APAC: The world’s leader in eCommerce market sales

China is one of the fastest-growing major economies in the world. In 2017, eCommerce in China generated close to $1 trillion in sales. The demand for eCommerce is fueled by rapid smartphone adoption, increased Internet penetration, availability of secure online payment mechanisms and reduced delivery times. Fuelled by growing prosperity, Chinese eCommerce continues to expand rapidly – by 27% a year. Chinese online shoppers most commonly use e-wallets to pay for goods and services. The most popular categories are clothing, travel, and food.

Bangladesh is a fast-growing eCommerce market, mainly due to the boost received from the Bangladesh Bank since the late 2000s. With a significant dependency on the Cash-on-Delivery payment method, currently used in 90% of online transactions, the credit and debit card usage is gradually gaining speed. Twelve million people (7% of the country’s population) use debit cards, and approximately 1 million (less than 1%) use credit cards. Understanding Bangladesh consumers and offer local payment methods are the key for all merchants looking to set their footprint in this market.

With a population of over 1.36 billion, India is the world’s second most populous country. From 2014 to 2016, it was the world’s fastest-growing economy but was overtaken by China in 2017. Fueled by multilateral digitization efforts that are bringing 1 billion of India’s citizens online and into the financial mainstream, the country’s $42.4 billion eCommerce market is undergoing tremendous expansion. By 2021, it is expected to reach $64 billion, growing at a compound annual growth rate of 23%.

With the fourth biggest population in the world, and yet the least-developed eCommerce market in Southeast Asia, Indonesia is facing a dramatic rise in the market size, going from just over $3 billion in 2015 to $11 billion in 2019. Almost 56% of the population is currently online, and the number of debit and credit cards issued is only 15%. As with many developing economies, the shift online is happening through mobile, with over 90% of online users in Indonesia going online via their phone.

dLocal has enabled merchants selling into Malaysia to accept payments from eWallets such as Maybank2u, Boost, Grab Pay, and Touch ‘n Go, in addition to bank transfers and cash payments via 7-Eleven

With a population of 69 million people, Thailand has a GDP of US$ 500 billion and an eCommerce market value of US$ 26 billion. Card payments lead as the payment method of choice in the Land of Smiles at 25.7% of market share with bank transfers (23.8%) and eWallets (22.8%) close behind, although the usage of digital wallets is predicted to increase and gain a market share of 28%.

Turkey is home to 82 million people who are increasingly digitally savvy and urbanized. Turkish eCommerce market, worth $10.5 billion, is projected to grow at an annual rate of 12.4%. There are currently 33.3 million eCommerce users in Turkey, with an additional projected 10 million new users by 2020. Mobile commerce is already taking a 29% share of all eCommerce transactions and only expected to grow as smartphone penetration grows. Credit cards account for most domestic online transactions and Turkish consumers enjoy taking advantage of monthly installments offered by local issuers.

Merchants serving customers in the Philippines can now accept international cards such as Visa and MasterCard, as well as card payments in up to 12 installments and sales without a CVV.

Merchants selling into Vietnam can accept international cards such as Visa, MasterCard and UCB, as well as local credit cards and wallets such as VTC Pay, Vietcombank, Techcombank, and more.