Global business-to-consumer (B2C) ecommerce sales are expected to increase 20.1 per cent this year to hit $1.5 trillion, according to the latest forecasts of eMarketer.
The growth is primarily attributed to the rapidly growing mobile and online user bases in emerging markets, advancing payment and shipping options, increases in mcommerce sales and the efforts by major brands to enter new international markets.
For the first time ever, consumers in Asia-Pacific are expected to spend more on ecommerce purchases in 2014 compared to those in North America, effectively making it the world’s biggest regional ecommerce market.
In fact, B2C ecommerce sales in Asia Pacific are expected to hit $525.2 billion in 2014, up from North America’s $482.6 billion.
China is expected to account for more than six of every ten dollars spent within the region this year and almost 75 per cent of the region’s spending in 2017. China is expected to overtake the US in terms of ecommerce spending in 2016.
China’s massive gains, in addition to those of Indonesia and India, will propel Asia-Pacific’s growth. The global growth of ecommerce sales is driven by these countries, in addition to Mexico, Argentina, Russia, Brazil, Canada and Italy.
The emerging market’s strength of sales is primarily due to their large populations going online and making their first purchases there.
In 2014, Asia-Pacific will account for more than 46 per cent of global digital buyers, although these users will only make up 16.9 per cent of Asia-Pacific’s total population.