ASEAN e-commerce retail market is anticipated to grow at a considerable CAGR of around 14.0% during the forecast period (2021-2027). The ASEAN market has been driven by some pivotal factors such as increasing internet and smartphone users, and reasonably priced workforce in the majority of the countries, and less cost for investment in capital expenses. The market growth is mainly attributed to the rise in internet users and smartphones have been increased significantly in the ASEAN countries which gives the larger target market to the e-commerce companies. This provides opportunities for the market players since online sales are increasing during the COVID-19 pandemic.
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According to the analysis of the International Trade Administration (ITA), already over two-thirds of the population have access to smartphones, and this figure is expected to increase to almost 80% by 2025. With this, there has been an increase in internet users which has led to a huge rise in shopping orders from e-commerce companies. Thailand’s official e-commerce markets are promising which is revealed in the higher share of e-commerce. These markets also have a strong demand for categories like Fashion & Beauty which are quite dominant in the e-commerce channel. The higher-income groups typically prefer formal channels. which are evident from Singapore, and Malaysia. For Instance, In October 2020, The ASEAN company, Shopee initiatives to adapt the platform to changing consumer base. Shopee’s access to consumer segments that have typically been hard to enter. The company observed that the consumers are beginning to transact more online. Shopee launched a dedicated in-app space called Shopee Premium for high-quality brands. Its cleaner, more urbane landing page that adds multimedia storytelling is meant to attract more affluent users
A Full Report of ASEAN E-Commerce Retail Market is Available at: https://www.omrglobal.com/industry-reports/asean-e-commerce-retail-market
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
