Manufacturing News

Nation set to drive e-commerce

China will be the driver as the Asia-Pacific region becomes the world's largest e-commerce market, according to a report.

E-commerce spending in the Asia-Pacific region is set to surpass North America for the first time in 2014, according to data provider eMarketer.

Business to consumer e-commerce sales this year are projected to reach $525.2 billion in the region, compared with $482.6 billion in North America.

China will account for more than 60 percent of e-commerce transactions in the region this year, rising to nearly 75 percent by 2017.

The agency said China will overtake the United States to become the top online shopping nation in 2016.

An earlier study from consultancy Bain & Co suggested China had already become the top e-commerce spender by the end of 2013.

Bain forecast digital shopping expenditures to reach 3.3 trillion yuan ($539 billion) by 2015, with 32 percent average annual growth.

According to eMarketer, growth in this sector will come primarily from the rapidly expanding online and mobile user bases in emerging markets, increases in mobile commerce sales, many more shipping and payment options, and the push into new international markets by major brands.

The report attributed the strength of sales in emerging markets to their large populations coming online and buying there for the first time. Aside from China, India and Indonesia are other bright spots pushing the Asia-Pacific region's growth ahead.

Asia-Pacific will account for more than 46 percent of digital buyers worldwide in 2014.

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