Online retailers in APAC drew 154 million new customers last year, despite being one of the slowest growth markets when compared to global rates.
According to new research from Forrester, Asia Pacific’s online retail market will be worth $2.8tn by 2025, up from $1.7tn in 2020. Last year Asia Pacific achieved $230bn in online retail sales, with China accounting for almost an entire third of global sales.
Within the e-commerce space China also dominates with an 82 per cent share of the market, supporting overall APAC market growth of 16 per cent. The grocery category will reach $473bn by 2025, surpassing the consumer electronics category for the first time.
The pandemic also drove newcomers to online retail – in Asia Pacific, 154 million more people bought online last year, which Forrester says is the highest number of new users ever in a single year. Of all the new buyers added globally in 2020, 69 per cent came from Asia Pacific and 53 per cent specifically from China.
