The latest publication from Hamburg-based market research company yStats.com released a new report, titled “Asia B2C E-Commerce Market 2021”. The report gives insights into the B2C E-Commerce market situation amid the COVID-19 health crisis in 2020 summarizing the key figures and forecasts up to 2025. The publication reveals that in 2020 the regional retail E-Commerce value outperformed several other major regions in the world.
Amid the pandemic, Asia’s B2C E-Commerce excelled in terms of value and volume compared to the other regions
B2C E-Commerce in Asia experienced a considerable sales value increase in 2020, and the region’s share of global online sales was expected to be over 50 percent, despite an estimated slow year-on-year growth rate at an early stage of the lockdown. According to forecasts cited in the yStats.com publication, the growth in E-Commerce is expected to continue through the next few years. The average value of online orders in the Southeast Asian region went up by almost a quarter in 2020, while the highest gains were seen in the Philippines and Singapore. The results of a 15,000-person survey cited in the report indicated that digital shopping is a more frequent occurrence in their lives, with the biggest percentage gains in Australia, Vietnam and India.
China, Japan and South Korea were regional leaders in B2C E-Commerce market size in 2020
The Asia region’s E-Commerce leaders in 2019, China, Japan and South Korea had a similar pattern in terms of the E-Commerce market-leading countries continued their leadership through 2020, with increasing sales value. Other countries in the region with rapidly developing digital commerce market, include India, Indonesia, Malaysia, Thailand, Singapore and the Philippines. These also witnessed a considerable rise in the value of E-Commerce since the start of the COVID-19 pandemic.
E-Commerce platforms benefited from increased online shopping due to the pandemic
Eventually, over the year, the pandemic shifted consumer behavior by prompting them to shop online, switching to digital payments and turning to E-Commerce platforms in 2020. Thus, many of the E-Commerce companies across the region generated high profits. In addition, leading players witnessed a substantial number of visits within the last 6 months of 2020 and a high inflow of new consumers amid the lockdown. Furthermore, several companies used an opportunity to engage in cross-border E-Сommerce selling and started not only operating abroad but also introducing foreign retailers on their platform. Other than that, for the sake of digital commerce promotion, several online shopping platforms in the region received increased investments and raised their value on the market substantially in 2020.
Despite a drop in the GMV of online travel, the value was forecasted to rebound by 2025
Despite the development of Internet economy in several nations of the region, the gross merchandise value of the online travel segment was estimated to decrease substantially from 2019 to 2020. However, it was also forecasted to recover and gain momentum by 2025 witnessing a gradual increase in value. According to another source cited by yStats.com in January 2021, online travel sales value was also projected to grow by 2025, with the following countries experiencing almost a twofold increase from 2020 to 2025: Singapore, China, Japan, where Singapore was predicted to remain a leader in per capital travel spending.