The e-commerce industry has continued to witness exponential growth around the world, with an astonishing USD 2.86 trillion in 2018 and is estimated to grow further to USD 6 trillion in 2022. The not-to-be missed Asia Pacific market had a 35% economic growth rate in 2018 with USD 1.8 trillion retail e-commerce sales, positioning it to be a clear leader to achieve one-fourth of global e-commerce share by 2023.
While economic size and growth rate are worth to consider, the report includes several other factors that determine the attractiveness of its e-commerce landscape, including acceptance to digital disruption, network infrastructure, ecosystem and competitiveness, customer behavior and future growth opportunities.
The report examines 40 metropolitan cities based on 16 key indicators, YCP Solidiance identified the top 12 “E-commerce cities” in Asia, namely Bangkok, Beijing, Ho Chi Minh City, Hong Kong, Jakarta, Kuala Lumpur, Mumbai, Osaka, Seoul, Shanghai, Singapore, and Tokyo.
This report highlights that while economic size and growth rate are worth considering, other factors including the city’s readiness to accept digital disruption, network infrastructure, ecosystem and competitiveness, customer behavior and future growth opportunities, also help to determine the attractiveness of its e-commerce landscape.
What can other global cities learn from these cities?
This paper recommends a framework deemed pivotal for a sustainable e-commerce ecosystem - a building block for future e-commerce cities: stable and predictable regulatory environments, adequate talent, market readiness and robust infrastructure, funding to scale up the business, and global culture to empower innovative ideas.
The paper also suggests big companies to build synergy through investment or partnership in e-commerce, bringing a mixture of corporate know-how and long-term experience with innovative and fast-paced minds of e-commerce entrepreneurs. The synergy built with e-commerce and tech-companies will directly boost the growth of e-commerce in the city and even the country in the current digital age.
Tags: Digital, Financial Services, Technology, Media & Services