Tokyo, JAPAN – Global market research company Euromonitor International unveiled today a new white paper, ‘Digitalisation in Asia: How One Region is Shaping Worldwide Trends,’ examining Asia Pacific’s digital landscape and what companies need to do to win in the region.
According to Euromonitor International’s new research, Asia Pacific leads global digital commerce, accounting for 41 percent of spend worldwide in 2018. An expanding population, rising incomes and growth in discretionary consumer expenditure all drive digital spend.
Michelle Evans, head of digital consumer at Euromonitor International, says, “the Asian Century will usher in more digital consumers. The region will contribute the most internet users globally over 2018-2030, adding 1.6 billion. This is due to an investment in digital infrastructure, competition-enabling regulations and the rapid spread of mobile technology.”
Nearly 60 percent of Asian connected consumers have used a mobile phone to buy a good or service at least monthly according to Euromonitor International’s 2019 Lifestyle Survey.
Companies need to consider how connectivity has reshaped lifestyles and how the role of social on these devices are rewriting commerce. S-commerce is highest among emerging market and younger consumers. The Asian Generation Z cohort tops their global counterparts.
At the same time, it’s important for companies to understand how the region is diverse. “Asia Pacific is one of the most diverse regions in the world in terms of cultural aspects, demographics and economic development, and the levels of digital uptake is no exception. While businesses that wish to win in Asia Pacific must address fundamental consumer problems as they do in any region, businesses must also take into account the varying market nuances of this region, which will dictate what succeeds,” Evans concludes.