When was the last time you purchased something online? If you answer is today, or yesterday, chances are you live in Asia, where online and retail sales are thriving thanks to frequent smartphones and tablet purchases.
According to eMarketer, global B2C eCommerce sales are set to hit $1.5 trillion this year, driven by growth in emerging markets. Growth is projected to be highest not only in Asia, but in Latin America as well.
This year consumers in the Asia-Pacific region will spend more on eCommerce purchases than those in North America, making it the largest regional eCommerce market in the world. In 2014 alone, Asian B2C eCommerce sales are expected to reach $525.2 billion, compared to $482.6 billion in North America. Residents of China, South Korea and Japan are the ones most likely to use online shopping in Asia.
Brazil has the largest online community in Latin America, which includes South America, Central America and the Caribbean. But studies show that Argentina and Mexico are expected to display higher profits than Brazil by 2015. Latin America is more culturally homogeneous when compared with other rapidly developing regions, which gives eCommerce companies a great opportunity to expand and make a name for themselves.
But no eCommerce forecast is complete without the term “big data.” Big Data and analytics are evolving beyond segmentation to enable a comprehensive understanding of consumer experiences and the identification of shopping patterns that have predictive value.
Download our new eCommerce white paper to read more about the role of culture in global consumer habits.
So… What’s your next destination going to be?