It’s mind-boggling that the already massive Southeast Asian ecommerce industry is still growing at an exponential rate.
Google and Temasek analysts forecast that the region’s business-to-consumer market will hit US$88 billion by 2025.
According to Nguyen Quang Thuat, senior logistics director of Vietnamese consumer-to-consumer ecommerce platform Sendo and director of SenMall, the company’s B2C marketplace, the prime movers of the region’s ecommerce potential are the shifting power dynamics between corporations and consumers in the region.
Southeast Asian consumers are young and increasingly affluent, living in a region where big-box retail is scarce.
Most importantly, they’re more online than any other generation that came before: Nguyen cites Google research that estimates around 3.8 million new users coming online each month, making Southeast Asia the “world’s hottest online battleground,” he says.
Southeast Asian businesses can’t afford to sleep on these potential huge wins, and they have to make serious pivots and major bets to reach the region’s diverse, future-first consumers.