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The Asian Development Bank's latest report, The Evolution of E-Commerce in the Asia-Pacific Region, provides an in-depth assessment of Mongolia's rapid rise in this area.
In this report, Mongolia was named as an emerging and fast-growing e-commerce market in recent years. As of 2022, the total value of e-commerce in Mongolia has reached 3$5.2 billion and is expected to nearly double to more than $600 million by 2027. This was emphasized at the World Export Promotion Conference.
Social networks** play an important role in the development of e-commerce in Mongolia. According to a 2019 survey by the Communications Regulatory Commission, before the outbreak, there were 669% of people** use social networks, reaching 2.1 million people, of whom 1.3 million use Facebook and Twitter regularly.
However, in a 2020 survey conducted by the Central Bank of Mongolia, only 23% of participants said they ordered goods directly from Alibaba and Amazon, while 45% obtained goods through third parties.
According to the Asian Development Bank's report, the total revenue of Mongolia's e-commerce market is expected to reach 5$1.6 billion, of which China will have the lion's share. However, the central bank of Mongolia has recently raised the issue of limited access to international settlement services for merchants due to the lack of well-established channels for receiving overseas revenue.
Although large companies accept international payments, access to their services requires high financial requirements such as an upfront deposit, which becomes a major problem for citizens and SMEs. Behind the rise of e-commerce, Mongolia needs to overcome these obstacles in order to achieve sustainable development of its e-commerce market.