Meticulous Research®—a leading global market research company, published a research report titled, ‘Asia-Pacific E-commerce Market by Business Model (Horizontal E-commerce and Vertical E-commerce), Browsing Medium, Payment Mode (Card Payments, Digital Wallets, Bank Transfers, Cash Payments), Operating Channel, and Offering - Forecast to 2030.’
According to this latest publication from Meticulous Research®, the Asia-Pacific e-commerce market is projected to reach $13,209.2 billion by 2030, at a CAGR of 17.6% during the forecast period. The growth of this market is driven by rising internet and smartphone penetration, the growing usage of social media and social commerce, and increasing consumer interest in convenient shopping solutions. Furthermore, E-commerce automation and the expansion of cross-border E-commerce are expected to create market growth opportunities during the forecast period.
However, online fraud and cybersecurity issues and local laws and regulations for international E-commerce restrain the growth of this market. Also, high internet prices and increasing security & privacy concerns are major challenges for the players in this market. Furthermore, the rising adoption of AI and the growing use of AR and VR technologies in E-commerce are key trends in the Asia-Pacific E-commerce market.
The Asia-Pacific E-commerce market is segmented based on business model, browsing medium, payment mode, operating channel, and offering. The study also evaluates industry competitors and analyzes the market at the regional/country level.
Based on business model, the Asia-Pacific E-commerce market is segmented into horizontal E-commerce and vertical E-commerce. In 2023, the horizontal E-commerce segment is expected to account for a larger share of the Asia-Pacific E-commerce market. The large market share of this segment is mainly attributed to the advantages of the horizontal E-commerce model, such as access to diverse product categories. The segment engages a large section of consumers and has high sales. These factors contribute to the segment’s large share.
Based on browsing medium, the Asia-Pacific E-commerce market is segmented into desktop/laptop and mobile/tablet. The mobile/tablet segment is subsegmented into application-based and browser-based. In 2023, the desktop/laptop segment is expected to account for the larger share of the Asia-Pacific E-commerce market. This segment’s large market share is attributed to the growth in E-commerce during the COVID-19 pandemic and the work-from-home culture’s positive impact on desktop/laptop sales. Also, customer preference for high-quality visualization, which provides a better shopping experience and detailed product information, has increased E-commerce sales via desktops and laptops.
Based on payment mode, the Asia-Pacific E-commerce market is segmented into card payments, digital wallets, bank transfers, cash payments, and other payment modes. In 2023, the card payments segment is expected to account for the largest share of the Asia-Pacific E-commerce market. The large market share of this segment is mainly attributed to consumers’ high preference for card payments, particularly in developed countries, due to the convenience and superior security cards offer.
Based on operating channel, the Asia-Pacific E-commerce market is segmented into pure play E-commerce and omni-channel E-commerce. In 2023, the omni-channel E-commerce segment is expected to account for the larger share of the Asia-Pacific E-commerce market. The large market share of this segment is attributed to the benefits of omni-channel E-commerce, such as enhanced customer experience, increased sales & consumer traffic, better customer loyalty, and better data collection for optimum customer and resource management.
Based on offering, the Asia-Pacific E-commerce market is segmented into beauty & fashion products, travel & tourism, electronic products, household products, pharmaceutical products, food & beverage, and other offerings. In 2023, the beauty & fashion products segment is expected to account for the largest share of the Asia-Pacific E-commerce market. The large market share of this segment is mainly attributed to various factors, such as rapidly changing customer behaviors and preferences in online shopping, the high demand for cosmetics and clothing, and the rising popularity of mobile wallets. Also, the increasing use of smartphones, the incorporation of advanced technologies in online platforms, and the high availability of various beauty & fashion goods for comparison on E-commerce platforms support this segment’s growth.
Based on geography, the Asia-Pacific E-commerce market is segmented into China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Thailand, Vietnam, Singapore, Malaysia, and the Rest of Asia-Pacific. In 2023, China is expected to account for the largest share of the Asia-Pacific E-commerce market, followed by Japan, South Korea, India, and Australia & New Zealand. China’s large market share is attributed to the country’s high internet penetration, growing adoption of smartphones, and the emergence of E-wallets (digital wallets) for online payments during shopping. Furthermore, the country’s strong and reliable logistics infrastructure and the growing number of international E-commerce and logistics players investing in the country have further boosted the country’s E-commerce market.
The key players operating in the Asia-Pacific E-commerce market are Amazon.com, Inc. (U.S.), Alibaba Group Holding Limited (China), eBay Inc. (U.S.), JD.com, Inc. (China), Rakuten, Inc. (Japan), The Home Depot, Inc. (U.S.), ChinaAseanTrade.com (China), Otto GmbH & Co KG (Germany), Priceline.com (U.S.), B2W Digital Company (Brazil), Groupon, Inc. (U.S.), Walmart Inc. (U.S.), Inter IKEA Systems B.V. (Netherlands), Costco Wholesale Corporation (U.S.), Shopify Inc. (Canada), DIYTrade.com (China), Ali Express (China), and Tesco plc (U.K.).
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