Top Global Markets For Luxury Ecommerce Revealed

Digital Marketing News; Research has revealed four of the top emerging markets for luxury ecommerce, Paytm has said it wants to become India’s leading online shop, and Italy has pledged to introduce internet speeds of 100 Mbps to all Italian schools within the next 5 years. Research by Luxury Daily has revealed four of the top emerging markets for luxury ecommerce. The study pointed to India, Iran, Thailand and Poland as having the strongest emerging luxury ecommerce markets. In India, luxury items in the clothing, jewellery and electronics categories are becoming particularly popular, with strong growth being driven by the country’s expanding middle class. Iran, although perhaps not an obvious choice for Western luxury retailers, has a population with a high level of disposable income and low levels of competition in the ecommerce space. Thailand is already South East Asia’s biggest luxury market, with young professionals aged 30-39 being particularly affluent and willing to spend money on luxury goods. And turning to Poland, whilst other European countries are struggling with ailing economies, the Polish economy is remaining steady with good internet penetration and ecommerce rates. The global luxury ecommerce market is expected to surpass 20 billion US dollars by 2020. As Diwali approaches and the Indian ecommerce market hots up, the mobile ecommerce site Paytm has stated its ambition to be India’s leading online shop. The Indian ecommerce market is dominated by local giants such as Flipkart and Snapdeal, with Paytm often being thought of as a third-place online platform. Paytm has said it wants to grow its revenues from 2.3 billion US dollars today to 20 billion US dollars by 2018, and has also said it wants to boost its user numbers to half a billion by that time. A spokesperson from Paytm said the company had an edge over competitors because it had its own online payments system, Paytm Wallet. As well as allowing users to pay for items bought from the platform, it also allows merchants to offer cash back credits. A recent report by Goldman Sachs predicted that the Indian ecommerce market will be worth over 100 billion US dollars by 2020, making it a hugely lucrative market for companies wanting to sell their goods online. Italy has pledged to introduce internet speeds of 100 Mbps to all Italian schools within the next 5 years. The government has put aside 600 million Euros to fund the high speed internet project, which forms part of a wider rollout of fibre optic internet cables in the country. Italy is known for having one of the slowest broadband speeds in Europe. An Italian government spokesperson commented on the ambitious project, saying that high speed internet access was “no longer just a surplus accessory but a right” and that schools had been chosen to receive high speed internet first because the education system was the “most important” service in the country. 140 million Euros has also been aside to provide digital training to school teachers over the next 5 years, with the aim of having a network of 2,000 highly trained “digital heads” in every Italian school across the country. Ethiopia has said it wants to increase its internet penetration from its current rate of less than 2% to 48% in 5 years’ time. Ethiopia has one of the lowest rates of internet connectivity in the world, with just 1.7% of the population having access to the internet. The government hopes to boost this to almost 50% by 2020 by making internet-enabled mobile phones more widely available. The government has been embarking on a telecoms infrastructure rollout over the last decade, gradually improving mobile phone coverage across the country. And finally, the first online-to-offline grocery company has launched in Malaysia. Dinasou has just launched its online store, which allows groceries retailers to sell their produce on the site. It also has a back-end system called Dinasou Super Console to help retailers with online marketing, branding, analytics and warehouse management.