6 lessons from Asian e-commerce
Much is made of the U.S. e-commerce market given the influence of Amazon and its peers. However, when it comes to sheer size in both population and volume, Asia holds significant advantages.
E-commerce volume for the U.S. was approximately $742 billion in 2017, and for the five largest European countries the category rang up a collective $473 billion according to the PPRO Payments Almanac. In comparison, the Asia Pacific region experienced a collective sales volume of $1.36 trillion – almost double the U.S. market.
Three Asian countries — China, India, and Indonesia — hold almost half of the world’s population, according to the World Population Review. Despite the U.S. having a $21 trillion GDP, the No. 2 and No. 3 countries ranked by GDP according to the IMF, China and Japan, have an almost equal combined economy at $14.2 trillion and $5.2 trillion, respectively.