Asian E-commerce Boom: Consumers Favourite Pastime
Times of India reports that Asia is set to surpass North America to become the world's largest e-commerce market this year, according to the Economist Intelligence Unit (EIU). According to a report in Beijing by the EIU yesterday, an advisory company under the Economist magazine group, it is estimated that retail sales in Asia will grow by an average 4.6% on a volume basis to $7.6 trillion, compared with 2.5% in North America and 0.8% in Europe in 2015. Report editor Laurel West said the Asian consumer market was largely driven by the rising independence and economic power of Asia's women, and female consumers in Asia are showing an unprecedented enthusiasm for online shopping, the state-run Xinhua news agency reported. The report comes in the backdrop of huge demand for e-commerce generated in China by platforms like Alibaba which is picking up at a rapid pace in India. The two countries together account for about three billion people.
Asian eCommerce is booming and is becoming the Asian consumers' favourite pastime.