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Developing Ecommerce Market Entry Strategies in Asia Pacific Advisory Report 2015 2 Developing Ecommerce Market Entry Strategies in Asia Pacific, Advisory Report 2015 Developing eCommerce Market Entry Strategies in Asia Pacific Advisory Report 2015 2 Developing eCommerce Market Entry Strategies in Asia Pacific, Advisory Report 2015 CONTENT FOREWORD 4 1 SNAPSHOT OF ECOMMERCE IN ASIA PACIFIC 5 2 KEY CHARACTERISTICS OF THE ASIA PACIFIC ECOMMERCE LANDSCAPE 9 2.1 Growing Internet Penetration Across All Markets 10 2.2 Growing Consumer Spending 11 2.3 Social Media a Driver for eCommerce 11 2.4 Mobile is Massive 13 2.5 Changing Trends in eCommerce Payment Solutions 14 2.6 Marketplaces Play a Dominant Role 15 2.7 Cross-Border Trade in the Region 15 3 HOW TO TAKE YOUR ECOMMERCE BUSINESS INTO ASIA PACIFIC 17 3.1 Planning and Strategizing Your Market Entry 18 3.2 Market Entry Strategies for eCommerce in Asia Pacific 19 4 ECOMMERCE BEST PRACTICES 22 5 CHOOSING AN ECOMMERCE SOLUTION AND PARTNER 25 5.1 Building Your eCommerce Digital Backbone 26 5.2 Leveraging Regional Expertise and a Strong End-to-End Partner 27 CONCLUSION 28 3 Developing eCommerce Market Entry Strategies in Asia Pacific, Advisory Report 2015 FOREWORD This report is a result of the collaborative strengths of two eCommerce leaders in Asia Pacific: Demandware, the category defining leader of enterprise cloud commerce solutions, empowers the world’s leading retailers to continuously innovate in our complex, consumer-driven world; and SingPost eCommerce, Asia Pacific’s leading full service eCommerce enabler, providing full service eCommerce solutions for global brands. The purpose of this report is to provide key insights and present the latest research findings on eCommerce in APAC, highlighting the region’s potential as well as the unique challenges present in its individual countries. The region is expected to grow by 20% annually until 2018, surpassing North America in terms of online B2C sales1. Similarly, South East Asia reflects an upward trend; by 2020, the Association of South East Asian Nations (ASEAN) region is projected to be the world’s ninth largest economy and Asia’s fourth largest, translating to almost USD $1.9 trillion2. Faced with slower growth rates in their home markets, international brands and retailers have started to look towards APAC’s fast growing markets. However, while the region is ripe with opportunity, entering and succeeding in the market requires brands and retailers to work with strategic partners that have extensive expertise and reach across the region, along with a deep understanding of local consumers as well as insights into the varying legal regulations within each market. 4 1 http://ystats.com/uploads/report_abstracts/1097.pdf, 2 State of eCommerce in South-East Asia, Econsultancy, 2014 1. SNAPSHOT OF ECOMMERCE IN ASIA PACIFIC Asia Pacific is expected to become the leading region foreCommerce sales globally in 2015, representing 33.4% of the total retail sales, compared with 31.7% in North America and 24.6% in Western Europe. 5 Developing eCommerce Market Entry Strategies in Asia Pacific, Advisory Report 2015 B2C eCommerce Sales Share Worldwide, 2013 to 2018 (percentage of total)3 COUNTRY 2013 2014 2015 (P) 2016 (P) 2017 (P) 2018 (P) NORTH AMERICA 34.9% 32.9% 31.7% 31.1% 30.7% 30.6% ASIA PACIFIC 28.3% 31.2% 33.4% 35.1% 36.4% 37.4% WESTERN EUROPE 26.4% 25.4% 24.6% 23.9% 23.3% 22.7% LATIN AMERICA 4.2% 4.3% 4.2% 4.1% 3.9% 3.7% CENTRAL & EASTERN EUROPE 4.1% 4.0% 3.8% 3.5% 3.3% 3.2% MIDDLE EAST & AFRICA 2.2% 2.3% 2.3% 2.4% 2.4% 2.5% Source: eMarketer, 2014 Countries such as China, Japan, Australia, Singapore and South Korea have all been showing strong online retail potential. In terms of online market size, technology adoption and consumer behavior, infrastruc- ture and growth potential, they all rank within the top 15 countries globally4. The Growth of eCommerce in Asia Pacific JAN 2015 A Snapshot of Asia Pacific’s Key Digital Statistical Indicators TOTAL ACTIVE ACTIVE SOCIAL MOBILE ACTIVE MOBILE POPULATION INTERNET USERS MEDIA ACCOUNTS CONNECTIONS SOCIAL ACCOUNTS 4,021 1,407 1,065 3,722 879 MILLION MILLION MILLION MILLION MILLION URBANISATION PENETRATION PENETRATION POPULATION PENETRATION 45% 35% 26% 93% 22% Source: We Are Social, 2015 The growing spending power of the middle class is a key driver for the recent explosion in eCommerce5, with middle class consumers in Asia Pacific projected to account for more than 50% of the global middle class by 20206. Other key drivers for eCommerce growth in APAC include the rapidly expanding online and mobile user bases in emerging markets, increase in sales through mobile commerce, advancements in payment and shipping options and the push into new international markets by major brands7. SingPost eCommerce serves over 1000 brands across Asia and for most of these brands, growth rates reached 200% in 2014. This strong growth is expected to continue in 2015. 6 3 http://www.emarketer.com/Article/Worldwide-eCommerce-Sales-Increase-Nearly-20-2014/1011039, 4 A.T. Kearney’s 2013 Global Retail E-Commerce Index., 5 http://www.asiabriefing.com/news/2014/06/e-commerce-trends-developments-asia-pacific/, 6 http://www.oecd.org/dev/44457738.pdf, 7 http://www.emarketer.com/Article/Global-B2C-eCommerce-Sales-Hit-15-Trillion-This-Year-Driven-by-Growth-Emerging-Markets/1010575 Developing eCommerce Market Entry Strategies in Asia Pacific, Advisory Report 2015 Individual markets across APAC, however, vary widely in terms of culture, regulations, infrastructural development, mobile usage, social penetration, payment systems and logistics networks. For instance, while Australia is one of the most sophisticated APAC markets when it comes to its payments infrastructure8, in India, Indonesia, Vietnam and Thailand, more than 60% of all transactions are still cash-based9. Differences such as these greatly impact where and how eCommerce adoption develops across the region. eCommerce Market Size of Countries in APAC Australia Indonesia Singapore eCommerce will account for Annual online sales was The online shopping market 4.5% of all retail sales, which will forecasted to grow from USD $1 was projected to reach USD pass USD $10 billion, by the end billion to USD $3 billion in 2014. $2.7 billion in 2014 and grow of 201510. It is expected to reach USD $10 significantly to USD $3.45 billion billion by the end of 201514. by 201519. China Japan South Korea Retail eCommerce sales is The eCommerce market was Retail eCommerce sales are expected to hit USD $672.01 valued at USD $38 billion in expected to reach USD $36.76 billion in 2015, a 42.1% increase 2010 and is predicted to hit USD billion in 2015, up 11% from USD from 201411. $49 billion in 201515. $33.11 billion in 2014, accounting for 9.8% of total retail sales20. Hong Kong Malaysia Thailand Internet retailing in Hong Kong Revenue in Malaysia’s The eCommerce market is reached USD $1.5 billion in 2014, eCommerce market amounts to estimated at USD $1 billion and is a CAGR of 16% over the past five USD $804.5 million in 201516. expected to reach USD $6 billion years12. between 2020 and 202521. India Philippines Vietnam Home to 243 million Internet At USD $1.15 billion in 201317, A report from the Vietnam users, India’s eCommerce the eCommerce industry is eCommerce and Information industry is growing at 38% projected to increase at a CAGR Technology Agency (VECITA) annually. Analysts expect market of 101.4% during 2013 to 2018. revealed that Vietnam’s size to touch USD $100 billion in The B2C eCommerce market eCommerce sales hit USD $700 the next five years13. is projected to grow at 107.4% million. USD $354 million of that during the same time period18. amount registered officially on VECITA at the end of 201222. 7 Developing eCommerce Market Entry Strategies in Asia Pacific, Advisory Report 2015 These countries present viable business opportunities but are clearly part of a highly fragmented region. For instance, while China has high growth potential but less favorable online consumer behavior and lower technology adoption rates (low internet penetration rates) relative to other countries, at least 40% of consumers who do go online make online purchases despite constraints in the local financial or logistical infrastructure23. Establishing a strong local online presence in these markets requires a focus on brand development that is consistent with global standards and delivery capabilities that beat the competition. In more developed markets like Japan, South Korea and Singapore where high technology adoption rates, advanced infrastructures and a track record of innovative shopping online prevail, brands must invest in interface technologies and back-end capabilities to differentiate their offerings24. SingPost eCommerce serves over 1,000 brands across Asia and for most of these brands, growth rates reached 200% in 2014. This strong growth is expected to continue in 2015. 8 http://www.businesstravelnews.com/Expense-Management/Asia/Pacific-s-Business-And-Regulatory-Kaleidoscope-Complicates-Payment,- Expense/?a=trans, 9 http://www.speCommerce.com/asia-pacific-serving-consumers-without-credit-cards/, 10 http://www.emarketer.com/Article/ Australian-Retail-eCommerce-Sales-Top-10-Billion-2015/1011823, 11 http://www.chinainternetwatch.com/15235/retail-e-commerce-2015/, 12 http:// economists-pick-research.hktdc.com/business-news/article/Research-Articles/E-commerce-Recent-Developments-and-Opportunities-for-Hong- Kong-Businesses/rp/en/1/1X000000/1X0A2EJB.htm, 13 http://www.firstpost.com/business/corporate-business/why-profitable-business-is-a-must- for-e-commerce-business-in-india-1984857.html, 14 http://www.aseanbriefing.com/news/2014/06/11/e-commerce-markets-across-asean.html,
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