Asia Pacific eCommerce
When it comes to e-Commerce, Asia Pacific is probably the world’s most diverse region, containing some of today’s biggest hitters, as well as some ‘ones to watch’.
It’s an exciting mix of developing e-Commerce markets, such as Thailand and India, through to established players, like Japan, Singapore and Hong Kong. And of course – the eCommerce super-power, that is China.
In China, for example, only 57% of the population had access to the Internet in 2016 – yet e-Commerce was still worth over US$827 billion. And it’s projected to grow to US$1,423 billion by 2020. (That’s a 72% increase!)
E-Commerce in India is also set to explode. In fact – we predict it will become the world’s second largest e-Commerce market, overtaking the United States, by 2034. Despite the fact that only 25% of the population can access the Internet.
Japan – on the other hand – has 96% Internet penetration. But e-Commerce growth is still predicted – up US$27 billion from 2016 to 2020.
Other exciting markets in the Asia Pacific region include Australia, Malaysia and South Korea. All of which we predict, will see big e-Commerce growth over the next few years.
For any e-Commerce business operating internationally, Asia Pacific is a region that can’t be ignored.
Asia Pacific Payment trends
Whilst countries in the region have growth in common, when it comes to payment preferences, they couldn’t be further apart. Hence why it’s important to work with a payments provider that truly understands each market.
In India, for example, 26% of e-Commerce payments are via ‘ Cash-On-Delivery’. In China, e-wallets are the payment method of choice – with 60% of e-Commerce payments. And the traditional card schemes, such as Visa or MasterCard have only 3% market share. (UnionPay dominate – with 96%). Japan, on the other hand, is more in line with the West – where credit cards dominate e-Commerce payments.
Across all Asia Pacific markets, m-Commerce should be considered. In Malaysia, 50% of all e-Commerce payments are by mobile, and in other markets it’s predicted to grow exponentially. So, it’s key that e-Commerce businesses optimise the mobile payment journey if they are to take advantage of this trend.
Phil Pomford, General Manager, Asia-Pacific, Worldpay eCom
“Asia is a complex market, however it offers huge opportunities for merchants. At Worldpay, we’re more than ready to help guide you through the region.”
Asia Pacific Markets
We currently support e-Commerce payments in all the major markets in the region, including: Australia, India, China, Japan, Hong Kong, Malaysia, and Singapore. Our annual Global Payments Report covers these markets in more detail.You can download the report here
Asia Pacific Payment Preferences
If you’re unfamiliar with any of the popular payment methods in the region...Find out more here