By: Janice Tan, Marketing Interactive
Online retail sales in 11 Asia Pacific countries is expected to grow from US$1.5 trillion in 2019 to US$2.5 trillion in 2024, with a compound annual growth rate (CAGR) of 11.3%. According to the latest forecast by Forrester, the countries predicted to see growth are Australia, China, India, Indonesia, Japan, Malaysia, the Philippines, Singapore, South Korea, Thailand, and Vietnam.
China is projected to remain the largest market, reaching US$2 trillion by 2024 and accounting for 50% of global online retail sales in 2020.
The share of online retail sales is expected to reach 22.8%, with an increase of 3.6%, doubling the growth from last year. Forrester also predicts the Asia Pacific region to lead in online retail penetration during the forecast period and reach 27.4% by 2024.
[READ: Asia-Pacific retail leads world with three-quarters of global growth]
Live-streaming commerce is well established in China and is expected to grow at a CAGR of 45.7% to hit US$100 billion by 2023. Forrester predicts more brands to pick up on this area during the upcoming festive sales season in Asia Pacific to make up for the loss in sales during the first half of the year.
Meanwhile, social commerce in China will continue on its growth path to reach US$684 billion by 2023. That said, Forrester noted that the growth is not the same for all social commerce players.
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