to mobile to keep them engaged. With the evolution of new shopping channels such as livestreaming services, usage of mobiles for shopping is expected to grow further.
The retail industry’s traditional wholesale model has been turned on its side due to the emergence of new business models and channels such as marketplaces, subscription services and direct-to-consumer brands. E-commerce is here to stay, and it is vital to stay current with all facets of the digital retail landscape.
Consumers in Asia Pacific and Australasia have elevated consumer expectations and in this increasingly crowded and hyper-competitive e-commerce market it will be vital for retailers to address key challenges such as fulfilment, data privacy and shopping experience to prime themselves for future e-commerce success.
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