Is Asia finally catching on to online retailing?
A quick glimpse through recent reports has indicated that Asian consumers are slowly, but surely catching on to the online retail phenomenon. After a decade, the time has come for Asia to harness the potential of e-commerce.
In a report published by Euromonitor International, this burgeoning rate of sales made from online shopping has resulted in a marked leap in online consumer spending from $689 million last year, to a sum exceeding $716 million in Singapore this year. This positive growth is similarly witnessed in other parts of Asia, as retailers and vendors are eagerly seeking to position themselves for long-term success in this particular arena. For instance, retailers from the United States are attempting to capitalise on the increasing numbers of foreign consumers, and are trying to assess the risks factored in this international venture. Closer to home, a leading online apparel retailer in Australia and New Zealand, has also expressed its interest in setting up a platform in Singapore. With booming markets in Thailand, Malaysia, Hong Kong, Indonesia and Vietnam, this could mean greater access to new markets. The increasingly stronger inclination of consumers to subscribe to online retailing, and the enthusiasm of online retailers to leverage on this phenomenon, highlight the future potential of this growing trend in Asia.
In light of this, how should retailers adapt to this evolving trend, to ensure that they stay ahead of their dynamic and competitive retail industry?
At our Retail World Asia 2011, we will be exploring the growth and opportunities of the online retail business, in the expanding market of Asia. We will offer you the first-hand insights into this particular area of the retail industry, and the strategic considerations that are involved, in making such ventures sustainable and successful.