News: E-commerce Expected to Soar in BRICS Countries
E-commerce is expected to skyrocket in BRICS countries (Brazil, Russia, India, China and South Africa). According to a report published by Chinese e-commerce giant, Alibaba Group, gross merchandise volume generated by online shopping portals is expected to grow by 340% to reach $3 trillion by 2022.
Their share of global online shoppers will rise from 47.2% to 61% by 2022, increasing from 720 million people to 1.34 billion people. Cross-border e-commerce between BRICS countries is expected to be $553.6 billion by 2022.
Some of the most commonly purchased items among BRICS countries’ customers include:
- Chinese customers are drawn to Russian candy, Indian spices, Brazilian nuts and South African wine.
- Customers in Brazil, Russia, India and South Africa frequently purchase Chinese apparel, mobile phones and consumer electronics.
According to Ouyang Cheng from the research sector of Alibaba, Ali Research Institute, “increasing disposable income, wide use of the Internet and improved payment and logistics services have driven the sustained and rapid development of e-commerce in the five countries.”
In early August, trade ministers from BRICS countries met in Shanghai to discuss e-commerce cooperation. They discussed factors like logistics, payments and technological cooperation in order to improve the countries’ capabilities to handle trade and e-commerce.
To read more, please see: E-commerce sets to thrive in BRICS countries.