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Gone were the days when millennials are the center of attention.

Projected to make up 40% of the global consumer base by 2020, Gen Z, those who were born between 1995 and 2010, is the new focus for brands around the world to market to. In Southeast Asia, this generation accounts for 277 million of the region’s 660 million population, with over 50% spending more than $30 a month on online shopping.

In his book, ‘The Gen Z Frequency: How Brands Tune In and Build Credibility’, Gregg L. Witt’s highlights the needs for brands to look beyond the confines of traditional segmentation and focus on cultivating relationships when targeting the consumers from this cohort as they are driven by sincerity and authenticity from brands and its marketing tactics.

What makes them tick?

Growing up with ready access to the Internet doesn’t make Gen Z be more inclined to do online shopping as the connectivity of it all also make them more impatient. They want what they want when they want it.

However, access to smartphones and the Internet do keep them well informed and they care more about the end-to-end brand experience, especially one that have close ties with their social values.

Being digital-natives, this generation is more attuned to technological development and constantly craving new experiences the technology can provide for their shopping journeys such as voice and visual search. The latter part is especially popular when paired with social media, another influential aspect in the life of Gen-Z. 33% of them said they’ve made a purchase after seeing the production social media.

Snap’s Eagle feature that sends users to Amazon’s app or site to buy the product they scan; TechCrunch

“Because they came of age with online shopping and branded social media campaigns, they have even higher expectations for digital shopping experiences,” – Forbes

Platforms like Facebook and Instagram are already capitalizing on their users. Facebook Marketplace already has 800 million users on its platform, making it one of the biggest competitors to existing marketplaces and increasingly important for brands to turn their social media fan page into a sales channel.

It’s about the experience

In Southeast Asia, it’s increasingly common to see ecommerce players and brands employ more creative tactics in the hope to engage their youngest audience.

Taking a page out of Alibaba’s book, Lazada went all out for their 7th birthday celebration, dubbed as the Lazada Super Party, with the performance from 2019 Grammy winner Dua Lipa and several local celebrities to create a “shoppertainment” experience for their shoppers across the six markets via live-streaming.

Gamification is also a popular strategy used by companies to engage consumers from this generation. From ecommerce players like Lazada, Shopee, and Qoo10, as well as ride-hailing app Go-Jek, they’re all employed in-app games to provide a more interactive way for their consumers to earn rebates and points to shop on the platforms.

The entertainment features e-marketplaces across the region introduced to enhance the in-app experience

Meanwhile, cosmetics brand L’Oreal partners with Watsons to introduce an in-app virtual make-up testing service on Watsons’ mobile application across Asia. The feature lets consumers create their own looks, capture it in photos and videos, then ordered the products they use to create the looks.

These experiences are only some of the examples of a unique selling proposition that can attract this generation and it’s important for brands to be more flexible in trying something new in order to appeal to the consumers. Every generation presents a different challenge for brands to stay relevant and with the authenticity the Gen-Z expects from brands, this generation may take you on the experience of a lifetime.

The overall pet industry in Thailand is worth $2.8 billion and it is expected to continuously grow at a 10-15% rate per year. Pet food is the largest segment in the overall pet industry in Thailand and makes up 45% of the industry’s value.

Asian Trends in Pet Food and Health; Euromonitor  2017

Out of the 1,015 survey respondents ecommerceIQ has commissioned in August, we have found that 65% of them keep more than one pet.

Let’s dive into what we found out about Thai’s pet food buying behavior.

Kind-Hearts Get Thais More Pets

With the increasing number of singles, married couples without children, and an overall aging society, the pool of pets owners in Thailand is growing faster than ever.

40% of 65 million people in Thailand are working-class singles. An average Thai family now bears only 1.6 child per family even though the government recommends 2.1 children per family to prevent the country from becoming an aged society. Inability to provide the best for their children, whether it is education, safety, or financial stability, is among the most popular reasons why Thais are refusing to give birth to a child. This is why many rather choose to keep pets instead. More often than not, Thais refer to their pets as ‘Luk’ which means baby or child. This shows that they regard their pets as their children that they do not have.

Among the 65% of the respondents who keep more than one pet cited that they want pets to keep each other company. Being a Buddhist society, more than 35% of the respondents keep more than one pet because they do not have the heart to see them being astray.

The reasons why Thai respondents keep more than one pet; ecommerceIQ Pet Food Survey Thailand 2018

Thais are Pet Pleasers When It Comes to Food

Dry food has become the most popular pet food type among Thai pet owners as 40% of them said that they feed their pets with dry food. This does not come as a surprise since dry pet food has many advantages. It doesn’t need to be stored in a refrigerator and it lasts all day, which is important to pet owners who are not always at home. They can simply leave dry pet food for their pets for whenever they feel hungry.

There are also health advantages to dry food. According to Pedigree, dry pet food has distinct benefits for your pet’s oral health. Chewing kibble helps to keep their teeth healthy by reducing plaque and tartar buildup, also resulting in better breath.

While 31% give pets a mix of pet food because they believe that each type of pet food provides different nutrients and has different benefits.

The types of pet food Thai pet owners use; ecommerceIQ Pet Food Survey Thailand 2018

Regarding pets as their children, Thais are willing to choose the best food for their pets. This explains why 22% of respondents say that product quality is the most important factor when buying pet food.

While the second factor depends on pet’s preference, meaning that food types and brands are selected based on the liking of their pets, this factor will continue to be the reason why Thai pet owners change pet food sometimes. It is reflected that 32% of the respondents change pet food when their pets refuse to eat or grow bored with the current food.

The factors that Thai respondents consider when choosing pet food; ecommerceIQ Pet Food Survey Thailand

The Pet Food Industry in Thailand isn’t Betting on Ecommerce Yet

For a country with high Internet penetration and familiarity with ecommerce like Thailand, it is surprising to learn that only 14% of the respondents are currently buying pet food from online channels, with 74% of those buying from online marketplaces, such as Lazada and Shopee.

One would think that pet food, given its bulkiness, purchasing frequency, and lower risk, is a perfect category to triumph in the online space. However, Thai respondents are too comfortable with buying pet food at the pet food shop or supermarket that they did not see why they should switch to buy it online.

Since cheaper product price is the factor that Thai online shoppers value the most, according to the ecommerceIQ E-Marketplace Survey Thailand 2018, discounts and promotions offered through marketplaces are a good incentivized motivation for them to start buying pet food online.

Brands can also implement an e-sampling strategy which will allow consumers to get a free sampling product and learn whether their pets will like the food or not. This is also beneficial to the brand because consumers will be willing to provide the brand with their personal data, in return for the sample-sized pet food. Brands may also use this information to customize and target the communications strategy towards their potential online shoppers in the future.

Through the e-sampling service of aCommerce, Mars Petcare in the Philippines successfully rolled out an e-sampling campaign that was able to gain awareness on social media organically; aCommerce.

How else can pet food brands increase their online capability? Sign up to receive ecommerceIQ’s report on the pet food industry in Thailand here.

In this day and age, a mobile phone can do more than making a phone call; it records the time, takes pictures, orders meals and even measures your heart rate. Who needs a watch these days?

You may be surprised to learn that even though 81.4% of Thais own a mobile phone, many still wear wrist watches.

Mobile phone user penetration in Thailand; eMarketer.com

What do Thais Look for when Buying a Wrist Watch?

Out of the 877 Thai respondents, 94.9% wore a watch and more than half (56.0%) owned three watches or more. Data from the ecommerceIQ Wrist Watch Survey Thailand 2018 indicated that watches remain a necessary accessory among Thai consumers with demand still high despite a large number of smartphone users. Statista reported a total of 25.75 million smartphone users in Thailand but the days of the wristwatch are not yet over.

Apart from the obvious reasons to tell the time (62.5%), 13.5% also wore a wristwatch as an accessory. Male respondents especially mentioned that wearing watches was the easiest and classiest way to look good. Around 8.6% cited that wearing a watch reflected their status and style and helped to boost their confidence.

For this reason, design was naturally the most important factor that Thais considered when buying a wristwatch, followed by price and brand name. Brand name also reflected status and personal style. For example, Rolex is still highly regarded as a prestigious timepiece brand in Thailand. Wearing a Rolex advertises high income and social status.

Price, naturally, is another high-ranking factor. Watches are deemed as expensive accessories and not something to be bought on an impulse. Thais only buy new watches every few years (58.7%). Most respondents indicated that they were comfortable to spend around 1,000-30,000 baht on a wristwatch.

Factors that Thai respondents look for when buying a watch; ecommerceIQ Wrist Watch Survey Thailand 2018

The top three watch brands preferred by Thai respondents were Seiko (25.6%), Casio (21.6%), and Omega and Rolex (10.9%).  What do we learn from this ranking?

  • Seiko is a Japanese company that revolutionized the industry and is known for its long history of watchmaking. Prices range from 5,000 to 30,000 baht and the brand is popular among 20K-50K baht income earners.
  • Casio offers a diverse product assortment and brands including G-SHOCK and Baby G. Casio are known for their affordable but attractive designs.
  • Rolex and Omega are popular among consumers aged 40 and above. These two brands are preferred by the older generation, while youngsters opt for IWC or Tag Heuer as luxury timepieces.
  • Daniel Wellington, is a hipster brand that rose to popularity fast and won the hearts of the younger generation. Up to 75% of respondents aged 18-25 wore this brand. Tag Heuer is also popular amongst the 31-40 age group.

When asked about the media channels they used for news and information about timepieces, 48% of the respondents stated that they received news from social media with 33.7% using brand websites.

In Thailand, 74% of the population are active social media users, as reported by ETDA 2017. Thus, it does not come as a surprise that social media was the main channel respondents used for news concerning watches. Brand websites offer more genuine and trustworthy news about the brand itself.

Media channels that Thais use for news about wrist watches; ecommerceIQ Wrist Watch Survey Thailand 2018

Where do Thais Buy Wrist Watches?

Despite the heavy usage of the Internet to consume news, 76.7% of Thais still buy wrist watches from offline stores. The most popular offline channel used by 55.5% of the Thai respondents was Central Department Store because of the store’s credibility.

Like most department stores in Thailand, Central Department has a dedicated section for wristwatch sales. Apart from their reliable reputation, buying a wrist watch from Central Department Store is very easy and convenient. Up to 19% of the respondents looked for convenience and a holistic service, especially regarding after-sales service when buying a watch. Every Central Department Store has a ‘Watch & Clock Clinic’ that offers after-sales service for watches bought from the store.

Watch & Clock Clinic at Central Department Store, Pinklao Branch

Only 23.3% of the respondents bought wrist watches online. Lazada received the highest scores in terms of an online sales channel where Thais buy watches. The second preferred option would be the brand website, due to its credibility.

The online channels Thai respondents choose to buy watches from; ecommerceIQ Wrist Watch Survey Thailand 2018.

 

Similar to other product categories, the top reason cited for opting for online channels was because of convenience; ecommerce saves time and is hassle-free. On the other hand, some Thai respondents refrained from buying wrist watches online due to a perceived lack of credibility in the sellers and/or marketplaces. Offering a warranty and after-sales service are also factors that some online sellers fail to provide.

Reasons why Thai respondents bought wrist watches from online channels; ecommerceIQ Wrist Watch Survey Thailand 2018

It is also interesting to note how wrist watches are listed by Lazada and Shopee websites as each has a slight difference. From our observations, watches are only found in the ‘watch and glasses’ category on Shopee, while Lazada lists watches under: Electronic accessories, women’s fashion, and men’s fashion. This provides users with more exposure to the products and hence higher conversion to sales.

On the Lazada website, users are able to see watches listed on the e-marketplace more frequently and in more sections than at Shopee. Lazada, watches can be found under Electronics as wearables and accessories, which is also categorized into male, female and child timepieces.

Shopee, on the other hand, only offers watches under the watches and glasses category, and does not categorize watches for different demographics like Lazada.

How Can Watch Brands Take Advantage?

Watches are deemed as a luxury item by Thais. More often than not they are bought as an investment. Thais look for credibility and confidence from the seller, as well as a warranty proving that the timepiece bought is authentic.

It is not enough to list your products on a marketplace and engage in advertising campaigns. Rather, brands should focus on establishing confidence among consumers. One way to ensure this is to be listed as an official seller on LazMall or Shopee Mall, as well as including a clear statement about warranty and after-sales service conditions.

For luxury timepiece manufacturers, an e-marketplace may not be the ideal strategy as it may conflict with the brand’s positioning. Luxury brands should focus on providing beyond-expectation services and ascertaining that information is clearly visible on their websites.

As watches are still mainly sold offline, now is the right time for brands to give omnichannel a try. Take Burberry for example. They created the Burberry Retail Theatre that streams live runway shows into a number of their stores worldwide and through their other online channels. In the Retail Theatres, customers can browse live streaming collections on iPads and purchase items online immediately.

Burberry’s Runway to Reality campaign allowing consumers to order items from the runway in real-time

However, high-end or mid-range Thai timepiece brands should not ignore the power of social media. Daniel Wellington sets a great example through owning its own social media game. The company reduced spending on traditional advertising and turned instead to social media to reach potential consumers through use of the hashtag #DanielWellington. This also leverages user-generated content (UGC) to engage its customers and drive brand loyalty.

An Instagram post was created with #DanielWellington as #DWPickoftheDay and #DWPickoftheMonth

By taking your brand digital, you are embracing an endless supply of consumer data. As Shadi Halliwell, the creative and marketing director of Harvey Nichols stated,

“Data is a conversation; the more data you have on someone, the more conversation you can have.”  

Indonesia is an economy that relies heavily on domestic consumption. In 2014, Indonesia’s consumer spending was at 57% of GDP – significantly higher than its neighbors China, Malaysia and Thailand – all largely export-driven nations.

The largest growing contributors to this pot are Generation Y, the increasingly affluent millennials.

“The Millennials have incredible buying power,” said Visa Worldwide Indonesia president director Ellyana Fuad. “In the Asia Pacific, their disposable income is around $907 billion.”

JakPat, a popular opinion poll in Indonesia, recently released data revealing the spending habits of over 500 single 25 – 45 year old Indonesians to shed some light on what this bracket spends on.   

What is their average monthly income? How much of it is spent on meals? Fashion? Hanging out? And why do these differences exist?

Indonesian spending habits

The average income in a month of most respondents ranges from IDR 1 million ($75) to IDR 5 million ($375.60) while monthly ‘outcome’ ranges IDR 1 million to IDR 3 million ($220.36).

1 USD = 13,313 IDR

Their occupations most likely fall under these categories according to Salary Explorer.    

Indonesian Category Spending

Source: Salary Explorer

Deloitte research shows that once an Indonesian household’s income climbs above IDR 5 million a month, there is a large jump in the percentage of income put into savings and spent on luxury items for leisure activities.

Out of fashion, make-up, body treatments, sports, meals, and ‘hang out’ activities (coffee, bars, etc.), Indonesians unsurprisingly spend most of their income on mobile data and meals.

Indonesian Category Spending

Virtual items include: music downloads, apps, etc. Source: JakPat

Indonesian Category Spending

The spending breakdown of over 500 single Indonesian 25-45 year olds. Source: JakPat

For households making IDR 5 million to IDR 7.5 million, 20% of income is devoted to leisure activities, and increases to 26% when monthly income increases to IDR 7.5 million to IDR 10 million.

Stanley Song, Director, Consulting Monitor Deloitte, points out that businesses in Indonesia have to narrowly target sales to consumers.

What does this mean? Brands need to understand what their audience can afford.

For example, groceries on demand service honestbee has found success because they only work with partners that speak to their target demographic: the top 10% money makers in each market

“If a brand wants to succeed, the company’s product offering and their audience cannot be disjointed,” says Bounthay Khammanyvong, honestbee Thailand Country Manager.

What can Indonesians not afford?

The survey’s respondents’ average outcome in a month for credit cards ranges from less than IDR 500,000 to IDR 1.5 million. Interesting enough, 46% of all respondents don’t actually have any credit to pay.

Why?

“I hardly ever use it [credit card],” said an 28-year-old art director at an advertising agency. “I always keep it at a minimum. I hate having debts.”

About 52% of a Visa survey conducted a few years ago revealed that respondents choose debit cards rather than credit cards (15 percent) and prepaid cards (33 percent) to make purchases.

As the young Indonesian population grows, General manager of the Indonesia Credit Card Association (AKKI) Steve Marta, believes that Gen Y will recognize the importance of credit cards.

“Most people use debit cards for daily and routine spending. But they’ll also need credit cards for large and unpredictable expenses.”

We can expect that consumer spending in Indonesia will increase as the young population grows in affluence and financial maturity but companies shouldn’t mistaken this as overall spending across all categories.

Money will not necessarily be spent on luxury goods as more income is generated, instead, companies have a higher chance of success if their services/product offering caters to a specific demographic with a specific expenditure allowance.


Popular payment methods in Southeast Asia here.  

Sign up for the eIQ Network here.

Here’s what you should know today.

1. Singaporean-founded gaming firm Razer files for IPO in HK

A preliminary filing by Razer for a listing in Hong Kong shows that the Singaporean-founded gaming tech company has been piling up losses even as its revenue grows.

Last year, Razer’s net loss widened to $59.7 million, from $20.4 million in 2015, it said in a draft prospectus lodged with the Hong Kong Stock Exchange on Thursday.

Razer said its losses may continue as money is ploughed into expansion.

It plans to introduce new products and services to diversify revenue, including those with which it has little or no prior development or operating experience.

The global games market generated $101 billion of revenue last year and is the fastest-growing segment in the entertainment industry,according to a Frost & Sullivan report.

Read the rest of the story here.

 

2.  Overview: The emerging portrait of Gen Z

Goldman Sachs researchers say that the Gen Z cohort now matters more. That’s because “[their] diversity, fluency with technology and conservative attitudes toward money will have profound social and economic implications,” analyst Christopher Wolf said in a presentation.

Jason Dorsey, co-founder of The Center told Mobile Marketer that moreover, it’s a group that will rely on debit payment systems, not credit cards, and could be expected to lease cars or lean more on Uber or Lyft.

Gen Z has begun to turn away from fashion with prominent brand logos, according to Dorsey. “Gen Z is the first real social media generation. They are constantly putting photos up, and as a result when you have a clothing item readily identifiable it goes out of style faster. With three views you can’t wear it anymore.”

When shopping in stores Gen Zers expect retail associates to be on their game. So to win with Gen Z, retailers must be sharp with both the in-store and online shopping experiences.

How will this shift affect marketers and retailers?

Read the rest of the story here.

 

3. Recommended Reading: Why the Nike-Amazon deal may hurt sportswear retailers 

The sporting goods market is already in deep trouble, with several retailers already filing for bankruptcy, and Nike’s deal could push existing retailers to shut more stores, analysts say.

The deal — which is expected to help Nike Inc weed out counterfeit products sold through unlicensed dealers online and give it more control over its distribution — lifted the company’s shares to a more than three-month high on Friday.

The decision of Nike considering to sell directly to the consumer and that too with Amazon, they’re all getting nervous.

Sporting goods retailers, which rely on Nike for a substantial part of their wholesale revenue, would be hit further in case Nike’s partnership with Amazon expands beyond the current pilot program.

“The limited-edition market is store-driven,” said Maya Mikhailov, cofounder of mobile retail app developer GPShopper.

“What makes limited edition so exciting is finding out about the deals that stores have through their apps, going to the store, and the consumer being a part of that whole in-store experience.”

Read the rest of the story here.

In the recent years, Southeast Asia has embraced the internet and growth opportunities it provides with arms wide open. As approximately 70% of the population in the region is under 35 years old, the young people have been driving the adoption of the internet that continues to disrupt existing business models.

The latest Digital in 2017: Southeast Asia report by We Are Social and Hootsuite provides useful data for ecommerce entrepreneurs about internet and mobile usage trends in the region. The data once again emphasizes how different each country is across one region, meaning a one-fits-all solution in Southeast Asia wouldn’t fly without localization.


The scope of the report 
has expanded over the years and new data points have been added to provide a wider picture of the digital trends in the markets.

Here are the key insights from the report about the region to know:

  • Ecommerce is becoming the region’s gold mine as 53% of Southeast Asia’s population uses the internet
  • The growth opportunity in the region is tremendous, to put it in the words of the new US president Donald Trump – the number of internet users grew by 31% (80 million) during the last year, continuing the double digit growth in 2015
  • More than 300 million people or 47% of the region are active mobile internet users and mobile internet penetration is likely to pass 50% in the next few months

While the situation does vary across countries – the trend remains the same, Southeast Asia is digitizing and very quickly. This is a list of what is expected to change from 2016, some things we expected and others, we were surprised to learn:

1. The love for mobile

Southeast Asians love their mobile phones. Across the region, around 90-95% of the population use mobile phones, and in most countries, except for Indonesia, more than 60% of the population have smartphones.

Source: compiled by eIQ based on reports Digital in 2016 and Digital in 2017. Digital in 2016 contains data about device ownership, while Digital in 2017 provides insights on device usage.

The smartphone is essential for accessing the internet, especially taking into account that only 21% of Indonesia’s population and 26% of Thailand’s population use laptops.

In Malaysia, the Philippines and Vietnam, the computer usage is higher – around 40% of the population but that is still well below the popularity of smartphones.

With this in mind, ecommerce businesses should think mobile-first by ensuring that their customer experience is mobile friendly. The biggest online marketplaces like Lazada, Zalora, 11street and Zilingo have launched mobile apps to capture this growing audience.

Zilingo built a seller app specifically with the small fashion brands in mind to make it easier for them to create an online store just with their mobile phone.

2. Media consumption is hypnotic

Cheaper smartphones and tailored data services for social networks mean that people can afford to use the internet more often. In 2016, the number of respondents who are using the internet every day has increased by around 10 percentage points in Malaysia, the Philippines, Singapore and Vietnam. In Indonesia, the increase is a staggering 30 percentage points.

Source: compiled by eIQ based on Digital in 2016 and Digital in 2017.

The amount of time people spend with media is also rising. In the Philippines, people on average spend 9 hours online on their computers compared to a little more than 5 hours a year ago.

Indonesia, Malaysia and Thailand follow closely as people spend around 30 minutes less than Filipinos do online. Southeast Asians use the internet on their phones for about 4 hours a day except in Singapore and Vietnam where the average daily use of the internet via a mobile device is around 2.5 hours.

As more and more people go online, it makes sense for businesses to meet their customers where they prefer to be – in the digital environment. This doesn’t mean giving up offline channels.

Ecommerce players such as eyewear brand Glazziq and fashion brand Pomelo have gained their popularity as online-only businesses but plan to expand their presence offline also by launching physical showrooms.

3. Email? What is that, majority of Thais may ask

Email marketing is typically one of the most effective tools for ecommerce businesses to lure customers and drive conversions. According to Campaign Monitor, for every $1 spent on email marketing, it generates $38 in return on investment.

A report by Salesforce Marketing Cloud showed that 96% of Southeast Asian online consumers identify themselves as email newsletter subscribers and 48% have made a purchase as a result of a marketing email.

However, the latest Digital in 2017 shows that email might not be the best choice to target customers in the region, at least – not in all countries.

Apart from Singapore where 71% of respondents check their emails weekly on smartphones, less than one third of the rest of Southeast Asia checks their emails during a week.

The situation is most surprising in Thailand where less than 10% of the population checks their emails either on smartphone, computer or tablet.

This has significant implications for online marketers because instead of asking for customer emails, they should capitalize on phone numbers. If most Southeast Asian customers are plugged to their phones, SMS marketing could be good for targeting customers.

99% of text messages from brands are opened and the click rate is nearly 20%.

4. Ecommerce is growing up

The highly quotable report by Google and Singaporean investment fund Temasek predicts that the ecommerce market will reach $88 billion by 2025 from the relatively low $5.5 billion in 2015. There are indications that the market opportunity might be even bigger and valued at $238 billion.

The data shared by online statistics and business intelligence portal Statista in Digital in 2017 predicts the value of the consumer (B2C) ecommerce market of six Southeast Asian nations in 2016 has been $14.8 billion.

Source: Digital in 2017, Statista Digital market outlook, e-commerce industry, January 2017.

In all countries, more respondents have reported making a product or service purchase online in the past 30 days. More than half of the population in Malaysia, Singapore and Thailand, which make up a $6.4 billion market together, buy online.

Source: compiled by eIQ based on Digital in 2017 and Digital in 2016.

Singapore at the moment is the dream market for ecommerce businesses as the average annual ecommerce spending per user in 2016 was $1,022. In Indonesia and Thailand, the annual ecommerce revenue per user was 4.5 times smaller.

Source: Digital in 2017, Statista Digital market outlook, e-commerce industry, January 2017.

In Vietnam, the average ecommerce revenue per user is predicted to have been $55 in 2016, the second lowest in the region only to the Philippines but the country’s eagerness to shop online makes up for it. Vietnam has the third highest ecommerce penetration (35%) in the region following Singapore (51%) and Malaysia (45%).

What does all this data tell us? That ecommerce is moving away from being a “buzzword” to a business model that traditional companies in Southeast Asia should consider adopting. The region’s real potential, either $88 billion or $238 billion, will only grow as the respective countries develop and their populations urbanize.