Moreover, 69% of online shoppers in Singapore make purchases both domestically and overseas, according to a report issued by PayPal and Ipsos market research company, mis-asia.com reports. China is one of the world's largest markets, and it experienced notable growth in the number of online shoppers now shopping cross-border in 2015.
The country also came in second out of all 29 markets tested in terms of estimated overall online spend. "China is quickly becoming one of the top online shopping destinations for shoppers around the world. As a virtual fashion retailer based in China looking to capture international demand, understanding the needs of our global customers and seizing their interest at point of sale via a familiar and trusted secure way to pay adds immense value to our business," said Li Bin, chief executive officer of Tidebuy International Limited.
" By integrating with globally-recognised PayPal as our payment solution, our customers can shop with us with more confidence, as well as enjoy a safer and more seamless checkout experience from anywhere in the world."
The report predicts fastest growth in India (53%), China (28%) and Singapore (16%) by 2017. Consumers in Australia, China, India, Japan, Singapore and South Korea spent an estimated total of USD 594 billion in online shopping in 2015.
This amount is set to increase in the future as there will be an even more increase in popularity of online shopping in the region. US is the top shopping online destination for consumers in APAC. 68% of online shoppers interviewed in APAC prefer large 'global' stores such as Amazon when purchasing from another country.
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