Asia-Pacific Trends to Watch for 2023

Opportunities Abound in Social Commerce, the Metaverse, and Emerging Markets

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About This Report
Amid global economic gloom, Asia-Pacific remains a region of digital opportunities in 2023, highlighted by the increasing momentum of the metaverse in China, surging retail sales in India, and burgeoning livestream commerce in Indonesia.
Table of Contents

Amid the global economic slowdown, the outlook for Asia-Pacific will remain mostly positive in 2023. China is no longer the economic engine it once was, but major opportunities in ecommerce, the metaverse, and still-developing countries will support growth in the region overall.

In China, Social and Livestreaming Commerce Are Bright Spots—for Now

Overall ecommerce growth is fizzling in China, so brands and marketers will need to shift their attention to emerging channels. The country’s 10-year-plus digital buying boom is no more. Retail ecommerce sales growth dropped to single digits in 2022 and will remain there throughout our forecast period.

However, consumers are increasingly utilizing newer subcategories of ecommerce:

  • Livestreaming commerce. We predict that livestream ecommerce—conducted via retail websites or social networks—will outgrow overall ecommerce this year (19.0% versus 8.0%).
  • Social commerce. Though slowing, social will still outpace total ecommerce, growing 13.2% year over year (YoY). And livestreaming via social media will grow fastest of all, by 23.0%.

Here’s what’s in the full report

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Table of Contents

  1. In China, Social and Livestreaming Commerce Are Bright Spots—for Now
  2. India Leads the World in Retail Sales Growth for the First Time
  1. Indonesia Is a Livestream Commerce Hotspot
  2. China’s Metaverse Is Getting Real
  1. Sources
  2. Media Gallery

authors

Man-Chung Cheung, Ethan Cramer-Flood

Contributors

Jade Appel
Associate Forecasting Analyst
Jasmine Enberg
Principal Analyst
Andrew Spink
Forecasting Analyst
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