In 2013, the top 10 internet retailers in Asia-Pacific had sales totalling $110 million, up 23 percent from the previous year, says Euromonitor.
While the Top 500 Retailers in Asia-Pacific registered a drop in retail sales, internet retailers have enjoyed double digit growth, according to Retail Asia Top 500 Retailers Ranking.
This channel has strong potential as store fronts carry high rental fees and additional labour costs with internet retailing offering consumers more convenience, greater product availability and competitive prices. Of the top 10, the leading six players are pure Internet retailers that operate in multiple markets in the region.
China has officially surpassed Japan with the overall highest number of entries, as China has now 31 percent share in the list of top 500 companies.
However, Japan continues to dominate the top ten positions in Retail Asia Top 500 ranking. In a statement Euromonitor International said that the retailers on the Retail Asia Top 500 Ranking had total combined revenue of $1.035 trillion, down nearly 3 percent from the previous year, due to a weakening yen.
The decline in combined sales primarily was caused by the weakening exchange rate of major Asian currencies against the US dollar, which was the common denominator used for the Top 500 ranking.
Meanwhile growth is not expected to be as dynamic as before; the Middle East, Africa and Asia-Pacific are likely to generate the highest amount of new sales worldwide. In the next five years, those regions will account for more than half of all new global sales, offering enticing opportunities for retailers of which 500 retailers have already made it to this list.
“The top ten Japanese retailers’ total sales turnover increased a creditable 3.1 percent year-on-year in domestic Yen currency term. When denominated in US dollars, the same turnover figure contracted a harsh double-digit 14.5 percent. The scenario practically held across the board among other major Asian economies as well,” said says Steven Goh, executive chairman, Retail Asia.