For companies looking to go into e-commerce, they can do worse than to cast their eyes on Asia Pacific.
“If you are thinking about e-commerce, this is the right region to be – and this is the region that is developing fast,” said Johan Vrancken, managing director of Nielsen Singapore, at the recent #Ready summit held in Marina Bay Sands.
“Right now in 2018, the e-commerce industry’s total sales already represents US$2,901 billion – that’s 12% of total retail sales across categories,” said Vrancken, referencing estimates from fellow market research company eMarketer.
E-commerce also accounts for a much bigger slice of the total retail pie at 18.3% across Asia-Pacific (APAC) markets. APAC is “also growing at 30%, so we also have the highest growth rate in the world.”
According to the latest 2018 edition of Nielsen’s annual Global Commerce Study – which Vrancken presented at the event – 98% of connected APAC consumers have made an online purchase, above the global average of 95%.