Innovation and Disruption in Asia: e-Commerce
This post is part of an ongoing series on Innovation and Disruption in Asia.
ASIA, DOMINATING IN GLOBAL E-COMMERCE
From restaurant orders, to laundry pick-up, to live lobster–the proliferation and convenience of e-commerce in many Asian cities has made “leaving the apartment” a choice. If you have a craving and an internet connection, many services and consumer goods can be delivered to your door in an hour or less.
Asia is Growing FAST: In 2017, Asia accounted for close to 60% of global e-commerce sales. By 2020, Asia’s e-commerce market is predicted to be twice the size of Western Europe and North America combined1. E-commerce characteristics vary in different Asian countries, and are affected by the local infrastructure and consumer demand.
Online Grocery Shopping: South Korea is the absolute world leader of online grocery shopping – e-commerce accounted for almost 20% of its total grocery sales, far ahead of any other country2.
Retail Shopping: In China, 2017 Singles’ Day, an online shopping frenzy on November 11th, has generated sales bigger than Black Friday and Cyber Monday combined3.
Though Singles’ Day started as an event in China, it is now making inroads in the U.S., as Chinese Americans embrace the shopping holiday. Mainstream retailers have started harnessing the opportunity by launching Singles’ Day promotions, and it is only a matter of time before Singles’ Day is a part of American shopping calendar.
Don’t stop here. We’ve broken down Asian Innovation and Disruption into more Key Industries: Automobile, Info & Communication Tech, Mobile Payment, New Retail, Smart Home Tech, E-Sports and Entertainment, and beyond. Click here to download and read the entire report.
Written by Selina Guo
Planning Director, Admerasia
1IPC, State of e-commerce: global outlook 2016-21
2World Economic Forum, 2017
3Forbes, Singles’ Day Has Eclipsed Cyber Monday And Black Friday, 2017