E-commerce by region
According to a joint report from Facebook and Bain & Company, e-commerce penetration in Southeast Asia was projected to grow by an impressive 85% as 2021 came to a close. E-commerce businesses received an influx of 70 million new customers in the region who started shopping online for the first time since the pandemic. (SYNC South East Asia).
At the same time, India now represents a market of 549 million online shoppers according to PayU data – still only 40 percent of the country’s 1.36 billion population, indicating the potential for significantly more growth ahead.
In Western Europe, online sales in the UK accounted for 35.2% of all retail in the country in January 2021. (ONS) Since the COVID-19 pandemic hit, almost half (46%) of UK consumers have purchased a product online which they had previously only ever purchased in-store.
US consumers, meanwhile, spent a record sum of $204.5 billion during the 2021 holiday season, a year-over-year rise of 8.6%. (Adobe)
Growth-oriented Eastern Europe is a particularly intriguing market for online merchants, with larger Eastern European countries such as Poland and Romania continuing to see immense expansion in e-commerce as global trends coincide with national efforts promoting digitization and digital commerce throughout the region.
Africa’s e-commerce landscape also continues to grow, powered by mobile commerce, the new Africa Free Trade Area agreement, and the continent’s larger economies (particularly South Africa, Kenya, and Nigeria).