Dataquest analysts estimate the worldwide business-to-consumer e-commerce market to reach $31.2 billion* in 1999, up from $11.2 billion in 1998. The market will experience explosive growth through 2003 when revenue will surpass $380 billion. *all figures are in US dollars
On a local level, the Asia Pacific ecommerce market has been estimated to reach $3.05 billion in 1999, up from $875 million last year. Following the world-wide trend, the Asia Pacific market will also boom through 2003, with an estimated jump in revenue to $65.6 billion.
"The reduced costs of Internet access and the growth of locally-based online merchants will drive the birth of large-scale e-tailing throughout the world," said Blaine Mathieu, senior industry analyst for Dataquest's e-Commerce Worldwide program.
"On a regional basis, the so-called 'brick and mortar' businesses outside of the United States have had the advantage of watching consumer ecommerce develop over the last two years and are determined not to repeat the mistakes of real-world retailers who were caught off guard by the ecommerce revolution."
The United States is on pace to have business-to-consumer ecommerce in 1999 total $20.5 billion, and by 2003, the U.S. consumer ecommerce will reach $147 billion. The European business-to-consumer ecommerce market is projected to grow from $5.4 billion in 1999 to more than $115 billion in 2003.
"The advent of free Internet accounts is dramatically increasing the number of Internet users in Europe," Mr. Mathieu said. "Relatively high penetration of smart cards, digital wallets, and other secure payment methods is reducing security concerns.
Consumer ecommerce in Europe is promoted by the increased development of home-grown solutions, utilising local currencies, languages, and distribution channels. Customers in other regions of the world no longer have to order from etailers based in the United States."
