Over the past three years, the ASEAN region has experienced rapid growth in e-commerce activity. In 2015, e-commerce was worth only US$5.5 billion. By 2017, e-commerce was generating close to US$11 billion in gross merchandise value (GMV) and in 2018, more than doubled the previous year’s GMV to exceed US$23 billion.
The quadrupling of e-commerce in ASEAN represents a 62 per cent compound annual growth rate over the three years.
The growth of e-commerce means it will play a valuable role in the region’s digital economy. In a joint study by Google and Temasek, Southeast Asia’s internet economy is slated to be worth more than US$240 billion by 2025, US$40 billion more than what was first projected in 2018. By 2025, e-commerce is predicted to be worth US$102 billion – making up more than 40 per cent of the total value of the region’s internet economy.
E-commerce is an effective channel for Australian exporters to enter the ASEAN market or grow their existing footprint. Some key drivers of e-commerce growth across the region include a growing middle class, the presence of major online marketplaces, and social media-savvy populations.
Join industry experts as they discuss the emergence of e-commerce and the digital economy and how your business can harness the ASEAN opportunity.