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Eye on Asia
As e-commerce starts to mature in Asia, retailers must rise to new challenges
- How to retain customer loyalty amid market fragmentation and increasing demand for ever faster delivery will be the key challenges for all retailers
- In the next 20 years, retail will be less about logistics and more about pushing the envelope on personalised discovery and curation
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Vaughan Ryan is managing director of Nielsen’s Consumer Intelligence business in Asia.
We have entered the end of the beginning of e-commerce in Asia. Just as Asia has led the retail growth engine over the last decade, it now accounts for over 50 per cent of the world’s e-commerce sales. Today, it is no longer a question of whether people will shop online but rather how frequently they buy and how much they will spend.
E-commerce was always destined to transform retail, but Covid-19, without question, accelerated its trajectory. While the first 25 years brought digital access and tested concepts of superior retail experiences, the last year proved its necessity and viability.
In Thailand, we saw a 58 per cent increase in the number of households buying online while neighbouring countries also saw growth: Singapore with 47 per cent, Hong Kong with 46 per cent, and urban Indonesia with 15 per cent. In countries where movement control orders have been far stricter due to Covid- 19, such as the Philippines, the increase was recorded at 325 per cent.
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