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Asia Pacific B2C E-Commerce Market

Asia Pacific B2C E-Commerce Market Predicted to Surpass USD 3647 Million by 2030 and Grow at 10.32% CAGR

Published On : 11 Nov, 2022
Updated On : 17 Nov, 2022
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Market Snapshot

Base Year:
2021
Study Period:
2020-2030
CAGR:
10.32 %

E-commerce (electronic commerce) is the buying and selling of goods and services through the Internet or through online services. E-commerce technology includes things like mobile commerce, electronic funds transfers, supply chain management, Internet marketing, online transaction processing, electronic data exchange (EDI), inventory management systems, and automated data gathering systems. Except for shipment and delivery, almost all e-commerce sales are handled over the internet, giving sellers and buyers the flexibility to conduct business at any time and from any location. B2C e-commerce has become one of the fastest-growing industries in globalization since shopping and selling online is more convenient than traditional sales. The five types of B2C e-commerce include direct sellers, online intermediaries, advertisement-based, community-based, and fee-based e-commerce.

During the projection period (2022–2030), the Asia Pacific B2C E-Commerce market is estimated to reach a valuation of USD 3647 million, increasing at a CAGR of 10.32%. The Asia-Pacific region leads the world in terms of E-Commerce market size, with two of the top five countries in terms of online retail sales. Alibaba Group and JD.com, both based in China, are the top two digital commerce leaders in Asia-Pacific.

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Market Dynamics

Market Driving Factors

  • In the Asia Pacific Region, the lack of a well-organized offline retail sector is also propelling the growth of E-Commerce. For a long time, India's retail sector has remained unorganized. There is no conventional strategy or preparation that can help a retailer start and run its firm. Small and medium-sized retail shops and stores sprout up here and there, while the big retailers suffer as a result of the lack of planning. Furthermore, the rapid expansion of UPI-based payment has made purchasing easier for many people who previously couldn't and this is turning out to be a significant driver for B2C E-Commerce market growth in the region.
  • Wide range of products and services: Customers can choose a product or service from any seller anywhere in the globe through electronic commerce via the internet. A seller can only stock a small number of goods in a physical store due to space constraints. A virtual store allows a company to stock a large number of items without having to worry about inventory costs. As a result, a firm gives customers a lot of options when it comes to selecting a product and this is driving the B2C E-Commerce market significantly toward growth.

Market Restraining Factors

  • Huge technological cost: To improve their performance, e-commerce demands modern platforms. It will be unable to provide seamless transactions if it is disrupted by software, network, or domain issues. Appropriate technology infrastructure is expensive and requires significant investment. It also needs to be updated on a regular basis to keep up with the times. A downside of the e-commerce portal is the high technological cost of a successful operation and this can restraint the growth of the market to some extent.
  • Lack of personal touch: When you visit a retail establishment, you are greeted at the door, and there are multiple personnel waiting to assist you if you have any problems. There is no one to assist you when you are on the E-Commerce making a decision. The human touch at the real store is both encouraging and enjoyable. Our interactions with salespeople assist us in making decisions. This is why in physical outlets; delicate personal touches are encouraged. This experience is valuable, but it is not available online, which appears to be an e-commerce disadvantage and this is a significant restraint to market growth.

Key Market Opportunities

  • The Internet of Things (IoT) is swiftly gaining traction: The e-commerce business in the Asian Pacific region is undergoing huge technical transformations. As people's lifestyles change and they become more acclimated to buying online, it's more important than ever for businesses to use technology to provide customer-friendly services. The most recent technological innovation is the Internet of Things (IoT). IoT-enabled gadgets connect over the internet, allowing retailers and e-commerce firms to run more smoothly. This clever technology has significantly revolutionized the way people buy online with the development of IoT gadgets such as smart mirrors that allow customers to virtually try on items and Amazon dash buttons that assist users with refilling their favorite products. In comparison to the previous paradigm, the expanding use of IoT in B2C e-commerce offers a number of benefits. Businesses can manage distribution networks, inventories, warehouses, and customer experiences more easily thanks to the Internet of Things (IoT). As a result of the rising use of IoT in the B2C e-commerce sector, the market in the Asia Pacific is predicted to rise at a rapid pace throughout the forecast period.

Segment Overview

The Asia Pacific B2C E-Commerce Market has been divided into three categories: type, application, and region.

By kind, the B2C e-commerce market has been divided into B2C retailers and classifieds. The B2C merchant’s type sector is likely to dominate the region's market, with a forecasted value of USD 7,971 billion by 2030, representing an annual growth rate of 8%. An increase in internet banking and mobile transactions is expected to move the segment forward in the coming years.

Second, smart city developments and urbanization have resulted in a westernized lifestyle in emerging countries, resulting in the shift from traditional to online shopping patterns. Globalization's ease of doing business, effective logistics network, and significant demand beyond countries are credited with the increase.

Automotive, beauty & personal care, books & stationery, consumer electronics, clothing & footwear, home décor & electronics, sports & leisure, travel & tourism, media & entertainment, information technology, and others have been categorized into the B2C e-commerce market depending on the application. The apparel and footwear application category is likely to lead the Asian Pacific market, with a forecasted value of USD 2,607 billion by 2030, representing an 11% CAGR over the forecast period.

This is owing to the burgeoning online fashion industry, which allows merchants and producers to market their wares. Shopping on fashion websites offers a variety of payment and merchandise choices, as well as home delivery and speedy returns. The user-friendly and uncomplicated web page interface, with the help of the search system, provides for easy investigation of numerous product kinds, boosting the consumer's delight.

Apparel websites cut down on store line-ups, broadened the reach of businesses, and allowed busy people to "shop from anywhere." Virtual dressing rooms, gate delivery, and returns, for example, have eliminated the need for transportation or travel, while shopping websites are available 24 hours a day, seven days a week.

Regional Overview

Asia Pacific B2C E-Commerce Market Regional Analysis

Regional Growth Insights Request Sample Pages

During the projection period (2022–2030), the Asia Pacific B2C E-Commerce Market is estimated to reach a valuation of USD 3647 million, increasing at a CAGR of 10.32%. The Asia-Pacific region leads the world in terms of E-Commerce market size, with two of the top five countries in terms of online retail sales. Alibaba Group and JD.com, both based in China, are the top two digital commerce leaders in Asia-Pacific.

The Asia-Pacific region leads the world in terms of B2C E-Commerce market size, with two of the top five countries in terms of online retail sales. According to the data, China alone accounts for more than half of worldwide E-Commerce revenues. Japan and South Korea are among the other world leaders. India is catching up as well, with one of the world's fastest-growing e-commerce markets. Southeast Asia is another development driver, with tremendous space for expansion due to low digital commerce adoption rates. Mobile commerce sales have already reached over 50% penetration in some markets, such as China and South Korea. Alibaba Group and JD.com, both based in China, are the top two digital commerce leaders in Asia-Pacific. With an online turnover of $ 135.5 billion, Japan is the second largest e-commerce market in the area. Japan is now the world's fourth-largest e-commerce market. Australia is ranked third, ahead of South Korea, India, and Indonesia, which is rapidly developing.

Major Players

Some of the major players in the Asia Pacific Region (having significant market shares) are listed below:

  • Amazon
  • Flipkart
  • OLX
  • Uber
  • Google Pay
  • Phone Pay
  • Airbnb
  • Zomato
  • Myntra
  • MakeMyTrip

Recent Developments

  • JD Logistics made an offer to buy Deppon Holdco, a Shanghai-listed financial corporation that controls 66.50% of Deppon Logistics, for USD 1.42 billion in March 2022. As required by Chinese rules, JD Logistics will make an obligatory public offer for all Deppon shares at USD 2.07 per share, a 3.90% premium to the most recent closing price.
  • Flipkart completed a USD 3.60 billion funding round in July 2021, valuing the Indian online industry at USD 37.60 billion. Walmart Inc., the majority owner, joined partners such as SoftBank Group Corp. in injecting new capital.

Asia Pacific B2C E-Commerce Market: Segmentation

By Type

  • B2C Retailers
  • Classifieds

By Application

  • Automotive
  • Beauty & Personal Care
  • Books & Stationery
  • Consumer Electronics
  • Clothing & Footwear
  • Home Décor & Electronics
  • Sports & Leisure
  • Travel & Tourism
  • Media & Entertainment
  • Information Technology (Software)
  • Others

By Country

  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
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