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Asia leads the ranking of biggest e-commerce markets worldwide. The total revenue of online retail in Asian countries added up to nearly 1.7 trillion U.S. dollars in 2023. This was approximately 800 million U.S. dollars higher than the e-commerce revenue reached in the Americas. Australia, Oceania, and Africa achieved far lower e-commerce revenues in 2023, with values below 40 billion U.S. dollars. Asia’s leading position can mostly be ascribed to China, which achieved a revenue of over 935 billion U.S. dollars in 2023.

How dominant is Asia in e-commerce?

The e-commerce market is highly developed on the Asian continent, and will continue to grow. For instance, India is the country with the highest Compound Annual Growth Rate (CAGR) for its e-commerce market. Between 2023 and 2027, the market value is forecast to grow with over 14 percent annually. The Latin-American e-commerce market is also forecast to grow quickly in the coming years.

Large Asian e-commerce markets have a strong influence over the rest of the world. A concrete example of an Asian e-commerce channel that is being adopted in the West is the TikTok Shop, connecting social media and e-commerce to form social commerce.

Total retail e-commerce revenue worldwide in 2023, by region (in billion U.S. dollars)

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Supplementary notes

Data provided by Statista Market Insights are estimates.

Definition:

eCommerce, short for electronic commerce, refers to the the sale of physical goods via a digital channel to a private end consumer (B2C). This definition encompasses purchases via desktop computers (including notebooks and laptops) as well as purchases via mobile devices (e.g., smartphones and tablets) through a websites or mobile application. The eCommerce market includes businesses that operate solely online, as well as those that have a physical presence but also sell products or services online. eCommerce encompasses a wide range of industries, from retail and consumer goods to travel and hospitality, and is a rapidly growing segment of the global economy. The rise of eCommerce has enabled businesses to reach customers worldwide, increase sales, and offer new and innovative products and services.

Structure:

eCommerce consists of eight different markets:

The Beauty, Health, Personal & Household Care market includes the sale of products related to personal care, beauty, and household essentials through digital channels which covers a wide range of products, such as haircare, makeup, vitamins and supplements, and household cleaning products.
The Beverages market contains the sale of various types of beverages through digital channels which covers a wide range of products, such as beverages, including alcoholic and non-alcoholic drinks, tea, coffee, and energy drinks.
The Electronics market comprises the sale of electronic devices, gadgets, and accessories through digital channels which includes products, such as smartphones, laptops, cameras, and smart home devices.
The Fashion market includes the sale of clothing, shoes, and accessories through digital channels from a wide range of brands, designers, and retailers.
The Food market contains the sale of food-related products through digital channels with the purpose of providing consumers with a convenient and accessible way to purchase groceries and specialty food items.
The Furniture market comprises the sale of furniture and home decor products through digital channels which covers a wide range of furniture products, including sofas, beds, chairs, and tables.
The Media market includes the sale of media-related products through digital channels which covers products, such as books, music, movies, and video games.
The Toys, Hobby & DIY market contains the sale of products related to toys, hobbies, and do-it-yourself (DIY) projects through digital channels including toys, games, puzzles, model kits, and crafting supplies.

Additional Information:

eCommerce comprises revenues, users, average revenue per user, and penetration rates. Revenues are derived from annual filings, national statistical offices, Google- and Alibaba-Trends and industry knowledge. Sales Channels show online and offline revenue shares, as well as, desktop and mobile sales distribution. Revenues are including VAT. The market only displays B2C revenues and users for the above-mentioned markets, hence C2C, B2B and reCommerce is not included. Additional definions can be found on each respective market page.

Key players in the market are companies like Amazon, JD, Taobao, Tmall, Apple and Walmart.

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