E-commerce sales are expected to reach a whopping $3.5 trillion within the next five years. In 2015 alone, online will account for 7.3 percent of global retail sales, and a large portion of that growth will be fueled by e-commerce in the Asia-Pacific market, expected to grow 25 percent this year.
Online purchases will more than double to $3.55 trillion, or 12.4 percent of total retail sales, by 2019, Internet Retailer reported according to research from eMarketer. And e-commerce in Asia-Pacific will grow faster than any other market, at a rate of 35.2 percent year-over-year, with a projected $875 billion in online sales in 2015.
Much of the growth in the market is attributed to rural areas and purchases made via mobile. EMarketer predicts that the region will gain about 80 million new shoppers this year.
Last year, Suning, China's biggest retail chain, generated about $17 billion over the course of the year. China's new e-commerce retailer Alibaba (NYSE:BABA) made almost half that on its Tmall marketplace in just one day, Singles Day.
"Especially in rural regions where you might have less availability of local markets, opportunities to get goods that may be easier to get online, that's really starting to grow the market," Monica Peart, forecasting director for eMarketer, told Internet Retailer. "Rural populations are picking up in terms of using mobile devices. That is what seems to be spurring a lot of the retail e-commerce growth."
E-commerce sales in the United States are expected to reach $349.06 billion this year and account for 92.9 percent of the total sales in North America. In total, that's a growth in the United States of 14 percent from last year, as reported by the U.S. Commerce Department.
One observation includes U.S. shoppers who are increasingly willing to purchase big-ticket items online. Some of that push comes from the decreasing prices of products online as e-commerce sites such as Amazon (NASDAQ:AMZN), Walmart (NYSE:WMT), and now Jet, race to compete online.
China and the United States take the top two spots in e-commerce sales, followed by the U.K, Japan and Germany.
-See this Internet Retailer article
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