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Global e-commerce turnover forecast to tip US$2,671bn in 2016

Over a quarter (26%) of the world’s adult population now shop online with an average spend per e-consumer of US$1,582.

The E-commerce Foundation released its annual Global B2C E-commerce report today. The report outlines a market that continues to thrive with a turnover of US$2.3 trillion in 2015 — a 7% share of total retail goods and 3.11% share of global GDP. But while growth continues, the report does forecast a slightly lower growth rate of 17.5% for 2016 (compared to 19.9% in 2015).

Asia-Pacifics trongest B2C e-commerce region in the world
With a B2C e-commerce turnover of US$1,056.8bn in 2015, Asia-Pacific emerged once more as the strongest B2C e-commerce region in the world, ranking ahead of North America (US$664.0bn) and Europe (US$505.1bn).'

Latin America and Middle East and North Africa (MENA) at US$33bn and US$25.8bn respectively continues to lag behind.
ecommerce turnover per regionChina continues to dominate
With US$766.5bn in online sales last year — US$174.4 more than the U.S. — China managed to command a third of all global B2C e-commerce turnover. And that lead is only expected to increase as China appears on path for yet another impressive year with a forecasted 2016 B2C e-commerce turnover of US$975bn. That translates into a 27% anticipated YoY increases, which far outpaces the 9% increase forecasted for the U.S.

India positioned as the next e-commerce frontier
India witnessed a staggering 129.5% growth in B2C e-commerce trade last year, a trend that is expected to continue with a 75.8% growth forecasted for 2016. As one of the largest and fastest growing e-commerce markets after China, India’s emerging middle class and increasingly internet savvy population has made it the next frontier for e-commerce businesses positioning to gain market share.

Upping its stake another US$3 billion in India, Amazon has been notably keen on the potential of the Indian e-commerce market. Chinese e-commerce player, Alibaba is also actively exploring e-commerce marketplace opportunities in India. And with recent moves by the Indian government to revise rules and regulations related to the operations of FDI in the country, India has become even more attractive to foreign e-commerce investors.

U.K. spends big
But while China extends its lead and India triples in growth, U.K. online consumers remain the biggest spenders. The average British online consumer handed-over US$4,018 for online goods or services last year compared to the US$3,428 in the U.S. and US$1,855 in China.

Access more worldwide e-commerce facts and figures by downloading the Global B2C E-commerce Report 2016 and the free infographic.

Tags: Research, global e-commerce

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