Asia-Pacific’s e-commerce sector will likely generate sales of US$1.4 trillion in 2017, a compound annual growth rate of 27% since 2013, according to a survey by GlobalData.
This growth outstripped Europe and North America, which achieved CAGR of 14% and 13% respectively over the same period. Asia-Pacific e-commerce was worth $535 billion in 2013.
In 2014, China surpassed the United States to become the world’s largest e-commerce market and it accounts for 75% of Asia-Pacific’s online sales, GlobalData estimates. Japan (10%) and India (3%) were the next biggest regional markets.
The study showed that 47% of the total transaction value of Asia-Pacific e-commerce was paid for via digital and mobile wallets, unlike in Western markets where credit and debit cards remain the norm.
Asian consumers believe digital and mobile wallets are more secure than bank cards, the study found.
Mobile, either smartphones or tablets, is the preferred medium – 56% of China’s e-commerce transactions were completed on such devices, versus 23% in the US and 26% in Britain.