Overall, the retail market has been growing in the APAC region over the past years and will be among the world’s fastest growing regions in the next five years. According to Canadean’s “The Future of Global Retailing to 2016,” the APAC retail market is now the world’s largest, with regional sales rising from US$3.2 tri
Overall, the retail market has been growing in the APAC region over the past years and will be among the world's fastest growing regions in the next five years. According to Canadean's “The Future of Global Retailing to 2016,” the APAC retail market is now the world's largest, with regional sales rising from US$3.2 trillion in 2006 (31 percent of the worldwide total) to $3.8 trillion in 2011 (41 percent of the total). The APAC region is now projected to reach nearly half of the world's total retail sales by 2016.
One of the biggest market growths is China's retail sector. It has seen phenomenal growth and still holds tremendous potential. According to the National Bureau of Statistics (NBS), China's retail sales have grown nearly 13.1 percent year on year to nearly $3.8 trillion dollars in 2013.
The huge and thriving market is attracting prominent global retailers, and in the meantime, China's domestic retailers are also growing at a rapid clip. The Chinese government has been especially emphasizing expanding domestic demands and now even consumer demands are a key to achieve steady growth.
In recent years, with increasing Internet penetration in China, many retail giants have also expanded their online operations. Although the online segment only accounts for a tiny portion of the entire retail market in China currently, the success of it still depends on the operation efficiency and visibility of their storage and supply chains.