E-commerce spending in Southeast Asia is expected to hit US$179.8 billion by 2025, according to an IDC report commissioned by Singapore-based 2C2P.
This 162% growth comes at the heels of changing consumer and retail trends and more diverse payment options.
The report also highlighted:
- The number of new e-commerce users will grow to 188.6 million by 2025, with Indonesia accounting for $83 billion; Vietnam, $ 29 billion; and Thailand $24 billion.
- Digital payments will contribute 91% of total e-commerce spending by 2025, up from 80% in 2020, as cash payments decline in the Philippines, Vietnam, and Thailand.
- From 2020 to 2025, mobile wallets and buy now, pay later options are expected to grow in SEA by 30% and 58%, respectively. Indonesia could see more than 100 million new mobile wallet users by 2025.
- Shoppers will be able to access e-commerce through online, merchant stores, marketplaces, and social platforms, as businesses enhance front-end and back-end operations to improve the customer experience and awareness.