Fast-Growing E-Commerce Market Could Help Fuel This Company That Says It Wants To Be The Next Amazon And Google Of Southeast Asia

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Southeast Asians have reportedly embraced e-commerce more than any region globally.

Southeast Asia's E-Commerce Boom?

According to a report by Insider Intelligence, e-commerce sales in Southeast Asia will total $89.67 billion in 2022 — an increase of $15.31 billion over last year. The region is projected to cross the $100 billion mark by 2023.

In comparison, only Latin America's 20% growth comes close to the region's 20.6% expansion in 2022 — the highest in the world.

The Insider Intelligence report predicts five countries — the Philippines, Indonesia, Vietnam, Malaysia and Thailand — will rank among the top 10 markets measured by retail e-commerce sales growth.

Facebook and Bain & Company estimate that 70 million more people shopped online in six Southeast Asian countries since the beginning of the COVID-19 pandemic. The region saw rapid adoption of digital services like e-commerce, food delivery and online payment methods during lockdowns to reduce the spread of the virus.

In all, about 350 million digital consumers in Southeast Asia used e-commerce platforms at the height of the pandemic, and projections indicate the number of online shoppers in the region will reach 380 million by 2026.

The survey found that people who shop primarily online rose from 33% in 2020 to 45% in 2021, with the most significant gains coming from Singapore, Malaysia and the Philippines. Average online spending grew 60% last year, from $238 per person in 2020 to $381 per digital consumer.

As more people now prefer digital payments to cash, Southeast Asia’s rapid digitalization might provide immense opportunities for companies like Society Pass Inc. SOPA.

Want To Be The Next Amazon And Google Of Southeast Asia?

Society Pass (SoPa) is a Southeast Asian acquisitions-focused e-commerce holding company with a similar operating business model similar to Amazon.com Inc. AMZN and Alphabet Inc.’s GOOGL Google with a lot of other businesses under its fold. 

Currently operating 4 subsidiaries but expected to operate more than 10 more subsidiaries by the end of 2022 in eight distinct verticals — loyalty, merchant software, lifestyle, food and beverage delivery, travel, digital advertising, telecoms and food and beverage ordering — the company states that it is building the next-generation consumer ecosystem. SoPa is also partnering with several businesses to provide what it wants to be the best loyalty experience to customers.

SoPa’s business model focuses on collecting user data through the expected circulation of its universal loyalty points in 2H 2022.

The company connects consumers and merchants across multiple product and service categories, fostering organic loyalty. Since its inception in 2018, the company has amassed over 1.6 million registered consumers and over 5,500 registered merchants and brands on its platform.

SoPa provides merchants with #HOTTAB Biz and operates Leflair.com, one of Vietnam's leading lifestyle e-commerce platforms, Pushkart.ph, a popular grocery delivery company in the Philippines, and Handycart.vn, a leading online restaurant delivery service based in Hanoi, Vietnam.

As it looks into the future, SoPa reports that it plans to expand and link its loyalty program to cover services from both regional and international companies.

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