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Finance & Economics

E-commerce sales in Japan to surpass $260B by 2024

Jan 22, 2021

Japan is one of the most developed e-commerce markets globally and ranks 2nd in Asia, following China

Japan e-commerce sales

E-commerce sales in Japan to surpass $260B by 2024. Source: flickr.com

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.

While the crisis caused a plunge in the overall consumer spending, there is a rise in online spending, as wary consumers stay home and use online channels. With social distancing rules in place and closure of many brick and mortar stores, shoppers had to embrace online channel even for day to day shopping
Nikhil Reddy, Banking and Payments Analyst at GlobalData

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.

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