Retail in Asia

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Asia e-commerce will be worth USD1.4tr

Just five key countries in Asia Pacific account for more online retail revenue than the US and all of Western Europe combined, according to a new report.

Research firm Forrester predicted that total online revenue in China, Japan, South Korea, India and Australia will nearly double from USD733bn in 2015 to USD1.4 trillion in 2020, ZDNet reported.

China alone is expected to be worth USD1.1 trillion by 2020 and it remains the largest e-commerce market in the world despite its economic growth falling below 7pc for the first time since 2009.

"While the days of staggering year over year e-commerce growth in China are gone, current growth rates are solid and more consistent with other mature markets in the region, like Japan and South Korea," said Forrester analyst Lily Varon.