Wednesday August 17, 2022

What people are reading now:

Moving Fast: ASEAN E-commerce at a Turning Point

Author: Exports News
Dec 27, 2021
2 min read
744
0
744
0
Dec 27, 2021
2 min read
Moving Fast: ASEAN E-commerce at a Turning Point

ASEAN e-commerce is at a crucial turning point. It is evolving to a more mature stage, providing more value to consumers and companies. Premium products, innovation, creativity, and new customer experiences are the new standard. 

Pandemic Accelerated Growth 

Already before the pandemic, online shopping in ASEAN had grown at a massive pace. It is expected to reach $172 billion by 2025, according to the e-commerce platform Lazada. That's about 2.8 times more than the 2020 volume.

The pandemic further accelerated this trend when in-store shopping became unfeasible due to lockdowns. "In the pandemic, resilience and innovation are key to overcoming challenges. Lazada is very optimistic that all of the countries across Southeast Asia will be able to flatten the curve and emerge stronger than ever," says Chun Li, chief executive of Lazada Group.

Exports News

Tailwind through Online Proliferation 

Today, in ASEAN, most people—70% of the population—have access to a stable internet connection, equaling 40 million new internet users.

ASEAN also has a large young population and strong GDP growth. The middle class is growing fast, uplifting the region's retail sector. However, ASEAN e-commerce still has unexploited resources, with online retail accounting for only 7% of total retail sales, while China's has reached 26%.

According to Lazada's Digital Commerce Confidence Index, 70% of ASEAN online sellers say they are confident about their business prospects over the next three months.

Trust Is Increasing

There are sharp differences among the product categories. The proportion of electronics items sold online reached 21% last year, compared with 14% in 2019. Fashion had increased from 9% in 2019 to 13% in 2020.

ASEAN e-commerce will capture more of the retail market, as it helps brands create a better experience for customers. Moreover, it allows them to gather more data and target customers more effectively. Mr. Chang believes that as the e-commerce market becomes stronger, consumers will start buying items with higher prices and with a greater level of trust. 

Learn More with Exports News

Exports News makes it easy for our users to learn more about the developments in international trade. Subscribe to our newsletter today – you will stay informed and up-to-date.

No Comments

There aren't any comments yet. Be the first to comment!

logo
Export Portal
The number one import and export source
Export Portal
Feedback
Subcribe modal

Stay up to date

Keep up with the latest Import and Export news from all over the globe.

This website uses cookies. By using this website, you consent to our use of these cookies
confirmed-subscription
Your subscription has been confirmed
Thank you!
logo

Browser not supported

We do not support the Internet Explorer browser. For a better experience, please use a different browser.