New Delhi, June 28 : Its not been long since India was bitten by the online shopping bug, and come 2010, the country is all set to rule the online shopping domain, for a new research has suggested that India and China will become the largest online shopping market in the Asia-Pacific region with the starting of the next decade.
By 2010, China will have the highest online shopping turnover, which would make up to about 1.4 trillion dollars and India will be at the No 2 spot.
Conducted by MasterCard, the survey claimed that by 2010, these two largest populated countries would displace Japan from its position of the largest online shopping market in the Asia-Pacific region, what with 480 million online buyers spending trillions of dollars buying products online.
Focussing on e-commerce across the region, the survey said that by 2011, online shopping growth will be exceed 23 percent a year, with the bulk of that coming from China and India.
"The rising population of upper-middle-income urban elites is likely to boost the online shopping markets in China and India significantly. Domestic consumer spending in the two countries is poised to pick up strongly, underpinned by the rapid pace of urbanization, robust economic expansion and rising spending powe," the China Daily quoted the survey, as saying.
By 2010, India's online shopping population is believed to go ahead of Japan and South Korea, revealed the survey.
While China has one of the lowest Internet penetration rates, its online shopping penetration rate is about 70 percent, "indicating the online population has a high tendency to make online purchases", said the survey.
Talking in terms of total revenue, online shoppers in these countries spend an average of 612 dollars per quarter, with Singaporeans and South Koreans the biggest spenders.
In fact, the survey revealed that a large majority of the region's shoppers, about 84 percent, plan their purchases and conduct research before spending their money.