Shopee is Facing Huge Impact and Challenge in Southeast Asia
Jayson 29 Sep 2023 04:10
It is reported that on the 15th, Forriest Li, founder of Shopee's parent company—— Sea, issued a letter clarifying that e-commerce competition in Southeast Asia is becoming increasingly fierce.
“Competition is heating up rapidly, especially in our e-commerce business. Over the past few years, we have achieved market leadership in many places and demonstrated our strong business model.
Therefore, there will naturally be others who want to challenge our market share. We must face this challenge head-on," the letter to all employees showed.
At the same time, Forriest also said that they will restart their investments, which may cause the group to go into the red again, but he also asked people not to worry, as this decision has been well thought out.
It is reported that as of now, Sea's market value has fallen to US$22.5 billion, only one-tenth of its peak.
On the other hand, Data shows that from August 5 to September 5, TikTok ranked first in monthly visits in Southeast Asia, with 3.02 billion visits.Followed by Lazada and Tokopedia, with 184 million and 53.16 million monthly visits respectively.
“Competition is heating up rapidly, especially in our e-commerce business. Over the past few years, we have achieved market leadership in many places and demonstrated our strong business model.
Therefore, there will naturally be others who want to challenge our market share. We must face this challenge head-on," the letter to all employees showed.
At the same time, Forriest also said that they will restart their investments, which may cause the group to go into the red again, but he also asked people not to worry, as this decision has been well thought out.
It is reported that as of now, Sea's market value has fallen to US$22.5 billion, only one-tenth of its peak.
On the other hand, Data shows that from August 5 to September 5, TikTok ranked first in monthly visits in Southeast Asia, with 3.02 billion visits.Followed by Lazada and Tokopedia, with 184 million and 53.16 million monthly visits respectively.
