According to predictions, the e-commerce sector in Asia and America will grow significantly in 2023. Topping the list are Mexico and the Philippines, where online sales are expected to jump by about 25 percent and 24 percent, respectively. This is closely followed by Malaysia, which secured her third place with a growth rate of 18%. Meanwhile, Argentina and Brazil are expected to outperform other countries, with e-retail sales expected to increase by more than 15%.
Growing global e-retail market
The global e-commerce retail market is expected to quadruple from 2014 to 2022, driven by the rapid increase in internet users around the world in recent years, as well as movement restrictions and closures of brick-and-mortar stores due to the coronavirus pandemic. Expanded. The prevalence of mobile commerce, which involves online shopping through smartphones, is particularly noticeable in different regions of the Global South. According to forecasts, Argentina's M-commerce sales are expected to surge approximately 2.4 times between 2022 and 2026.
Rapidly growing market supported by local companies
Online retail giants Amazon and Alibaba Group enjoy global dominance in e-commerce, but they do not hold top positions in many of the fastest-growing e-commerce markets. Based on its monthly website traffic, Singapore e-tailer Shopee is Singapore's leading e-commerce site by a significant margin. This trend is even more pronounced in Argentina, where MercadoLibre receives nearly 50 times more traffic than Amazon's Spanish-language page amazon.es.