The United States and China have been the largest ecommerce markets for many years and are likely to hold those top two spots for years to come. However, back in 2019, eMarketer published their list of the ecommerce markets with the highest growth rates. These markets may still be relatively small, but the trajectory of their growth is impressive.
For brands, they represent an opportunity to get an early foothold in what will eventually be a booming market. Here we examine the top 5 countries with the fastest growing ecommerce markets.
Mexico may not have been your first guess at the country to top this list. Other obvious choices like India and China will follow, but the year on year growth rate of 35% puts Mexico at the top. Much of Mexico’s ecommerce growth is due to the growth of MercadoLibre and their innovations in fulfillment and payment methods that have made online purchases more accessible and more convenient. Amazon Mexico is also gaining a significant foothold in the country.
Top Marketplace: Mercado Libre MX
Growth Rate: 35%
World Ease of Doing Business Ranking: 60
India has drawn the attention of retail giant Walmart (who acquired Flipkart), and ecommerce powerhouses Amazon and eBay, among others. WIth a population of 1.353 billion and a projected 600 million internet users in the country by 2021, India is a huge opportunity. The indian ecommerce market is expected to grow to $200B by 2026 from $38.5B as of 2017.
This growth is largely attributed to increasing internet and smartphone penetration in the country. Flipkart is currently the dominant marketplace, but Amazon is making significant investments into their Indian business.
Top Marketplace: Flipkart
Growth Rate: 31.9%
World Ease of Doing Business Ranking: 63
The Philippines online consumer goods market is estimated to reach $12 billion USD by 2025, up from $3 billion USD in 2019 and it is the second largest country in southeast asia in terms of internet users. The desire for products not found locally is a huge driver of growth in the Filipino market, making it a great option for overseas brands.
Social media is a huge driver behind their ecommerce growth, so be prepared with both your English and Tagalog social media campaigns as you’re moving into the market. The Alibaba-owned Lazada is the dominant marketplace in the Philippines with Shopee following close behind.
Top Marketplace: Lazada
Growth Rate: 31%
World Ease of Doing Business Ranking: 95
China is the largest and one of the fastest growing ecommerce markets in the world. They narrowly outrank India in the amount of internet users in the country, with around 632 million internet users. However, China dwarfs every other ecommerce market at $1.94 trillion USD, more than 3 times the size of the U.S. market.
There are challenges in entering the Chinese ecommerce market, namely the massive amount of competition brands face from both domestic and foreign companies. Advertising investments are a must to gain a significant foothold in the market. Brands must also optimize for mobile as 51% of all ecommerce transactions come through mobile devices. Finding success in China needs tested and proven ecommerce strategies, and ideally some part of your team present in-country.
Top Marketplace: TaoBao
Growth Rate: 27.3%
World Ease of Doing Business Ranking: 31
Malaysia, much like its neighboring Singapore, is a hotspot for cross-border ecommerce. An estimated 40% of ecommerce orders come as cross-border from the U.S. or China. Ecommerce started with eBay Malaysia way back in 2004, but has grown to include marketplaces like the Alibaba group’s Lazada marketplace as well as Shopee.
Similar to the Philippines, social media has helped drive much of the ecommerce growth, with 25 million active social media users (which makes up 78% of the population). Driven by strong social media usage and a high percentage of the population shopping on mobile devices, the Malaysia ecommerce market is expected to reach a value of $3.9 billion USD in 2020.
Top Marketplace: Shopee
Growth Rate: 22.4%
World Ease of Doing Business Ranking: 12
We hope this summary of the fastest growing ecommerce marketplaces across the globe will help you plan and strategize your global ecommerce business expansion. Pattern has experts in each market, and is the premier partner for ecommerce globally. Contact us to request a demo and find out how your brand can grow its reach to some of the fastest growing ecommerce markets in the world.
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If you’re in the global ecommerce space, you are most likely aware of Amazon, and probably selling your products on the marketplace. With over $470 billion in sales in 2021 alone, Amazon stands as the third largest company in the world based on revenue. The ecommerce giant is a household name in the U.S. and working hard to grow its market share across five continents worldwide.
Having your products available on Amazon and being competitive there, though, are definitely two different things. If you want to really succeed on Amazon, you’ll need specialized insight into how Amazon works and how to make it work for you. So, for many brands, it’s a great idea to work with an Amazon Search Engine Optimization (SEO) agency.
At Pattern, Amazon SEO optimization service is one of our key competencies. We understand that technology, data-driven insights and expertise are the most important tools brands can leverage to win top listing spots on digital marketplaces. With expert teams and years of experience, we help brands conquer the Profitability Death Spiral as they compete with other products and sellers online. We offer Amazon SEO agency services as a core solution to brands that need more resources to get ahead.
An Amazon SEO agency serves brands by improving their products’ rank and listing performance on Amazon. They make strategic decisions about ad spending and placement that lead to higher traffic, conversions, and revenue for ecommerce brands.
A great Amazon SEO Agency partner will:
Unfortunately, many Amazon SEO agencies profit in unfair ways from your brands’ perceived success based on the ROAS numbers they provide. This is done through including branded search terms in ROAS reports, which naturally skew listing performance.
Let’s say, for instance, your brand is called “Annie’s” and you sell lollipops. Your brand has a very high likelihood of winning the top listing spots on Amazon for lollipop search terms that are paired with “Annie’s,” your brand name. So, SEO agencies will spend your ad money on those terms and report a very high ROAS.
To avoid scenarios like these, it’s best to look for an agency that either calculates their profits on metrics other than your ROAS scores or weighs branded search terms differently in the performance metrics reports. Regardless of your Amazon SEO agency’s cost structure, you should align onbranded search terms before committing to a scope of work.
A great indicator of a high-quality Amazon SEO agency is the level of insight they can provide into your competitors’ listing positioning and how it compares to yours. Data fanaticism is so important at Pattern that we’ve developed proprietary technology to display this exact information with precise detail for every brand we work with. In fact, you can find our free version here to see how you compare to some of your top competitors based on ASIN.
It’s certainly possible to improve your Amazon search performance with blind spending strategies. But a truly great solution will help you to know where your dollars are at their most powerful and competitive.
Amazon’s A10 algorithm prioritizes customer satisfaction—it wants to show consumers the best products that align with their search intent to improve conversions and sales. So, the best way to gain momentum on Amazon is to work on incremental wins.
Improving your performance on more obscure search terms that align with your customers’ search intent is a great way to increase ROAS for the long term. A10 will reward your success with better rankings on higher-volume search terms and the virtuous cycle can help you conquer your most-coveted listing spots. And the best part? This process of gaining momentum, if done right, will naturally decrease your ad spend over time as Amazon recognizes your value and works with you to keep your products at the top of consumers’ search results.
As an Amazon SEO specialist, Pattern knows how to help your brand win better success for long-term profitability on Amazon. With our data-driven tools and brilliant teams of ecommerce experts, we help brands with listing management, content optimization, Amazon ad strategies, and more.
Contact us to learn more about our SEO optimization services.
Entering the ecommerce landscape is a huge undertaking for any brand—it usually requires a large investment in resources and expertise to really be successful. Any brand can quickly get in over their heads trying to navigate the nuances of SEO, fulfillment and logistics, distribution control, listing optimization, and meeting the numerous other requirements and administrative tasks to show up well on marketplaces.
Unfortunately, because it’s so easy for third party, gray market, and unauthorized sellers to obtain and sell products online, many brands find themselves pressured to execute an ecommerce plan without the right resources to succeed on marketplaces and their other channels.
So, for brands looking to enter the ecommerce space or improve their current and future performance, it makes sense to partner with an ecommerce consultant.
Pattern’s global presence and proven success with hundreds of brands has allowed us to develop highly effective ecommerce consulting services. We can guide your brand to navigate issues both large and small in marketplaces worldwide. To maximize your ecommerce efforts, you’ll need to understand what an ecommerce consultant does and how to select one who drives the right value for your brand and products.
An ecommerce consultant is a specialist in the ecommerce space who can give you personalized guidance on how to market your products and grow their presence on digital marketplaces.
An ecommerce consultant should be able to analyze your brand, audience, category, opportunity, and current roadblocks and help you understand how to utilize your resources (or what resources are missing) to be most effective in capturing your opportunities in the ecommerce space.
Not sure how to evaluate a consultant? Here are 4 key attributes to look for as you make your choice.
At Pattern, we prioritize brand obsession for a reason—we know that a brand-centered mindset makes a crucial difference in the outcomes and results our partners achieve. So in our experience, when you begin your search for an ecommerce consultant, it’s important to look for a partner who is specialized in ecommerce, invested in the product, and passionate about helping brands build and improve their strategies. Typically, this means finding someone that consults exclusively for ecommerce marketplaces, rather than choosing a consultant who offers many different services.
It’s also important to avoid choosing a consulting partner who can’t deliver the right experience for your brand. The best indication of whether your potential consultant can do that is to review their history, data, and results with other brands. Ask if they’ve helped others in your selling category, if they’ve solved specific issues your brand is facing, and why they feel you are a good fit. The key is to leave the conversation feeling confident that you understand your consultants’ capabilities and whether or not they match up with your needs.
It’s best to pick a consultant who knows how to guide a brand onto and through multiple marketplaces worldwide. You’ll want to take a look at your long-term strategy and think about the regions and platforms you’re currently on and where you might want to take your brand in the future. If your consultant is truly great at what they do, they’ll be able to help you perform well enough with your current product roadmap that it’ll be a no-brainer to expand your presence at the right time.
The most effective partnership with an ecommerce consultant will be able to give you both recommendations and point you to solutions for making those changes in your planning, processes, and execution. Your time and money is valuable, so you want to make sure that you’re spending it as efficiently as possible as you follow your consultant’s advice. So, before you commit to an ecommerce consultant, ask about the resources and concrete solutions they typically recommend to the brands they work with.
Finding an ecommerce consultant that checks the boxes can be a difficult task. At Pattern, our entire focus and drive centers around giving brands the tools and resources they need to succeed on domestic and international ecommerce marketplaces.
With over 100 global ecommerce consultants across 10 global offices, we have the right tools to partner with brands across the world to achieve better ecommerce success. We give specialized advice, then make sure our partners have all the adequate SEO, social media, CRM, Amazon multi-channel fulfillment services, and ecommerce outsourcing services they need.
Interested in ecommerce consulting services? Set up a call here to learn what Pattern can do for your brand on global marketplaces.