The Department of Trade and Industry (DTI) sees the contribution of e-commerce to GDP jumping to 5 percent from 3 percent.
The DTI said the number of online businesses that registered with the DTI rose 40 times within a year in 2020 to 88,000 from 1,700 and “we still see about 30 percent growth year-on-year.”
Transactions of enterprises online are expected to double from 500,000 to 1 million by 2022.
Euromonitor International’s Top 100 Retailers in Asia-Pacific said e-commerce in the region to nearly double by 2025, reaching $2 trillion. Euromonitor International said
the region is predicted to see the highest retailing sales growth in 2020-2025, following Latin America, with digitalization, connectivity and demographics representing the key drivers in the region’s shift into an innovation hub post-pandemic.
In 2020, businesses receiving online orders recorded 37.6 percent growth and will reach 44 percent by 2025, a 17 percent growth.
“Livestreaming experienced an explosive growth in 2020 in tech-advanced markets.
Countries like China and emerging economies in Southeast Asia including Indonesia and the Philippines witnessed a surge in social commerce through WhatsApp, Instagram and Viber,” said Quan Yao Peh, research analyst at Euromonitor International.
In the report, Euromonitor looked at how the APAC region world-class mobile connectivity enables digital transformation and is supported by extremely tech-savvy consumer segments in the region.
“As consumers connect and shop online more than ever, an increasing number of brands are expected to tap into social media to virtually engage and build trust with consumers in addition to serving as retailtainment”, said Deepika Chandrasekar, senior research analyst at Euromonitor International.
As the retail landscape becomes more competitive with players fighting to stay relevant in the digital space, localising the shopping journey to individual markets and personalising the retail experience to various customer segments in Asia Pacific will be essential.
