Asia is already one of the world’s largest e-commerce marketplaces and continues to grow rapidly. However, there is a wide diversity among economies in e-commerce development. The majority of shoppers in Asia prefer to shop online rather than in stores, although the extent of this varies by each country. While Millennials were most in favor of e-commerce, Gen Z consumers also lean towards the online channel. Physical retailers expecting a resurgence of the store driven by this younger generation therefore, they think twice and look at ways to make their stores relevant in the omnichannel age. Consumers mainly turn to e-commerce for lower prices, which underlines why bricks and mortar retailers should not try and compete on price and focus on other points of difference, for consumers in Asia, the main appeal of the store is to see products in real life.
The Key Findings of The “Digital Consumer in Asia, 2018” Report:
- The vast majority of Chinese consumers prefer online over in-store shopping with a rate of 88%.
- The high shipping costs is the major frustration with e-commerce by surveyed generation Z digital shoppers with a rate of 54%.
- Preferring to touch and feel products is the top driver of switching from online shopping to store shopping among Asian consumers with a rate of 69%.
- Founding better price online is the main factor for Asian consumers to switch from shopping in-stores to shopping online with a rate of 80%.
- The wide range of products is the main driver for Asian consumers to use online marketplaces with a rate of 71%.
- 63% of surveyed Asian consumers mentioned that they will no longer shop from a certain retailer after just one negative customer experience.
- 38% of surveyed millennials and generation z consumers reported that they find apps provide a better experience than mobile sites.
- 29% of surveyed generation Z digital consumers mentioned that they shop online through their mobile devices monthly.
- 82% of surveyed digital buyers reported that convince is the main motivation factor to install retail apps.
A Figure Shows What Matters When It Comes to Online Shopping For Asian Digital Buyers, 2018.
The Content of The”Digital Consumer in Asia, 2018” Report:
- Rakuten Insight Viewpoint.
- Generations at a Glance.
- Survey Scope.
- Reimagining the Store Experience.
- Online Purchasing Behaviour.
- Online Marketplaces – The New Reality.
- A Mobile Consumer.
- Switching Channels.
- Loyalty in the Age of the Empowered Consumer.
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Tofugear, in partnership with Rakuten Insight, conducted a study to understand the online and offline shopping habits of consumers across multiple generations. This survey carried out among 6,000 consumers in 12 Asian countries in August 2018. The three generations used in this report are defined as Gen Z, Millennials and Gen X.