• China was overtaken by Taiwan in terms of e-commerce penetration rate.

China was overtaken by Taiwan in terms of e-commerce penetration rate. (Photo : Reuters)

An indication of the country's success in developing Web-based platforms for retail businesses, Taiwan is among the world's top three in terms of e-commerce penetration rate, the Taiwan Internet and E-Commerce Association (TiEA) revealed.

TiEA head Jan Hung-tze, speaking during the E-Commerce Expo Asia 2015 opening ceremony on Tuesday, remarked that e-commerce now holds an 11-percent share in the country's total retail revenue.

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Taiwan comes after South Korea and the United Kingdom and comes ahead of the United States and China.

Jan, who also chairs leading local e-commerce operator PChome Online, said that the country's e-commerce success story can also be recognized in the global market.

Though Taiwan lacks large-sized e-commerce firms, those who have surpassed $1 billion market capitalization, its small- and medium-sized operators have helped in the rapid growth of the sector, Jan also noted.

In his opening ceremony address, Jan said that he hopes E-Commerce Expo Asia, which ends on Oct. 9, will serve as an avenue for foreign e-commerce firms to know more about Taiwan's efforts in this sector.

Held at the Taipei Nangang Exhibition Hall, the expo gathered a total of 50 e-commerce corporates from seven countries.

Cho Shih-chao, the country's deputy economics minister and one of the event's attendees, said that the local e-commerce sector has a great growth potential.

In an Institute for Information Industry forecast, Taiwan's e-commerce sector is expected to gain $33.4 billion worth of revenue this 2015.

Cho also pointed out that as the e-commerce sector of Taiwan continues to rise, the country's information and communications technology should grow further as well.