Although Asia already accounts for 40.4% of the global e-commerce market in 2019, its share will only get bigger. Robust logistics networks, a rising middle class, improving financial infrastructure and rapid innovation will fuel Asia’s e-commerce revenues, which will in turn drive GDP growth, productivity and economic inclusion in the region.
The world has seen exceptional growth in e-commerce transactions in recent years. Specifically the Asia, with its growing middle class and increasing internet penetration, is at the forefront of global e-commerce dynamism. The region accounted for 57.4% of global e-commerce sales (business-to-consumer) in 2019. According to Statista1, Asia’s e-commerce revenues are predicted to grow by 22.4% to USD1.36 trillion in 2020 and reach USD 1.92 trillion by 2024. By then, Indonesia economy will account for 10.4% of the global e-commerce market.
While China is a market leader in terms of size, the e-commerce markets in India and Indonesia the world’s second and fourth most populous countries, respectively – are expected to enjoy double-digit growth rates in the coming years.
This is because businesses that engage in e-commerce tend to require a more knowledgeable and innovative workforce. This in turn lifts productivity and profitability. Research puts this in perspective by showing that participation in e-commerce lifts global total factor productivity by 14%. The impact is even greater in Asia.
Now growth is erupting across other parts of Asia, driven by a whole new e commerce business models. It is the dropshipping model, which allows ecommerce businesses to outsource procuring, storing, and shipping products to a third party—typically a supplier. This concept is entirely new, but right now Asia businesses are seeing incredible results using this models. This makes it likely you’ll soon see these approaches permeating the West.
In a dropshipping business model, you promote products and provide an online storefront. When a customer places an order, you send the order to the dropshipper and inform customers the products are on the way. The rest of the physical fulfilment process is out of your hands. In some dropshipping agreements, you may also handle customer service, while the dropshipping service manages the physical goods and fulfilment.
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The company was founded in 2018 in Singapore.