KUALA LUMPUR, Aug 1 (Bernama) -- The Internet retailing market sales in Asia Pacific are expected to reach US$1.6 trillion by 2023, almost doubling from 2018, according to Euromonitor International (US$1=RM4.14)
As Asian households will become wealthier over 2018 to 2023 led by Indonesia, Malaysia and India, the larger regional markets remain in the focus of large retailer expansion plans.
This follows the newly-released white paper - ‘Top 100 Retailers in Asia’ - by the company, examining how Asia Pacific is shifting its retailing landscape and what factors are leading to this change.
According to the white paper, the rise of the marketplace model is one of the major reasons why digital commerce has grown and will continue to do so.
Last year, 47 per cent of all digital business-to-consumer commerce sales were made via the marketplace model, up from 27 per cent in 2009.
With the region accounting for 41 per cent of global spend last year, increased wealth, ageing, urbanisation and single households are major drivers impacting consumer attitudes towards retail.
“E-commerce has eclipsed non-store retailing in Asia Pacific, with urban consumers shifting from bulk purchases to a ‘buy as you need’ mentality,” said Euromonitor International research manager, Ivan Uzunov.
“The major shift of the consumers, though, is away from the physical store as shoppers become more comfortable with buying non-grocery products online.”
Alibaba Group Holding Ltd was the top Asia Pacific retailer last year, followed by JD.com Inc, Seven & I Holdings Co Ltd, AEON Group and Amazon.com Inc.
-- BERNAMA
-- BERNAMA
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