Recent news suggests
that Asia is set to surpass North America to become the world's largest
e-commerce market this year, according to the Economist Intelligence Unit. According
to a report in Beijing, the advisory company under the Economist magazine
group, it is estimated that retail sales in Asia will grow by an average 4.6%
on a volume basis to $7.6 trillion, compared with 2.5% in North America and
0.8% in Europe in 2015.
The Asian consumer market was largely driven by the rising independence and economic power of Asia's women, and female consumers in Asia are showing an unprecedented enthusiasm for online shopping.
The Asian consumer market was largely driven by the rising independence and economic power of Asia's women, and female consumers in Asia are showing an unprecedented enthusiasm for online shopping.
Diversity is the main
feature of the Asian market, and India is no exception. Our country differs on
the level of e-commerce from other Asian countries as the online shopping
industry is just starting to become increasingly popular here. Not just India,
but all the Asian countries differ greatly in culture as well as economy, which
has lead to the most diverse e-commerce landscape of the world.
India
is also now considered as an Asian giant who is climbing up to the level of
China and Japan which have been standing out due to its cross-border share of
the e-commerce market and a record-breaking internet and smart phones market.
Because of these two countries, the support for Unique business enterprises and
merchants who adapt new strategies for the same have aided the rapid growth of
the e-commerce division,
The
e-commerce landscape comprises of – market growth, advancement of technologies,
social media, deliverers and barriers for cross-border e-commerce such as
shipping, the top selling categories of products as well as the difference of demand
and behavior of the consumers and well as the merchants as well as the
preferred payment methods, etc, and they have all contributed to the rise of
e-commerce in the Asian market.
In order to
successfully expand into these new markets the study proves that merchants need
to partner with an international card processor with a global acquiring network, who has
expertise in all aspects of cross-border
e-commerce and extensive
understanding of rules and regulations, multi-currency processing and risk
management.
Industry
trends and opportunities for the multinationals such as PayPal, Expedia and DHL
have changed with effective impact on Asian countries. In addition, executives
of local companies have had a major foothold in the local e-commerce industry.
The growth in online sales has been aided a lot by mobile
shopping and there is still an immense potential for growth of this industry in
Asia, even more so than the former leading countries of Europe.
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