E-commerce Set For Global Domination -- But At Different Speeds

14 Aug 2018 Author Michelle Grant

E-commerce is expected to become the largest retail channel in the world by 2021, according to Euromonitor International, outpacing sales through retail outlets like supermarkets, independent grocers, apparel and footwear retailers, among others. E-commerce will account for 14% of total retail sales in that year.

However, future adoption is not evenly distributed across the globe. E-commerce is already leading the way in Asia-Pacific with a 13% penetration rate, but will not reach the top spot in Western Europe within the next five years. Retailers will need to tailor their digital strategies appropriately by region, country and category.

Asia-Pacific is home to digital powerhouses

In 2017, e-commerce became the leading retail channel in Asia-Pacific, driven by growth in two countries: South Korea and China.

South Korea was the first country in the region where e-commerce became the No. 1 channel back in 2013 with 11% penetration of total retail sales. The best digital infrastructure in the world combined with a high propensity to embrace the latest technology led the digital revolution.

Though e-commerce rose to the top in South Korea three years earlier than China, China is the digital powerhouse in Asia-Pacific and the world. E-commerce sales reached $354 billion USD in 2016 when it became the largest channel in the country, accounting for 17% of total retail sales. In that same year,

China's e-commerce market surpassed the U.S. to become the largest market in the world.

CREDITS : https://www.forbes.com/sites/michellegrant/2018/08/14/e-commerce-set-for-global-domination/?fbclid=IwAR136HIpH_k4rfRjgKhdNC5cltozBg7p6KJhLhh84hyNfl-6Yr3eevhFUa4#3e7bd802bfaf