2021年东南亚数字经济报告（英）-129页_4mb

e-Conomy SEA 2021 Summary

Core Content

The e-Conomy SEA report, a collaborative research initiative by Google, Temasek, and Bain & Company, highlights the rapid growth and transformation of Southeast Asia's internet economy. The 2021 edition, titled "Roaring 20s: The SEA Digital Decade", outlines the region's trajectory towards a $1T GMV (Gross Merchandise Value) economy by 2030.

Main Points

• Digital Economy Growth: The internet economy in Southeast Asia (SEA) has shown resilience and resurgence, reaching $170B GMV in 2021, with projections to reach $360B by 2025.
• Consumer Behavior Shifts: Digital consumption has become ingrained in daily life, with 40M new internet users joining in 2021, bringing the total to 440M. 8 out of 10 of these users have made at least one online purchase.
• Digital Merchants: Over 3,000 digital merchants across 6 countries were surveyed. 1 in 3 believe they would not have survived the pandemic without digital platforms.
• Digital Platforms: They are critical for business continuity and growth, with 90% of digital merchants satisfied with their use. The Net Promoter Score® is 31, indicating moderate satisfaction.
• Digital Financial Services (DFS): 9 in 10 digital merchants now accept digital payments. DFS is a key enabler for e-commerce and is expected to grow further, especially with consumer financing and supply chain financing.
• e-Commerce Dominance: It remains the primary growth driver, with $69B GMV in 2021. However, grocery e-commerce is still underpenetrated, with only ~2% of total grocery GMV captured online.
• Transport & Food Services: These sectors reached $18B GMV in 2021, with food delivery seeing the most adoption at 71% of internet users. Ride-hailing is preferred for its convenience and safety.
• Online Travel: Growth remains subdued due to virus variants and travel restrictions, with a forecast of a base case recovery to pre-COVID levels by 2024. Domestic tourism is expected to recover more quickly than international travel.
• Investment Trends: SEA attracted $11.5B in funding in H1 2021, with e-commerce and DFS leading the investment focus. The region is poised for a Digital Decade, with strong investor confidence and supportive regulations.
• Digital Transformation: The pandemic has accelerated digital transformation among SMEs, with 82% anticipating over half of their sales to come from online sources in the next 5 years.

Key Insights

• New Consumers: 60M new digital consumers were added since the pandemic began, with 20M joining in H1 2021 alone. Most of these are from non-metro areas.
• Digital Services Adoption: Existing consumers are using 4 more digital services than before the pandemic. Food delivery and ride-hailing have seen the most significant increases in usage and spend.
• Satisfaction and Spending: Satisfied consumers spend 1.3x to 1.7x more than dissatisfied ones. Convenience and safety are key drivers of adoption.
• Challenges: Despite growth potential, unit economics for e-grocery remain a challenge. Privacy and security concerns are also a major barrier to digital lending adoption.
• Future Outlook: SEA is expected to reach $1T GMV by 2030, driven by continued consumer and merchant digital adoption, strong investor confidence, and technological advancements.

Country Spotlights

• Philippines: Leads in digital economy growth, with a CAGR and significant interest in food delivery.
• Vietnam: Shows strong growth in digital services, particularly in food delivery and e-commerce.
• Thailand and the Philippines: Have the highest proportion of new users starting online consumption during the pandemic.
• Malaysia and Indonesia: Also show substantial growth in digital services, with a focus on e-commerce and DFS.

Research Methodology

The report combines primary research, Temasek insights, Bain analysis, Google Trends, expert interviews, and industry sources to provide a comprehensive view of the internet economy in SEA.

Conclusion

The e-Conomy SEA 2021 underscores the transformative power of the digital economy in Southeast Asia, driven by consumer behavior changes, digital merchant adoption, and strong investment inflows. The region is on track to become a major player in the global digital economy, with e-commerce and DFS leading the charge. However, challenges such as unit economics and privacy concerns must be addressed to sustain growth.