In Southeast Asia, e-commerce is big business, with Singapore, Malaysia, the Philippines, Indonesia and Thailand generating US$14.8 billion in online sales throughout 2016.
The annual 11.11 Singles’ Day Sale has become an event for both shoppers and e-commerce merchants across Southeast Asia, recording online sales that exceed all expectations. Singles’ Day came to be after students at the Nanjing University in China, started celebrating their singledom, in what was known as anti-Valentine’s Day back in the 1990s. Singles’ Day was then adopted by e-commerce giant, Alibaba, in 2009.
China’s digital transformation is touted by many economists and trade experts as the single largest contributor to the country’s gross domestic product (GDP) growth between now and 2025. That explains why most companies in China are transitioning from traditional ways of doing business to more efficient digitised business models. This transition is precipitating many changes, most notable of them all being the adoption of a customer-centric management style.
Digital consumers in ASEAN will be spending three times as much in 2025 according to a new study from Facebook and Bain & Company.The joint study by the social media giant and global management consultants released this week found that while consumers in Southeast Asia spent US$125 on average on online purchases in 2018, that sum is expected to more than triple to US$390 in 2025.Highlighting increasing choices, better internet access and rising affluence as factors that will continue
As if human rights abuses, corruption charges and deadly landslides haven’t hurt the industry enough, Myanmar’s multi-billion-dollar jade and gemstone industry now has to deal with the challenges of e-commerce.Myanmar produces 90 percent of the world’s jade and is a major player in the global gem economy, but poor regulations mean up to two-third of the country’s production is possibly not subjected to tax according to a report by the Natural Resource Governance Institute (NRGI) in March.The
Southeast Asia’s internet economy has reached US$100 billion for the first time and is expected to triple by 2025.This year’s edition of the e-Conomy Southeast Asia report released by Internet giants Google, Singaporean sovereign wealth fund Temasek and global consultancy firm Bain & Company last week showed how Southeast Asia’s internet economy has more than tripled in size over the last four years amidst a fundamental shift in the way people shop, eat and get around. Southe
Around 64 percent of consumers in Southeast Asia are confident of going cashless for a full day, highlighting the region’s strong drive towards digital payments.And while almost half of ASEAN’s citizens in a recent survey by Visa are confident they can go cashless for up to three days, awareness of cashless payment systems in Myanmar is still relatively low.Although more than 40 percent of the survey’s respondents expect to utilise cashless payment in the coming year, awareness of contactless
Jack Ma stepped aside as leader of the Alibaba Group on Tuesday, ending a spectacularly successful 20-year run during which the charismatic former English teacher’s e-commerce company left a profound impact on China's economy.Ma, who also turned 55 on Tuesday, said farewell in a speech in the eastern city of Hangzhou where Alibaba is based, thanking employees and predicting a smooth transition to a team of executives led by CEO Daniel Zhang.“Today is not Jack Ma’s retirement.
Businesses are increasingly turning to Peer-2-Peer (P2P) financing to cater to their financing needs, with last week’s tie-up between Malaysia’s Funding Societies and regional e-commerce giant Lazada a perfect example of the current revolution taking place. P2P financing platforms such as Funding Societies connect credit-worthy local micro, small and medium enterprises (MSMEs) with individuals and institutional investors through a digital marketplace, significantly increasing access
Despite the various challenges facing retailers across the region, The Shoppes at Marina Bay Sands continues to be one of ASEAN’s premier shopping destinations.The luxury mall beneath what is perhaps Singapore’s most famous building – the Marina Bay Sands hotel – The Shoppes’ nearly 800,000 square feet of retail space occupied by brands such as Gucci, Louis Vuitton and Chanel attracted a daily average of 120,000 shoppers last year.Unaffected by the sluggish global economy and the reg