Southeast Asia’s e-commerce market is estimated to be worth US$53 billion by 2023 and is emerging as a hot battleground amongst China’s tech giants, which have been investing aggressively to establish their footprint in the region. Fuelled by growing smartphone adoption and local economies, Southeast Asia would grow at a compound annual growth rate (CAGR) of 23 percent over the next years to hit US$53 billion, up from US$19 billion this year. As Alibaba ramps up, Amazon loses the plot in Asia The US online retailer finally introduces Amazon Prime in Singapore but the launch has been described as “piecemeal”, which should give Alibaba even more room to expand its own footprint in the region. Read More Indonesia was the largest market, accounting for 41 percent of the region’s online retail market, but the Philippines would clock the fastest growth rate–thanks to its social media users, according to market researcher Forrester. Other Southeast Asian markets included in its report were Singapore, Malaysia, Thailand, and Vietnam. It estimated that Indonesia’s online retail sales this year would touch US$7.6 billion, while Vietnam would hit US$2.8 billion and Malaysia would see US$2.2 billion in online retail sales. The Philippine online retail market would expand at a CAGR of 30.4 percent during the forecast period as the country’s social media users take to online shopping. Southeast Asia had been increasingly attractive for retailers, it added, noting that Southeast Asian internet companies had raised more than US$13 billion in capital since 2015. The added funds… [Read full story]
ZDNet is a business technology news website published by CBS Interactive, along with TechRepublic. The brand was founded on April 1, 1991, as a general interest technology portal from Ziff Davis and evolved into an enterprise IT-focused online publication owned by CNET Networks.