WHY 2018 WAS THE ‘YEAR OF ECOMMERCE’ IN SOUTHEAST ASIA
The digital economy in Southeast Asia is on track to hit $240 billion by 2025, which is $40 billion more than previous estimates, according to the latest e-Conomy Southeast Asia 2018 report from Google and Singapore-based Temasek, which manages investments and assets for the government. The report said the internet economy in Southeast Asia “hit an inflection point in 2018,” thanks in part to the most engaged mobile internet users in the world, as well as industries like ecommerce, online media, online travel and ride-sharing, which grew at never-before-seen rates. As a result, the region’s internet economy will hit $72 billion this year alone, which means it will have more than doubled since 2015. And, the report said, investor confidence in the region is growing as startups raised $9.1 billion in the first half of the year, which is almost as much as they raised in all of 2017.
(Source: Adweek, December 4, 2018)
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Myanmar’s robust development is fueled partly by the adoption of ICT and the development of e-commerce. Business accelerators, venture capitalists and the ever-increasing number of tech start-ups are clear evidence that Myanmar’s e-commerce scene is booming – albeit from a low level - and Myanmar is no longer considered a frontier market when it comes to digital innovation. While the country’s e-commerce future looks bright, a considerable amount of work for the government remains, particularly in improving and updating the legislative and regulatory framework (addressing consumer protection, privacy, security of transactions, cybercrime, and other concerns in an online environment), ICT and payment infrastructure.