APAC E-commerce Market Size

APAC E-commerce Market Analysis

The APAC E-commerce Market size is estimated at USD 4.20 trillion in 2024, and is expected to reach USD 6.76 trillion by 2029, growing at a CAGR of 10% during the forecast period (2024-2029).

Consumers around the region have started to focus on online shopping due to expanding internet access and the quick, efficient, and effective distribution of goods.

• Asia has experienced a rapid increase in internet accessibility and penetration, which has sparked the region's subsequent digitization. Other industries transformed to keep up with the new, technology-driven economy worldwide, along with the area and its residents. The retail sector is one such enterprise.
• Ready-to-eat food delivery has become a significant market due to enticing, user-friendly apps, tech-enabled driver networks, and shifting consumer expectations. Food delivery services now provide a convenient and efficient way to buy food whenever and wherever customers want. The invention of online food delivery services came about due to new technological advancements and the COVID-19 outbreak, which compelled food service operators to develop innovative methods and platforms to minimize customer interaction when ordering and eating meals.
• One of the biggest trends in online retail is platform convergence. Customers prefer an all-in-one shopping experience that includes product ratings and prices, buying, and making payments using the platforms' new online payment options. Consequently, online shopping features are available on portal websites, social media, TV home shopping, over-the-top media services (OTT), etc. As a result, their platforms are becoming more popular.
• E-commerce enterprises generally store customers' bank accounts and credit card information. Email addresses, mailing addresses, usernames, and passwords are usually held by e-commerce enterprises, subjecting them to cybersecurity attacks. Cybercriminals profit from this information by duplicating credit cards and utilizing users' personal information for identity theft and fraud. Hackers may potentially hold sensitive data hostage for ransom.
• Furthermore, the supply chain of the e-commerce market was disrupted mainly due to the COVID-19 pandemic. Despite creating new opportunities for growth in terms of non-cash payments that could be realized during the forecast period, the COVID-19 pandemic slowed operations in merchant categories like restaurants, grocery stores, apparel stores, and jewelry stores, which predominantly use online payments. This further created an overall positive impact on the studied market.