Southeast Asia’s e-commerce market is expanding at a rapid pace.
It is evident that the pandemic is driving individuals online at a rapid rate. Southeast Asians are developing new behaviors connected to online discovery, deliberation, and purchasing.
Summary:
It is evident that the pandemic is driving individuals online at a rapid rate. Southeast Asians are developing new behaviors connected to online discovery, deliberation, and purchasing.
Several habits are forming with the increasing digitalization happening in Asia, are some of the top new behavioral changes:
- Online Expenditure
Online expenditure is growing 60% each year, with the total e-commerce revenue expected to quadruple by 2026, as SEA users are not only shopping significantly more online but are now utilizing the internet as their major purchasing avenue. The expansion of the online marketplace doesn’t seem like it’s going to slow down anytime soon. Resulting in double-digit growth for the online sellers.
- Increased Online Research
Online consumers always research the product before making a purchase to ensure they are making the best choice possible. In addition, before completing a purchasing choice, people check around 8 websites, a significant rise from an estimate of 5 sites in 2020. The online consumers’ research to seek information, prices of each store, and reviews from customers.
- Environmental Awareness
Consumers are also growing more concerned with the environment, with 92% indicating they are prepared to pay extra for sustainable and responsible items. This trend is only set to continue, online consumers are more likely to buy from brands that are concerned about environmental sustainability.
- Shift In Research Channels
Only 20% of individuals utilize physical sources to learn what they should purchase, while the other 80% use internet channels. Whenever it concerns product or service evaluation, 83% of the channels used to learn more about a good or service are online.
It is time for companies to capitalize on Southeast Asia’s transformational change in customer behavior. The most effective product entrepreneurs will concentrate on ways to benefit from the region’s post-pandemic digital growth while also protecting businesses from impending digital disruptions.
