E-commerce sales in Southeast Asia are growing rapidly
According to Singapore's Lianhe Zaobao website, a survey predicts that e-commerce sales in Southeast Asia will grow 18 percent this year to $38.2 billion. E-commerce sales in the region are expected to climb further to $57.8 billion by 2026. Indonesia, the largest e-commerce market in the region, is expected to reach $9 billion in e-commerce sales this year and is expected to rise to $17.4 billion by 2026. Meanwhile, the Philippines, Vietnam, Thailand and Malaysia are also key markets to watch. A recent report released by Ascent Digital Commerce pointed out that e-commerce sales in Southeast Asia have reached US$27.4 billion in 2020, reflecting the impact of the epidemic on consumer behavior and reshaping the retail industry. The report recommends that brands should focus their resources and investments on enhancing their ability to scale and personalize in order to win and retain consumers who prefer to shop online. The report also warns consumer brands to avoid following the crowd.