Japan is one of the most developed e-commerce markets globally and ranks 2nd in Asia, following China
The e-commerce sales in Japan were forecasted to grow by 10.1% in 2020 to reach $197.1 billion, compared to an earlier pre-COVID-19 estimate of 7.2%, GlobalData reports.
E-commerce sales are anticipated to rise at a compound annual growth rate of 7.5% between 2020 and 2024, to reach $263.5 billion in 2024.
The report states that the percentage of households using online shopping reached 50.5% in May 2020, an 8.2% growth from the same period last year.
As Japanese consumers continue to embrace online shopping, the use of e-payments will rise as consumers are moving away from cash-based payments due to fear of getting infected.
When asked about the most preferred payment method for e-commerce purchases in Japan, cards were accounting for 71.6% share, while alternative payment solutions accounted for 18.4% share.
We’ve reported that e-commerce in Poland reached all-time record last year.