Asia to be the largest e-commerce market: Report

In a bid to become the world's largest online market, Asia is all set to surpass North America in the race.
Asia to be the largest online market: Report

In a bid to become the world’s largest online market, Asia is all set to surpass North America in the race, says a PTI report citing a report by Economist Intelligence Unit (EIU).

As per the research in Beijing by the EIU yesterday, which is an advisory company under the Economist magazine group, it is estimated that retail sales in Asia will increase by an average 4.6 per cent on a volume basis to $7.6 trillion, compared with 2.5 per cent in North America and 0.8 per cent in Europe in 2015.

Expressing his views on the matter, report editor, Laurel West, told Xinhua news agency.

‘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.’

Besides, this report came after the surge in demand for e-commerce generated in China by platforms like Alibaba which is picking up at a rapid pace in India.

Further, the report cited that together India and China account for about three billion people. The EIU report is based on a survey of 5,500 women across major cities on the Chinese mainland, Hong Kong, Taiwan and Macao, as well as countries including India, Japan, Singapore and the Republic of Korea.

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