Get excited: ‘The Roaring 20s’ report predicts a $1 trillion digital economy in the region by 2030.
GUESS how many people began using the internet in South-east Asia this year? 10 million? Way too low. Try again. 20 million? Double that figure and you’ll be spot on.
Forty million new users joined the 440 million in the region who are already online, 80% of whom are digital consumers, spending their dollars, pesos and ringgit on fashion, food, transportation, and gaming.
No real surprise, the rush to online transactions is only going to skyrocket. “In 2030, we are imaging a scenario where consumers are literally living and breathing digital,” said Stephanie Davis, vice president, Google South-east Asia. “The digital decade in South-east Asia is here.”
The annual e-Conomy SEA Report – compiled by Google, Temasek and Bain and Co – estimates the e-commerce sector could pass US$120 billion in Gross Merchandise Value (GMV) by the end of 2021 and reach US$234 billion by 2025.
“Eighty-two per cent of digital merchants shared with us that they expect more than half of their sales to come from online in five years. If you look at procurement, it’s 84%. We think that this is a really important signal for the economy at large,” Davis said.
The report sheds light on the internet economy over the next 10 years in #Indonesia, #Malaysia the #Philippines #Singapore #Thailand and #Vietnam and dives into trends across five leading sectors ‒ e-commerce, online media, transport & food, online travel and digital financial services, and two nascent sectors – healthtech and edtech.
The report’s title, the ‘Roaring 20s: The SEA Digital Decade’, points to a $1 trillion digital economy in the region by 2030.
Its conclusion, in three words: Boom, boom, boom.