21 Sep Digital Consumers in SEA – They are growing fast
Southeast Asia had 70 Mil online shoppers in the last 1.5 years – Make a guess on the prediction of online shoppers and digital consumers in SEA for 2026.
According to a report by Facebook and Bain & Company, online shoppers in 6 Southeast Asian countries grew by roughly 70 million people. These 6 countries include Indonesia, the Philippines, Thailand, Vietnam, Singapore and Malaysia.
Accelerated by the pandemic, SEA witness a rapid adoption of online services like food delivery, digital payment methods and e-commerce.
Based on the report, this is only going to grow further – in fact, the projected number of digital consumers in SEA will hit 350 million by the end of 2021.
Indonesia has been and is likely to continue seeing the highest growth rate with its digital consumer audience growing from 144 million in 2020 to 165 million in 2021, a 15% jump.
Analysts predict the forecast for online shoppers in SEA is expected to reach 380 million by 2026.
Online expenditure in SEA is expected to grow by 60% to $381 per consumer and online retail’s share of overall retail surged from 5% to 9% between 2020 and 2021 – noting this the paces are faster than in Brazil, China or India.
First quarter of 2020 saw 88% of VC and private equity investment in SEA going into the Tech and Internet space, of which, 56% went into financial technology.
“We are looking at a massive triple explosion of fintech. Not only are regulators removing the regulation barriers, we’ll also see a roaring river of capital with no friction,” Dmitry Levit of Cento Ventures said in the report.
SEA’s speed of digitalization ascertains the ‘immense opportunity in the region’s digital economy’.
“The region will be a growth market for at least the next 10 years as new verticals, industries and products emerge,” Justin Hall, partner at Golden Gate Ventures said in the report.
At NAOS International, our senior consultants in Asia have been advising and hiring top talents for clients within the Tech & Digital space, including FinTech. Reach out to our team for guidance on your hiring strategy.
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