{"id":3290,"date":"2017-08-25T08:49:08","date_gmt":"2017-08-25T08:49:08","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=3290"},"modified":"2022-05-04T21:38:20","modified_gmt":"2022-05-04T21:38:20","slug":"asia-pacific-e-commerce-market-out-performs-europe-and-north-america","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/asia-pacific-e-commerce-market-out-performs-europe-and-north-america\/","title":{"rendered":"Asia Pacific e-commerce market out performs Europe and North America"},"content":{"rendered":"
\"Asia
Asia Pacific e-commerce market out performs Europe and North America<\/figcaption><\/figure>\n

<\/h1>\n

Asia Pacific e-commerce market out performs Europe and North America<\/h1>\n

 <\/p>\n

New findings from GlobalData\u2019s, Consumer Payments Insight Survey reveal the extent of Asian consumers\u2019 demand for mobile apps, smartphones and digital wallets when purchasing online.<\/p>\n

GlobalData, a recognized leader in providing business information and analytics, estimates the Asia Pacific e-commerce market at $1.4tn in 2017, up from $535bn in 2013, representing a CAGR of 27% between 2013 and 2017. This is much higher than Europe and North America which registered respective CAGRs of 14% and 13%.<\/p>\n

Ravi Sharma, analyst at GlobalData\u2019s Payments Practice commented: \u2018In our latest\u00a0Online Payments Report\u00a0we analyze the e-commerce market in Asia Pacific and how it is undergoing a period of rapid growth, driven by rising internet penetration, widespread smartphone adoption, a fast-growing middle-class population, and the increased availability of convenient payment solutions.\u2019<\/p>\n

The bulk of online spending in Asia comes from China, which surpassed the US in 2014 to become the largest e-commerce market globally. China alone accounts for 75% of e-commerce sales by value among the 15 Asian markets covered in GlobalData\u2019s E-commerce Analytics database. Japan and India are the second and third largest e-commerce markets accounting for 10% and 3% of e-commerce by overall transaction value respectively.<\/p>\n

Chart (attached): Consumer Preference of e-commerce Payments in China<\/u><\/p>\n

Sharma continues: \u2018More interesting than fast growth is Asian consumers\u2019 advanced approach to e-commerce when compared to consumer behavior in most developed economies where consumers still use cards as the preferred payment method. Consumers in Asia prefer to use digital and mobile wallets (for example Alipay, Paytm, etc.) when shopping online.\u2019<\/p>\n

As shown by GlobalData\u2019s Consumer Payments Insight Survey results, 47% of total e-commerce transaction value in Asia Pacific was carried out using digital and mobile wallets in 2017. Payment cards, bank transfers, and cash\/cheques account for 28%, 13%, and 11% respectively.<\/p>\n

The growth of new payment methods in Asia Pacific largely comes at the expense of payment cards. The total share of digital and mobile wallets for e-commerce payments in Singapore doubled from 10% in 2013 to 22% in 2017, while debit and credit cards account for 42% \u2013 declining from 55% in 2013. Similarly, in India, the share of digital and mobile wallets tripled from 7% to 29% during the same period. GlobalData\u2019s Consumer Payments Insight Survey also finds that comfort and security are increasingly important drivers of choice when it comes to digital and mobile wallets, which are perceived to be more secure than card payments.<\/p>\n

\u2018The rest of the world is likely to follow Asia as digital wallets now offer a secure, quick and more convenient way to make online purchases.\u2019 noted Sharma.<\/p>\n

To seize this opportunity, local and international payment service providers, banks and mobile operators have made significant investment in this space. While global players, including PayPal, Apple Pay, and Android Pay have forayed into Asian markets, so far they have struggled to compete with well-established local payment solutions.<\/p>\n

GlobalData\u2019s survey confirms that Alipay holds a 40% share in the Chinese e-commerce market, while Paytm holds a 10% share of the Indian e-com market. In contrast, Apple Pay, launched in Australia in November 2015, holds only a 2.7% share in that country\u2019s e-com market, its strongest presence in the region, while Android Pay has a 0.4% share.<\/p>\n

There is a strong preference towards using mobile technology for e-commerce transactions in Asia Pacific with 56% of e-commerce transactions in China carried out on smartphones and\/or tablets \u2013 in contrast with 23% and 26% in the developed markets of the US, and the UK respectively. The majority of these transactions in China are carried out in-app, with 70% of respondents preferring a mobile app when conducting online transactions.<\/p>\n","protected":false},"excerpt":{"rendered":"

Asia Pacific e-commerce market out performs Europe and North America   New findings from GlobalData\u2019s, Consumer Payments Insight Survey reveal the extent of Asian consumers\u2019 demand for mobile apps, smartphones and digital wallets when purchasing online. GlobalData, a recognized leader in providing business information and analytics, estimates the Asia Pacific e-commerce market at $1.4tn in […]<\/p>\n","protected":false},"author":7,"featured_media":3291,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":""},"categories":[25],"tags":[],"acf":[],"yoast_head":"\nAsia Pacific e-commerce market out performs Europe and North America - OpenBusinessCouncil Directory<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.footballthink.com\/asia-pacific-e-commerce-market-out-performs-europe-and-north-america\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asia Pacific e-commerce market out performs Europe and North America\" \/>\n<meta property=\"og:description\" content=\"Asia Pacific e-commerce market out performs Europe and North America   New findings from GlobalData\u2019s, Consumer Payments Insight Survey reveal the extent of Asian consumers\u2019 demand for mobile apps, smartphones and digital wallets when purchasing online. 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