Based on a 2019 study by Facebook and Bain & Company, a global management consulting firm, digital consumers in ASEAN will be spending three times as much in 2025.The joint study 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 to drive more spending online, the report also
The COVID-19 pandemic has caused nations across the world to be under lockdown over virus fears. Governments have implemented drastic measures to contain the coronavirus from spreading further. It was reported that over four billion people are currently under lockdown across the globe.
While shopping online isn’t something new, the current health crisis brought about by the COVID-19 pandemic has changed the way people are now purchasing their necessities. The coronavirus pandemic, which first emerged late last year in the city of Wuhan in China, has infected more than one million people worldwide. Numerous countries have imposed drastic measures to contain the virus. These strategies include citywide lockdowns and travel curbs.
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.
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
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
2018 was the year e-commerce established itself as one of the region’s fastest growing sectors. Over the past three years, it has been the most dynamic sector of the digital economy accounting for close to US$11 billion in gross merchandise value (GMV) in 2017, exceeding US$23 billion in 2018.
A recent joint report by Google and Singapore’s Temasek Holdings has revealed that Southeast Asia’s internet economy could be worth more than US$240 billion by 2025 – surpassing previous estimates of US$200 billion. One of the key drivers of this burgeoning internet economy is the e-commerce sector.
When the region’s internet penetration rate started to grow in the mid-2000s, many users in Southeast Asia started yearning for their very own “Amazon”, an e-commerce site where they could simply place an order online and have their goods delivered to their doorstep. Fast forward to 2018, and their dreams have come true with Lazada. The popular e-commerce portal currently serves six markets in Southeast Asia with millions of users.
Alibaba Group Holding Ltd recently announced that they will invest an additional US$2 billion into the Lazada Group. It is believed that this move by Alibaba is to counter Amazon’s plans of expanding its market to this region which has over 600 million potential customers. The American e-commerce giant officially launched a membership programme named Prime in Singapore in December, 2017.