DUBLIN–(BUSINESS WIRE)–The “Asia Pacific Ecommerce Market Opportunities Databook – 100+ KPIs on Ecommerce Verticals (Shopping, Travel, Food Service, Media & Entertainment, Technology), Market Share by Key Players, Sales Channel Analysis, Payment Instrument, Consumer Demographics – Q2 2023 Update” report has been added to ResearchAndMarkets.com’s offering.
Ecommerce market in Asia Pacific is expected to grow by 3.41% on annual basis to reach US$3,987.3 billion in 2023.
Medium to long term growth story of Ecommerce industry in Asia Pacific promises to be attractive. The Ecommerce is expected to grow steadily over the forecast period, recording a CAGR of 6.39% during 2023-2027. The Ecommerce gross merchandise value in this region will increase from US$3,855.8 billion in 2022 to reach US$5,108.8 billion by 2027.
Driven by increasing access to smartphone devices, growing internet penetration, and rising disposable income, the Ecommerce industry has continued to record strong growth in the Asia Pacific region in 2022, and the trend is projected to further continue over the next three to four years. Ecommerce players are expanding their operations into new product categories as they seek to provide more value to their customers while driving incremental revenue per user.
The year-end holiday season resulted in strong order volumes for firms in a country like India. In Southeast Asia, Ecommerce marketplace sellers have posted strong growth in sales amid the growing shift to online sales channels. Factors such as on-time fulfillment rate and prompt customer services have also supported the uptick in online shopping across the region. While rising inflation and cost of living are expected to have a short-term impact on market growth, the long-term outlook for the Ecommerce industry in Asia Pacific remains strong.
The Chinese Ecommerce sector is projected to record strong order volumes in Q1 2023
China has one of the largest Ecommerce markets in the Asia Pacific region. In Q1 2023, the sector will be driven by the pandemic outbreak and the new year sales event, and consequently, is projected to post strong growth during the period.
To capitalize on the new year shopping trend, many leading players such as JD.com have already started their Chinese New Year Sale events by announcing huge discounts on consumer electronics products, among other things. Along with the new year shopping season, the Ecommerce market is also expected to experience a strong influx of orders due to the ongoing Covid-19 outbreak in the country.
The macroeconomic factors have affected the growth rate of players like Alibaba. This coupled with regulatory scrutiny has resulted in declining valuations for these firms. However, the long-term outlook for the industry remains positive. Social commerce players such as Pinduoduo and TikTok are projected to keep supporting the industry growth over the next three to four years.
The Chinese Ecommerce and social commerce firms are also expanding their footprint in the global market to capitalize on the booming Ecommerce space. The trend is projected to continue over the next three to four years.
Firms are recording strong growth in the Southeast Asia market amid growing online shopping trends
Online marketplaces have recorded strong growth in order volume and customer acquisition in Southeast Asia in 2022. The growing trend of online shopping has resulted in retail sellers recording strong sales growth.
In December 2022, Shopee, one of the leading Ecommerce marketplaces in Southeast Asia, announced that its sellers have recorded a sales growth of 25% in Malaysia. More than 145,000 sellers achieved a growth rate during the 12-month period, till September 2022. Enhanced customer support and on-time fulfillment rate have supported Shopee sellers to drive their order volumes in the country.
Amid the growing market size and rising competition, some firms are even seeking to expand their presence in more Ecommerce categories in the region
In December 2022, Robinhood, the Thailand-based Ecommerce platform, announced that the firm is expanding into four new segments, including supermarkets, delivery, transport, and travel. The expansion is part of the firm’s strategy to become a super app. With over 3.2 million users, the expansion will allow the firm to further accelerate its growth.
From the short to medium-term perspective, the publisher expects the online shopping trend to further accelerate in the Southeast Asia region, thereby supporting the growth of these players over the next three to four years.
Tier II, III, and IV cities are driving the growth of the Ecommerce market in India
India is one of the largest consumer markets globally and not just in the Asia Pacific region. With the majority of its population living in Tier II, III, and IV cities, consumers in these cities are driving the growth of the Indian Ecommerce market. Easy access to products in the under-penetrated market has turned many offline shoppers into online buyers.
Furthermore, the investment in logistic services has allowed Ecommerce players to reach more rural and remote areas, thereby driving order volumes for Ecommerce marketplaces. The growth of social shopping has also resulted in higher penetration in Tier II, III, and IV cities of India over the last few years, and the trend is projected to further continue over the next three to four years.
This title is a bundled offering, combining 14 reports, covering regional insights along with data-centric analysis at regional and country levels:
Scope for Each Report
Ecommerce Market Size and Future Growth Dynamics
Ecommerce Market Share by Key Players
Ecommerce Market Size and Forecast by Ecommerce Segments (Gross Merchandise Value Trend Analysis, 2018-2027)
Ecommerce Market Size and Forecast by Retail Shopping Sales Channel
Ecommerce Market Share by Travel and Hospitality Sales Channel
Ecommerce Market Size and Forecast by Online Food Service Sales Channel
Ecommerce Market Size and Forecast by Engagement Model (Gross Merchandise Value Trend Analysis, 2018-2027)
Ecommerce Market Size and Forecast by Location (Gross Merchandise Value Trend Analysis, 2018-2027)
Ecommerce Market Size and Forecast by Device (Gross Merchandise Value Trend Analysis, 2018-2027)
Ecommerce Market Size and Forecast by Operating System
Ecommerce Market Size and Forecast by City
Ecommerce Market Size and Forecast by Payment Instrument (Gross Merchandise Value Trend Analysis, 2018-2027)
For more information about this report visit https://www.researchandmarkets.com/r/uwrlrg
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