How ECommerce Is Impacting Online Habits & Asian Consumers In US ?

Impact of Online Habits (e-Shopping) by Numbers

1. An estimated 2.14 billion are expected to purchase goods online around the world in 2021.
2. The global is forecast at $4.891 trillion.
3. projections show that e-commerce sales worldwide are going to grow to $6.4 trillion by 2024. 
4. Taobao, a Chinese online platform, is the world's biggest online marketplace with a GMV of $515 billion.
5. Tmall ranked 2nd with $432 billion and Amazon ranked 3rd with $344 billion in annual third party GMV respectively.
6. Amazon, Alibaba, and eBay accounted for 50 percent of the world's web sales in 2018
7. During the Pandemic, the demand for Amazon Groceries increased by 50 times. 
8. 62 percent of online buyers shop at least once per month. 
9. Turkey is the country with the highest retail e-commerce CAGR
10. 25.7 % Worldwide growth of retail e-commerce sales. 

Impact of Online Habits of Asian Consumers in US

Asian consumers in the US have become one of the fastest-growing consumer sectors in the US. On average, Asian consumers have a 41 percent higher income than the national average which means more buying power. Asian American buying power is expected to reach $1.6 trillion by 2024. 

Asian households usually spend more annually than the national average on food (+29%), apparel (+67%), housing (+24%), education (+128%), and new cars (+$37%). 

U.S. cities with the highest Asian population are:

• Los Angeles, CA
• New York, NY
• San Francisco, CA
• San Jose, CA
• Chicago, IL
• Honolulu, HI
• San Diego, CA
• Houston, TX
• Fremont, CA
• Seattle, WA

Facts to Know When Marketing to Asian Consumers in US

1. With an increase of 7 million or 45% in the past 10 years, Asian Americans are the fastest-growing ethnic group in the US.
2. China and India are two of the most popular countries driving immigration to the US. Still, a growing number of Asian Americans are U.S. natives.
3. Asian American households are more likely to be multigenerational as they are 17 percent larger than average U.S. households.
4. With a collective buying power of $1 trillion, Asian Americans have the highest household income of any racial group in the US.
5. 43% of Asian American households have an income of $100,000 or more.
6. Asian Americans are the most digitally connected consumer group. 99% have Internet access in the home, 89% own a computer, and 97% own a smartphone
7. 47 percent of the total online purchases in the US were made by Asian Americans. That is 22% higher than the overall population.
8. 23% of Asian Americans work in technology, engineering, math, and science industry jobs. (vs. 12% of the total population.)
9. 96 percent of Asian Americans are more likely to have purchased software or computer hardware online in the past year than the total population. 

Fashion Brands Preferred by Asian Consumers

Listed below are some of the fashion brands preferred by Asian consumers-

1. Altuzarra

Designers: Joseph Altuzarra

Location: New York City

Price: $345 - $2,995

Online Retailers: matchesfashion.com, altuzarra.com, net-a-porter.com, etc.

Altuzarra is an apparel brand that sells everything from silk shirt dresses to asymmetrical skirts, complete with suede tote bags and classic cardigan sweaters. The designs have been influenced by styles all around the world. 

2. Avre

Designers: Julie and Connie Kuo

Location: California

Price: $95 - $145

Online Retailers: avrelife.com

Avre was launched in 2019 by sisters Julie and Connie Kuo as a sneakers brand. The sneakers are not only stylish but also eco-friendly as they are made of recycled plastic bottles. The range of pastel and neutral athletic shoes is the perfect addition to any athleisure-lover's collection. 

3. Jason Wu

Designer: Jason Wu

Location: New York City

Price: $295 - $1,895

Online Retailers: net-a-porter.com, bergdorfgoodman.com, and jasonwustudio.com, etc. 

The brand was launched in 2003 in New York City by Jason Wu, who trained at Parsons School of Design and under designer Narciso Rodriguez. His apparel is worn by celebrities around the world most notably by former first lady Michelle Obama. 

4. Mauby

Designer: Carol Min

Location: Los Angeles, CA

Price: $10 - $129

Online Retailer: maubyofficial.com, verishop.com, nordstrom.com

Launched in 2020, right in the middle of a global pandemic, Mauby is an apparel brand that has a beautiful collection of joggers, cotton dresses, jumpsuits, and much more. The brand is committed to giving back to society, using its influence to support nonprofits and underserved communities.

5. Prabal Gurung

Designers: Prabal Gurung

Location: New York City

Price: $95 - $2,795

Online Retailers: prabalgurung.com, bergdorfgoodman.com, farfetch.com

The owner, Prabal Gurung launched his fashion brand in 2009 in New York Fashion Week and has been going on strong ever since. His breathtaking pieces range from sheath dresses to tulle ball gowns, pantsuits, and more. The owner has also established the Shikshya Foundation in Nepal. It is a non-profit program that gives power to underprivileged children. 

Conclusion

The evolution of the internet has brought several changes and one of the most popular changes is E-commerce. This change has allowed big companies to get a hold of the market and provide goods and services to their customers from anywhere around the world. 

Over the years, people have developed online habits of ordering everything online as it is much easier and more time-efficient than going to the store themselves. Asia is one of the world's biggest consumers of online goods and services. The global pandemic is the best example of how effective Ecommerce can be if implemented correctly. It will be interesting to see the development in the E-commerce sector in the next few years.