Emerging markets in Asia will be one of the major contributors to the sustained growth of online retailing in the region.
London-based think tank Economist Intelligence Unit said online retail is among the sectors most likely to succeed this year after its exponential growth in 2020.
The height of the pandemic last year gave birth to more online transactions in many economies, like the Philippines, due to government protocols on mobility restrictions and social distancing.
The think tank said, “The sector will continue to expand its share of total retail sales – rising from about 10 percent in 2019 to nearly 20 percent by 2025. Much of this growth will come from emerging markets in Asia, Latin America and the Middle East.”
Last year, global online retail sales expanded by 32 percent to 2.6 trillion dollars while the overall retail market contracted by over two percent.
Online shopping will remain to be an attractive option to many consumers.