Social Commerce Sales Expected to Double by 2024 in Asia Pacific
SINGAPORE – Last-mile delivery and social commerce are expected to revolutionise consumers’ interactions with brands in Asia Pacific (APAC) in 2020, according to global market research company Euromonitor International.
In its new whitepaper “Top 100 Retailers in Asia 2020” Euromonitor looks at how the APAC region continues to accelerate as an innovation hub for retailing. With 2 billion internet users solely in APAC in 2019, social commerce sales reached USD2 trillion and are expected to double by 2024.
While Millennials and Generation Z mostly contributed to the rise of social commerce, digital marketplaces in APAC enabled companies to rapidly pivot onto omnichannel strategies. This acceleration amplified with the COVID-19 outbreak, allowed retailers to rapidly adapt in multiple innovative ways, such as contactless delivery.
“With the heavy shift to e-commerce in the height of COVID-19, retailers with a stronger digital presence prior to the outbreak are likely to fare better as consumers lean more into that channel“, says Deepika Chandrasekar, senior research analyst at Euromonitor International. “Concepts like last-mile delivery, omnichannel and click-and-collect accelerated by the pandemic, are likely to stay afterwards,” added Clare Lee, research analyst at Euromonitor International.
Euromonitor downgraded the baseline for the global real GDP growth to a range of – 4% to -1.5% in 2020 due to COVID-19, where emerging economies such as China, India and Indonesia are predicted to be badly hit. This crisis underscores the importance technology and social commerce play in how consumers live, work, shop and play.
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