International

Report: Asia-Pacific Is Largest E-Commerce Market

According to the 2014 European B2C E-commerce Report, Europe is no longer the top region when it comes to online shopping. The latest data shows that the Asia-Pacific region – largely driven by the Chinese e-commerce market – made € 406.1 billion turnover in 2013, which was a 16.7 percent increase from the year before.

Europe overtook North America two years ago, and while its online sales were impressive, they just could not keep up with the Asia-Pacific market. Specifically, online sales to consumers in the EU were worth €276.5 billion in 2013. That was 87.6 percent of the total figure for Europe, according to the report.

However, Wijnand Jongen, chairman of Ecommerce Europe’s executive committee, told the news source that he is not concerned.

“Towards the end of 2016, we believe that the European B2C [business to consumer] e-commerce turnover will have increased to around €625 billion,” Jongen said. “The growth forecast is enabled through the higher spending per e-shopper in mature countries as well as through an increase in the number of e-consumers in emerging countries.”

Additionally, the Middle East and North Africa (MENA) grew at the fastest rate. Turnover also increased by 32.6 percent to € 11.9 billion.

“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.

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