What Countries Is Ecommerce Raising the Most?
Among the obvious choices for top eCommerce countries, Mexico is up there with India and China. But what drives Mexico’s growth is the rise of MercadoLibre, which has revolutionized payment and fulfillment methods for Mexican online shoppers. Amazon Mexico is making inroads as well. Here’s a closer look at some of the main drivers. What countries are growing the fastest? And what’s stopping it?
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Global e-commerce sales hit $25.6 trillion in 2018
Global e-commerce sales hit $25.6tn in 2018, up eight percent over 2017. This figure includes business-to-business and consumer e-commerce and represents approximately 30 percent of the global gross domestic product. The coronavirus outbreak may have accelerated the adoption of digital tools and solutions, but its impact on e-commerce value is hard to assess. UNCTAD’s latest e-commerce report details the latest trends in e-commerce.
According to UNCTAD, a third of the world’s population aged fifteen and above made an online purchase in 2018. China’s 610 million online shoppers primarily purchased domestically, though the rise of online shopping was also driven by the Covid19 pandemic. Another major contributor to e-commerce growth is the finance sector, which accounts for nearly 40 percent of global e-commerce sales.
Growth in the Asia-Pacific region
The Asian consumer is increasingly turning to online shopping for their daily needs, and it’s a trend that will not go away. In fact, according to a Reprise study, online shoppers in the APAC region surpassed offline shoppers by 42%. But where are these consumers? And how can you tap into their online spending habits to succeed in the region? Here are some tips. First, understand what makes them tick.
The APAC region accounts for two-thirds of the global eCommerce market and is expected to exceed $3 trillion in 2024. Among the fastest-growing countries, India and the Philippines are leading the way, with 30 percent YoY growth. Indonesia, South Korea, and Japan follow. While dominated by the consumer electronics category, the APAC region is also home to a large number of SMEs. Using contract logistics to manage your products and fulfill them offers many benefits to e-commerce companies of all sizes. It also ensures reduced risk and scalability.
Impact of COVID pandemic on e-commerce
The impact of the COVID pandemic on eCommerce is a complex one, spanning different geographic regions. In Europe, the virus prevented trade shows, but it ushered in a new era of online shopping. In the UK, despite the pandemic, consumers have increased their reliance on online shopping by 6%. However, this growth is limited to a small number of product categories. Consumers in other regions may not be as receptive to online shopping.
The impact on e-commerce depends on its accessibility and its ability to meet consumer needs. Moreover, if it has the potential to affect the elderly population, it may not be as negative as some may think. Some older consumers may be more loyal to their new habits and practices. The global consumer survey has shown a rise in online purchases for credit card holders in their 60s and 70s.