Southeast Asia's e-commerce sales to reach $166b by 2026
It posted a more than 30% growth last year.
E-commerce sales in Southeast Asia are expected to reach $166b by 2026, following an over 30% rise in 2021, according to Euromonitor International.
Sales in the e-commerce sector reached $69b last year, up from $52b in 2020. In 2019, e-commerce sales in Southeast Asia were at around $34b.
Sea Limited, the owner of the e-commerce platform Shopee, was the top retailer in the region with $16.06b in sales in 2021.
Whilst the region is a “lucrative target for e-commerce players,” Euromonitor said Southeast Asia, which is home to over 500 million people is composed of diverse ethnicities, cultures, religions, and online shopping habits.
“Conquering this market is complex. Regional e-commerce players must create localised strategies like search engine optimisation for respective countries and languages or product lines catered to various cultural needs,” it said in the Top 100 Retailers in Asia report.
“Pricing, marketing and customer service also need to reflect individual market dynamics. When well-executed, localised approaches give retailers and manufacturers a steadfast and longer-term competitive edge,” it added.