Asia-pacific B2b Ecommerce Market 2022-2028

Asia-pacific B2b Ecommerce Market 2022-2028

MARKET OUTLOOK

Triton’s research report states that the Asia-Pacific B2B eCommerce market is expected to display a CAGR of 21.94% during the forecast years 2022-2028. Japan, ASEAN countries, China, India, Australia & New Zealand, Vietnam, Philippines, South Korea, and Rest of Asia-Pacific are studied in the region.

The growing adoption of smartphones and digitalization trends across sectors are among the key factors supporting the Indian market’s growth. The surge in smartphone use has led to the development of various app-based solutions that have enabled easy and quick online payments. Estimates indicate the mobile penetration rate to reach around 96% by 2040. This has ultimately compelled businesses to shift from conventional to innovative models to reach new and retain old clients. For instance, ShopKirana raised around $2 million in funding from Edge to expand its operations across 10 cities. Therefore, these factors are fueling the Indian B2B eCommerce market’s progression.

Furthermore, the rise in online payments has led to the growth of digital marketing efforts in South Korea. As per the International Trade Administration, the purchase rate of mobile phones soared tremendously in 2021, leading to a rise in internet users. Estimates suggest the average daily online payments reached around $790 million in the same year. Hence, as stated above, the growth in online marketplace and payments drive the B2B eCommerce market across the nation.

COMPETITIVE OUTLOOK

The prominent companies in the B2B eCommerce market comprise DIY Trade, Amazon Inc, Alibaba Group Holding Ltd, Kompass, Flipkart, and Quill Corporation.