Mapping e-Commerce companies in Southeast Asia. – Tech Wire Asia
Online shopping is becoming a major trend in Southeast AsiaLocal e-Commerce companies are growing popular among consumers Social media is playing a role in promoting e-Commerce platforms to consumers
Earlier this month, e-Commerce companies in Southeast Asia made huge profits from the shopping festivals in the region. While many would say the e-Commerce companies have been successful due to the pandemic, the reality is, consumers in the …….
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- Online shopping is becoming a major trend in Southeast Asia
- Local e-Commerce companies are growing popular among consumers
- social media is playing a role in promoting e-Commerce platforms to consumers
Earlier this month, e-Commerce companies in Southeast Asia made huge profits from the shopping festivals in the region. While many would say the e-Commerce companies have been successful due to the pandemic, the reality is, consumers in the region are preferring online shopping and the opportunities are only increasing.
In fact, Google’s SEA e-conomy report in 2021 stated that 8 out of 10 of SEA’s internet users are digital consumers. The report also indicates that 90% of Thai, 81% of Malaysian, and 71% of Vietnamese internet users have had an experience of shopping online. As online shopping becomes the norm, the market itself is predicted to reach between US$ 700 billion and US$ 1 trillion by 2030.
For e-Commerce companies, the market is still growing and the opportunities are aplenty. The only problem now is, how can be they be the top e-commerce platform in the region. Compared to other parts of the world, the ASEAN region is unique due to its diversity. While some e-Commerce companies have been successful in some countries, they tend to often play catch up in a neighboring country.
As such, e-commerce aggregator iPrice Group analyzed the performance of the top e-commerce companies in Thailand, Malaysia, Singapore, Indonesia, the Philippines, and Vietnam to determine which e-commerce sites are holding the most of the market share, and which of them have been successful in drawing social engagement.
Interestingly, Shopee and Lazada are still dominant in most markets across the region. In Malaysia, Shopee holds 71% of the region’s overall e-commerce web traffic, followed by Lazada with 18%, and PGMall with 9%. Shopee Malaysia recently launched its Shopee food feature, which flooded both new and existing users with food vouchers and free deliveries. Meanwhile, Lazada Malaysia added a Chinese language option to cater to a wider market.
Homegrown e-Commerce companies making a mark
An interesting trend seen in some ASEAN countries is that local sites rank in the top three. PGMall (Malaysia), Central Online (Thailand), and Tiki (Vietnam) have done quite well in establishing themselves in their respective markets. These three rising e-commerce sites have carefully executed strategies to earn their top spot. The cross-country collaboration between PGMall and JD Worldwide, for instance, has encouraged local sellers to offer unique local brands to the Chinese market. With access to China’s extensive market, PGMall’s platform has become one of the most prominent domestic online businesses in Malaysia.
Meanwhile, Tiki, which holds 13% of Vietnam’s e-commerce market share. They signed an exclusive partnership with insurance company AIA Vietnam for 10 years. Due to this, policyholders may manage their insurance accounts and seek health insurance solutions and claims …….