As per a new study by Forrester Research, e-commerce is growing exponentially, especially in the Asia-Pacific region. The area is expected to see approximately a fifth of total retail sales taking place online by 2021. Further, 78% of these will be mobile-based. This is up from 63% in 2016. YourStory reports that according to the firm’s report, with $681 billion in online retail sales in 2016, China is the largest market for e-commerce. While the US follows close behind, India holds the top spot as the fastest-growing e-commerce market.
Front-runner China accounts for nearly 80% of online retail sales in the Asia-Pacific region. Moreover, Forrester expects it to become the first market to reach $1 trillion in the segment in 2020. However, according to Satish Meena, forecast analyst, Forrester, India will take more than 10 years to reach the level of the American and Chinese markets in online retail. Still, the Indian market is expected to reach $64 billion by 2021, growing at a five-year CAGR of 31.2%.