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India-ASEAN fastest growing in e-com, digital trade: study

14
Mar '19
Pic: KPMG
Pic: KPMG
India and the Association of Southeast Asian Nations (ASEAN) are among the fastest growing nations with even faster growth rates for e-commerce and digital trade sectors, says a report by the Federation of Indian Chambers of Commerce and Industry (FICCI) and consulting firm KPMG. Global e-commerce sales are likely to reach $4.5 trillion from $1.3 trillion in 2014, it says.

While China dominates the global e-commerce sector, India and ASEAN are making investments to develop an ecosystem that can sustain and promote increasing digital trade, it says.

The e-commerce market in India is projected to reach $165.5 billion by 2025 while the ASEAN is estimated to reach a volume of $90 billion, says the report titled 'India and ASEAN: Co-creating the Future.'

ASEAN comprises Indonesia, Thailand, Malaysia, Singapore, Philippines, Vietnam, Cambodia, Myanmar, Brunei and Laos.

Within ASEAN, Indonesia's e-commerce market is expected to rise to $46 billion by 2025 (from $1.7 billion in 2015), Thailand to $11 billion ($0.9 billion), Philippines to $9.7 billion ($0.5 billion), Malaysia $8.2 billion ($1 billion), Vietnam $7.5 billion ($0.4 billion) and Singapore $5.4 billion ($1 billion dollars).

By 2025, China's e-commerce market will expand to a whopping $672 billion, says the report.

The fast growth everywhere is led by rising internet penetration and smartphone use, a young population and an expanding middle class.

Cross-border e-commerce is likely to play a major role in supporting e-commerce expansion, with the sub-segment expected to reach $1 trillion by 2020. This is driven by customers seeking lower prices and accessing unique or speciality products or brands not available in their home country.

The rapid adoption of e-commerce and digital platforms presents a new set of security challenges, the report cautions. (DS)

Fibre2Fashion News Desk – India


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