According to eMarketer’s latest forecasts, worldwide business-to-consumer (B2C) e-commerce sales will increase by 20.1% in 2014 to reach USD 1.5 trillion. Growth will come primarily from the rapidly expanding online and mobile user bases in emerging markets, increases in m-commerce sales, advancing shipping and payment options, and the push into new international markets by major brands.
Results predict that in 2014, for the first time, consumers in Asia-Pacific will spend more on e-commerce purchases than those in North America, making it the largest regional e-commerce market in the world. This year alone, B2C e-commerce sales are expected to reach USD 525.2 billion in the region, compared with USD 482.6 billion in North America.
According to the same source, China will take in more than six of every USD 10 spent on e-commerce in Asia-Pacific in 2014 and almost three-quarters of regional spending by 2017. The country’s e-commerce market is second only to the US, but this is not expected to last much longer. Beginning in 2016, China will overtake the US in spending. Massive gains in China, as well as in India and Indonesia, will push Asia-Pacific’s growth ahead.
These countries, along with Argentina, Mexico, Brazil, Russia, Italy and Canada, will drive e-commerce sales growth worldwide. E-commerce markets in other countries included in eMarketer’s forecast are nearing maturity.
The strength of sales in emerging markets is due to their large populations coming online and buying there for the first time. Asia-Pacific will claim more than 46% of digital buyers worldwide in 2014, though these users will only account for 16.9% of the region’s population. Penetration will also be low in Central and Eastern Europe, Latin America, and the Middle East and Africa. For now, North America and Western Europe are the only regions where a majority of residents will make purchases via digital channels.
Check out our Cross-border Ecommerce Research section here for more info on country-specific ecommerce facts & figures, preferred payment methods, risk and fraud, as well as ecommerce legislation & regulation for mature and emerging markets.
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