Tips for Thriving and Surviving in the Southeast Asian eCommerce Market

At Payoneer’s recent Beyond 24-hour global virtual summit for digital business, we had the privilege of hosting Songie Song, Business Development Manager at Shopee Korea, for a talk on thriving in the new world of regional eCommerce. Specifically, Songie focused on eCommerce in Southeast Asia and how sellers can utilize Shopee to further their businesses in one of the world’s fastest developing regions.

Here, I’ll be providing a brief recap of Songie’s talk, including an overview of eCommerce in Southeast Asia and why now might be a good time to expand your cross-border business on Shopee. To watch the full session, as well as all the other sessions from our Beyond summit, click below.

Watch the Full Session

Southeast Asian eCommerce

Songie started off by listing a few surprising stats about Southeast Asia and its rapidly expanding eCommerce presence. These included forecasts that by 2030, the region will have:

• The 3^rd largest GDP growth rate worldwide.
• 16% of the world’s new consumer class.
• A population of 723 million.

In addition, the following three mega-forces in Southeast Asia make the region a prime location to expand your cross-border business.

• Favorable demographics – Southeast Asia has a large young, tech-savvy population who are more likely to shop online than previous generations.
• Rising income levels – Income levels are expected to grow by 6%-8% in emerging Southeast Asian markets, creating economies powered by the middle class.
• Digital tailwinds – Governments throughout the region are supporting key digital transformation programs, making the digital economy truly inclusive.

Expanding Your Cross-Border Business on Shopee

Songie then dove into what makes Shopee the premier marketplace for selling in Southeast Asia. As the largest pan-regional eCommerce marketplace in Southeast Asia and Taiwan, Shopee was the leader amongst eCommerce platforms in terms of average monthly active users and total time spent in app on Android in Q2 2020.

A large part of why the platform has been so successful is connected to the ecosystem created by Shopee and how it’s able to support sellers operate and expand their businesses, including:

• Enhanced logistics capabilities to support the increasing scale and frequency of online shopping.
• A seller support package to cushion the impact of the COVID-19 pandemic.
• An upgraded marketplace center that lets sellers customize store campaigns and promotions.

“During the [COVID-19 pandemic], we’ve put a lot of efforts into helping businesses of all sizes to digitalize, recover and succeed in the long-run in eCommerce across the world.”
– Songie Song, Business Development Manager at Shopee Korea

Regional Market Trends, Changing Consumer Behavior and More

Songie covered a wide range of topics in addition to those mentioned above. These included a detailed overview of the market trends in Southeast Asia, the shopping holidays sellers should be aware of, and the changing consumer behavior throughout the region, including specific case-studies on Singapore and Malaysia.

To better understand the Southeast Asian eCommerce marketplace, click below to watch Songie’s Beyond session:

Watch the Full Session