By 2023, the projected turnover of global e-commerce will reach 6 trillion US dollars, accounting for 22% of total retail sales worldwide. Such a steady growth of e-commerce is facilitated by an even greater flow of customers into online, the development of omnichannel sales and increased personalization, as well as the spread of customer-centric models.
Central Asia, as a dynamic market with a young population, is presenting a great interest to e-commerce players. According to KPMG analysts, the regional retail turnover in 2021 amounted to more than 60 billion US dollars. The leader in the development of e-commerce in the region is Kazakhstan, which has a 10% e-commerce share in total retail sales. Uzbekistan, in turn, is the fastest growing e-commerce market. The cumulative average annual growth rate for 2022-2026 is expected to be 40%.
What trends and factors are driving the continued growth of e-commerce in Central Asia? What, on the contrary, hinders the further development of the industry?
To get answers to these questions, please read the new research "E-commerce in Central Asia" carried by Strategy & Operations experts of KPMG Caspian team.
