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Countries inSoutheast Asia are experiencing serious growth in e-commerce.
E-commerce sales are expected to reach nearly $90 billion thisyear, up about $16 billion from last year, according to eMarketer.E-commerce in the region is projected to pass the $100 billion mark by2023, a significant increase from $37.22 billion in 2019.
Unlike other geographiesthat are forecasted to experience moderate growth, Southeast Asiamight witness a 20.6% increase, the largest globally. Behind SoutheastAsia is Latin America, which would be the only region to hit the 20%threshold this year.
Which Countries InParticular?
E-commerce sales in four countries are projected to growfaster than in all of Southeast Asia this year, and two ofthem — the Philippines and Indonesia — are in the region.
The Philippines ranksfirst with a growth rate of 25.9%, while Indonesia comes third at 23%.The other countries are India with 25.5% and Brazil, which is expectedto grow by 22.2%.
Why Indonesia?
Indonesia’s e-commerceadoption is one of the largest in the world. In 2020, up to 90% ofinternet users between ages 16 and 64 purchased something online.
Indonesians are“among the world’s most passionate adopters of digitaltechnology”. According to the consulting firm McKinsey & Co., anaverage Indonesian spends four hours per day on the internet using ahandheld device — twice the time spent by a U.S. resident.
With 99.15 millionusers, the country has the fourth-largest population of Meta Platforms Inc. ’s (NASDAQ: META) Instagramusers and the largest in the Southeast Asia region. The country alsois among the largest for number of Twitter Inc. (NASDAQ: TWTR)users at
E-commerce In Indonesia
Of Indonesia’s 278.3million people 138 million do their shopping online, according to areport by the Institute of Southern Asian Studies. The e-commerceindustry accounts for 72% of the total value of the digitaleconomy.
Indonesia’s e-commerce sector is expected to reach almost $63billion in 2022, according to Statista. By 2025, the market isprojected to reach $90 billion.
The e-commerce market seemingly runs on two models:e-commerce platforms such as Shopee, Tokopedia and Bukalapak andsocial commerce, which involves buying and selling goods on socialmedia platforms. E-commerce platforms account for 60% of alltransactions while 40% of shopping is conducted via socialcommerce.
Society Pass Inc. (NASDAQ: SOPA) is an example of anacquisition-focused e-commerce holding company that could be lookingto become the Goliath of e-commerce in Indonesia and overall SoutheastAsia. The company operates in six verticals: loyalty, lifestyle, foodand beverage, telecom, digital media, and travel. It reportsconnecting millions of consumers and merchants in theregion.
SoPa Rolls Out Loyalty App
On June 27, SoPaannounced the launch of a beta version of its loyalty app that enablescustomers to earn and redeem points at different retailers whilebuilding customer loyalty for merchants. The company reports that theapp helps merchants generate more revenue by retaining existingcustomers, attracting new ones, reducing customer turnover andsynching customer data through personalized advertisingcampaigns.
“TheSoutheast Asian retail sector is at the cusp of a massivetransformation powered by the data-driven meta economy. We designed agorgeous user interface backed by sophisticated backend infrastructureto kickstart a virtuous cycle of revenue generation and loyaltycreation, where Society Pass and Society Points generate more revenuesfor merchants,” SoPa Founder, Chairman and CEO Dennis Nguyen said atthe launch of the beta application.
SoPa reported plans to modify and integrate the appwith select customers and merchants across Vietnam, Indonesia,Philippines, Thailand and Singapore in the second quarter of the year.The company expects to fully launch the app by the end of the year,when customers will be able to pay for goods and services in-store,in-app or online.
As a loyalty and data marketing ecosystem,Society Pass operates multiple e-commerce platforms across its keymarkets in SEA. Its business model focuses on analysing user datathrough the expected launch of its Society Pass loyalty platform andcirculation of its universal loyalty points, which seamlessly connectsconsumers and merchants across multiple product and service categoriesto foster organic loyalty. Since its inception, SoPa has amassed over1.6 million registered consumers and over 5,500 registeredmerchants/brands on its platform. It has invested 2+ years buildingproprietary IT architecture with cutting edge components toeffectively scale and support its consumers, merchants, andacquisitions.Society Pass provides merchants with #HOTTAB Biz and#HOTTAB POS – a specialized POS technology solution, a comprehensivesystem for payment, loyal customer management, user profile analytics,and convenient financial support packages for small and medium-sizedenterprises.In addition, SoPa operates Leflair.com , Vietnam’sleading lifestyle e-commerce platform, Pushkart.ph , a popular grocerydelivery company in Philippines, Handycart.vn , a leading onlinerestaurant delivery service based in Hanoi, Vietnam, and GorillaNetworks , a Singapore-based, blockchain/web3-enabled mobile virtualnetwork operator.For more information, please check out:http://thesocietypass.com/ .
This post contains sponsoredadvertising content. This content is for informational purposes onlyand is not intended to be investing advice.
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Dennis Nguyen: Founder,Chairman & CEO
+1 877-440-9464
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