Asia is expected to record the highest growth in e-commerce sales for 2015, surpassing that of North America and Europe. This is according to a study by the Economist Intelligence Unit (EIU).
Asia is expected to record the highest growth in e-commerce sales for 2015, surpassing that of North America and Europe, according to a study by the Economist Intelligence Unit (EIU).
In terms of volume, online retail sales in Asia are estimated to surge by 4.6 per cent to reach US$7.6 trillion, versus North America’s 2.5 per cent and Europe’s 0.8 per cent, revealed the consultancy arm of the London-based Economist Group.
Interestingly, this stellar growth is primarily being driven by the rising status and economic clout of women. These female consumers are also more inclined to buy from virtual shops on the internet.
In fact, nearly 50 per cent of the women polled prefer to shop from online stores rather than at brick-and-mortar shops. The proportion of respondents who hold this belief was as high as 69 per cent for those from Mainland China.
In addition, the survey discovered that 63 per cent of women surf the web to search for products and services at least once a day, while the frequency for nearly 30 per cent of the respondents was at least twice per day.
When queried about their their main considerations in choosing an online seller, the respondents said they rank affordability and quality as the most important factors, followed by the genuineness of the product and convenience.
The survey involved 5,500 women living in India, Japan, Macau, Taiwan, Singapore, Hong Kong, South Korea, and Mainland China. 43 per cent of respondents are professionals or hold managerial and executive positions.