Alibaba is APAC’s top e-commerce player
The top three leading e-commerce firms in the region were from China.
China is dominating Asia Pacific’s e-commerce market with Alibaba Group leading amongst the big players in the industry with a 4% year-on-year growth to achieve actual sales of $477.01b.
In a report, Euromonitor International said that Alibaba Group is followed by two other China-based e-commerce companies which are JD.com Inc with $390.8b, and Pinduoduo Inc with $103.67b.
Other e-commerce companies that made it to the top 10 were Japan’s Seven & I Holdings ($71.04b) and AEON Group ($71.01b), USA’s Amazon.com Inc ($49.07b), Singapore’s Sea Ltd ($42.58b), South Korea’s Shinsegae Co Ltd ($41.10b), USA’s Walmart Inc ($37.62b), and China’s Suning.com Ltd. ($30.06b).
According to Euromonitor, e-commerce marketplaces focus on boosting customer satisfaction. It also served as a “convenient and accessible option” for retailers that aim to digitalise in developing markets in the region.
In developed countries, meanwhile, e-commerce players are improving their product assortment and fulfilment flexibility.
Shinsegae’s SSG.com rolled out a “premium strategy” to launch luxury brands such as Gucci, Ferragamo, Burberry, and Montblanc on the platform.
Another South Korean e-commerce player, Naver Shopping, launched the “Naver Guaranteed Delivery Programme” with CJ Logistics, providing overnight delivery to over 90% of the region in the country.
“The retail industry witnessed a dynamic transformation fuelled by the post-pandemic shifts towards experiential retail and social e-commerce. Supported by the two powerful engines of increased social media usage and integration of new technologies, the post-pandemic Asia-Pacific retail landscape remains competitive,” Quan Yao Peh, Senior Analyst at Euromonitor International said.
“There has never been a greater variety of choices across physical and digital channels, and technology and digital tools will continue to transform the way retailers engage and sell to consumers. Retailers are facing new and unprecedented challenges, and those able to turn this into an opportunity are well placed to remain the preferred shopping destination of consumers,” he added.