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.
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.
Nestle SA is losing buzz to an Indonesian coffee brand famous for brewing civet-cat feces, and L’Oreal SA is losing face to a Chinese skincare brand favored by President Xi Jinping’s wife.Asia traditionally was considered easy money for Western multinationals, with beverage makers, cigarette brands and fast-food giants capitalising on rising incomes and weak local competitors.
We often hear that "cash is king". While it is undeniable that cash has been the preferred mode of payment in the past, the 21st century has introduced an array of cashless payment methods – also known as e-payment – to consumers all over the world. All across the globe, people are divided into those who prefer the more conventional mode of payment as others take a more progressive approach by supporting cashless transactions.