ASIA PACIFIC E-COMMERCE MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


APAC E-commerce Market Analysis:

The APAC E-commerce Market is anticipated to expand from USD 2.41 trillion in 2023 to USD 4.02 trillion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 10.73% during the forecast period (2023-2028).

The proliferation of internet access and the efficient distribution of goods have prompted consumers in the region to shift their focus towards online shopping. The rapid increase in internet accessibility and penetration has led to the digitization of the region, with various industries adapting to the technology-driven economy. The retail sector, in particular, has undergone significant transformation.

The emergence of user-friendly apps, tech-enabled driver networks, and changing consumer expectations has led to the growth of the ready-to-eat food delivery market. Online food delivery services have become a convenient and efficient way for customers to purchase food at their convenience. The COVID-19 outbreak and technological advancements have further accelerated the development of innovative methods and platforms to minimize customer interaction when ordering and consuming meals.

Platform convergence has emerged as a significant trend in online retail, with customers seeking an all-in-one shopping experience that includes product ratings, prices, and payment options. As a result, online shopping features are now available on various platforms, including portal websites, social media, TV home shopping, and over-the-top media services.

E-commerce enterprises typically store sensitive customer information, including bank accounts, credit card details, email addresses, mailing addresses, usernames, and passwords, making them vulnerable to cybersecurity attacks. Cybercriminals can exploit this information for identity theft and fraud, and may even hold sensitive data hostage for ransom.

The COVID-19 pandemic has disrupted the supply chain of the e-commerce market, leading to a slowdown in operations in merchant categories such as restaurants, grocery stores, apparel stores, and jewelry stores, which predominantly use online payments. However, this has also created new opportunities for growth in terms of non-cash payments, resulting in an overall positive impact on the studied market.

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