Indonesia has the fastest growing ecommerce sector on the planet, growing nearly 20 per cent faster than its nearest rival.
According to a new study by card and account comparison service Merchant Machine, the Southeast Asian country’s ecommerce sector grew by 78 per cent in 2018, representing total revenues of $7.62 billion (£5.84 billion)
This was largely driven by double digit growth of online spend in both the clothing and footwear and health and beauty categories.
Mexico represented the second fastest growing ecommerce market seeing a 59 per cent increase, which despite having a smaller population than Indonesia saw online retail revenues hit $16.22 billion (£12.43 billion) during the year, driven by growth in both electrical goods and clothing and footwear categories.
As advancements in technology continue to give emerging economies and developing countries access to the internet, online retailing is providing a myriad of new opportunities for businesses.
Other countries included in the top 10 are the Philippines in third place, seeing a growth of 51 per cent, Columbia, Vietnam, Isreal and India and the UAE.