Friday, 07 June 2019 09:53

Asia-Pac online retail sales set to double by 2023

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Asia-Pac online retail sales set to double by 2023 Pixabay

Online retail sales in the Asia Pacific region are set to almost double in the five years from 2019, growing from US$1.3 trillion in 2018 to US$2.5 trillion in 2023, the American market research company Forrester says, adding that would represent a compound annual growth rate of 14% and account for 28% of global sales.

China would account for US$2 trillion of that amount, the company said, after the Asian giant had become the first market to reach US$1 trillion in online retail sales in 2018.

Forrester said India was the world's fastest growing region, with a CAGR of 25.8%, and it would reach US$85 billion in online retail sales by 2023.

"Mobile accounts for 72% of online retail sales in Asia Pacific," the company said. "Smartphone usage is the key driver, especially in China and India.

"We expect online retail via mobile to even grow further, at a CAGR of 16.9%, to reach US$2 trillion in 2023, up from US$911 billion in 2018 and accounting for 81% of online retail sales in 2023."

The Forrester study found that online fashion, including apparel and footwear, was the biggest category in Asia Pacific, accounting for US$232 billion in online retail sales in 2018.

Groceries were the fastest growing category, with China remaining the largest market for online grocery, followed by Japan and South Korea.

"We expect online grocery [sales] to grow at a CAGR of 26.5% to reach US$260 billion by 2023," Forrester added.

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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