Online retail sales in Asia-Pacific to reach USD 2.5 tln by 2023

Thursday 13 June 2019 14:13 CET | News

Forrester has released a report projecting that online retail sales in Asia-Pacific will almost double in the next five years, reaching USD 2.5 trillion by 2023.

This means it would account for 28% of total retail sales; thus, according to Forrester, Asia-Pacific remains the largest region for online retail sales globally.

Other highlights from the report include:

  • China became the first market to reach USD 1 trillion in online retail sales in 2018 and continues to be the largest market, accounting for 82% of Asia-Pacific online retail sales;

  • India continues to be the fastest growing region in the world – projected to reach USD 85 billion by 2023;

  • Mobile accounts for 72% of online retail sales in Asia-Pacific. Smartphone usage is the key driver, especially in China and India. Online retail via mobile is expected to grow further and reach USD 2 trillion in 2023, up from USD 911 billion in 2018 – accounting for 81% of online retail sales in 2023;

  • Online fashion, including apparel and footwear, is the largest category in Asia-Pacific, accounting for USD 232 billion in online retail sales in 2018. Grocery is the fastest growing category, with China remaining the largest market for online grocery, followed by Japan and South Korea. Online grocery is expected to reach USD 260 billion by 2023.

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Keywords: Forrester, online retail, Asia-Pacific, report, ecommerce
Countries: World