E-commerce market in Japan to grow by nearly 7% in 2022
The market is expected to be valued at $194.3.
The e-commerce market in Japan is projected to grow by 6.9% to $194.3b in 2022 as more consumers shop online, GlobalData reported.
Between 2018 and 2021, GlobalData noted Japan’s e-commerce market grew at a compound annual growth rate of 5.2% to $181.7b.
“The Japan e-commerce market has registered sustainable growth over the last five years supported by high mobile and online penetration and high consumer preference for online transactions,” Ravi Sharma, Banking and Payments Lead Analyst at GlobalData, said.
“Consumers are increasingly shifting from in-store to online purchases, with e-commerce being one of the few areas that continued to register a positive growth even during the COVID-19 pandemic.”
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The e-commerce market is led by China with total sales of $2.1t, followed by the US and UK with $1.5t and $292.1b, respectively.
Japan placed fourth with an e-commerce market dominated by domestic online retailers, such as Rakuten, and Mercari.
“The COVID-19 pandemic has brought in a permanent shift in consumer buying behavior pushing them towards online, a trend that is expected to continue. As a result, e-commerce sales will increase at a CAGR of 5.2% between 2022 and 2026 to reach $237.8b in 2026.”