Thu, May 27|
Virtual Future Internet Summit 2021
Revamping SouthEast Asia's Online platform landscape
Time & Location
May 27, 2021, 10:30 AM GMT+8
About the event
SouthEast Asia’s rapidly changing e-commerce landscape, need to be constantly revisited and refined according to their offerings and business risks. Southeast Asia’s sizzling-hot internet economy cooled during the pandemic but spending online should bounce back rapidly and triple to more than $300Bn by 2025, according to the research from Google, Temasek Holdings Pte and Bain & Co.
SouthEast Asia's online shopping is now forecast to hit $172 billion by 2025 versus a previous $153 billion estimate in 2019. It’s a clear indication that momentum has not been derailed by the year’s challenging environment, according to the study, a closely watched annual review that covers six countries (Indonesia, Malaysia, Thailand, Singapore, Vietnam, and Philippines) and serves as a benchmark for the region’s fast-growing internet industry.
SEA region added 40 million new internet users in 2020, while one in three digital service users came online for the first time due to Covid-19.
Having observed recent development in the SEA markets, it is believed that the three key trends driving this growth are - more affordable mobile smartphones along with faster and cheaper data plans, the maturation of the leading eCommerce platforms and shifting consumer behaviour towards an omni-channel approach.
The trend is set to continue with the above mentioned countries, accelerating the adoption of cashless payment methods with incentives for businesses, including subsidizing the costs of digital transformation.