Propelled by a fast-growing base of digital consumers and merchants, acceleration in e-commerce and food delivery is expected to propel the Southeast Asia internet economy forward in the next decade. In a strong lead-up to 2030, e-commerce gross merchandise value (GMV) could exceed US$120 billion by end 2021 (a near doubling from 2020) with the potential to reach US$234 billion by 2025.
The e-Conomy SEA report, by Alphabet’s Google, Singapore state investor Temasek Holdings and global business consultants Bain & Company, states that Southeast Asia is entering its ‘digital decade’ as the internet increasingly becomes an integral part of consumers’ daily lives.
The annual report discusses the internet economy in the region, covering Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, revealing trends across five leading sectors e-commerce, online media, transport & food, online travel and digital financial services and two nascent sectors – health-tech and ed-tech.
The internet economies of all six countries will continue to grow rapidly. For example, Indonesia could potentially be twice as much as Southeast Asia’s GMV today, by 2030, while Vietnam could grow to become a US$220 billion digital economy.
While talent continues to be an unresolved challenge, a set of emerging enablers that require multilateral solutions between consumers, merchants, platforms, and regulators will drive the growth of Southeast Asia’s digital economy. These enablers include a commitment to sustainability, robust and business-friendly data regulation, data infrastructure to support larger and more frequent data flows, as well as an equitable system to protect gig workers and consumer interests while spurring innovation.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Cloud- Driven Recovery
With digital transformation being an important catalyst for Malaysia’s inclusive economic recovery, cloud computing plays an important role that enables . the country to acquire the advantages that technology offers.
Live Werkz: Venturing Beyond Southeast Asia
Being forward-looking in its approach has enabled LiveWerkz Pte Ltd to survive the Covid-19 pandemic, says vice president Tricia Ng. Despite being a Singaporean company, the company does not focus its efforts in the Southeast Asia region. Instead, Greater China and the Middle East become the foundation for its businesses. Ng tells SME the company’s strategies in facing a challenging future.
Singapore's Go Digital Well Received
More than 78,000 of Singapore’s SMEs have participated in the country’s Go Digital programme since its 2017 launch, with more about 40,000 becoming participants last year, including 30,000 that received Covid-19 incentives from the government.
Accountants And SMEs: Creating A Sustainable World
For SME finance professionals, ‘sustainability’ is about achieving longevity. However, there is a confusion over different definitions of sustainability. They recognise the growing importance of tackling sustainability issues but lack the understanding of how doing this can be integrated into day-to-day practices within the finance function.
Rebuilding Our Mental Well-Being In Sales
Sue Barrett is a writer, training provider and entrepreneur who founded Barrett in 1995 to positively transform the culture, capability and continuous learning of leaders, teams and businesses.
Omicron: A Test Of Resilence
Global manufacturers have been facing a supply chain crisis since the start of the year. Just as it appeared that the situation was beginning to stabilise, the Omicron Covid variant reared its ugly head.
Silver Lining In The Cloud
Although RAS Security Pte Ltd’s business was adversely affected by the pandemic, there’s a silver lining in the cloud. The occurrence has necessitated the company to innovate its business model to remain viable and led to the discovery of new areas of security service provision. Managing director Tejdeep Singh shares his journey.
Accelerating Artificial Intelligence
Singapore is introducing two new public artificial intelligence (AI) programmes as part of the strategy to use technology for social and economic good, involving a total allocation of S$680 million to accelerate AI research. The latest initiatives require a funding of S$180 million.
Three Tips For Hiring Top Talents
BIG EGOS LOSE TALENTS First up, when it comes to hiring, you must put aside your ego.
The Economy Is Recovering, But What About People?
All signs are pointing towards a speedy recovery. Contrary to what this writer initially predicted, the economy seems to be genuinely recovering.
