Indonesia’s e-commerce industry is growing at 78 per cent, the fastest growing in the world. Indonesia is followed by Mexico with a growth rate of 59 per cent and the Philippines with a growth rate of 51 per cent. In these three countries clothing retail and footwear sectors are the major contributors for the e-commerce growth. Growing incomes, increasing awareness, high aspirations and technological advancements are some of the few things that are helping the e-commerce market to grow big every year in these economies.
India with 27 per cent, Colombia with 45 per cent, the UAE with 33 per cent and China with 27 per cent are some of the other fast growing e-commerce markets in terms of percentage growth. In the European Union, e-commerce is growing by 16 per cent a year on an average. While Brexit continues to cast a shadow of uncertain trading relationships between the EU and British businesses, these findings demonstrate a clear opportunity for British retailers to explore other alternative global markets. Significant e-commerce growth in countries that weren’t previously a priority offers British businesses the chance to extend their global reach, as long as they can meet local payment preferences.