Blog > Marketplace News > Cross-border E-commerce Revenue In Southeast Asia Will Grow By 70% By 2027
Cross-border E-commerce Revenue In Southeast Asia Will Grow By 70% By 2027
Jayson 27 Oct 2023 09:15
According to a research report commissioned by U.S. market intelligence company IDC and Ant Group, the growth rate of Southeast Asia's digital economy will reach 15.8% in the next five years, surpassing the United States (9.4%), the European Union (8.7%), and South Korea (12.7%). ) and Japan (10.2%), making it far ahead globally.
In terms of cross-border business, the report predicts that between 2022 and 2027, the three major economies of Southeast Asia, South Korea, and Japan will receive US$232.4 billion in new cross-border revenue, which will mainly come from cross-border e-commerce and online Driven by tourism.
Among them, Southeast Asia's cross-border e-commerce revenue will increase by 70% by 2027, reaching US$148.1 billion, exceeding the growth rate of domestic e-commerce revenue in the United States.
In addition, the report also added that in Southeast Asia, thanks to the accelerated development of digital payments - the main driving forces are "buy now, pay later/BNPL" (38%), mobile wallets (18.9%), and domestic payments (16.9%) and credit cards (14.4%).
The local e-commerce market is also expected to double in five years. According to another report, the GMV size of the Southeast Asian e-commerce market will be approximately US$131 billion in 22 years.
In terms of cross-border business, the report predicts that between 2022 and 2027, the three major economies of Southeast Asia, South Korea, and Japan will receive US$232.4 billion in new cross-border revenue, which will mainly come from cross-border e-commerce and online Driven by tourism.
Among them, Southeast Asia's cross-border e-commerce revenue will increase by 70% by 2027, reaching US$148.1 billion, exceeding the growth rate of domestic e-commerce revenue in the United States.
In addition, the report also added that in Southeast Asia, thanks to the accelerated development of digital payments - the main driving forces are "buy now, pay later/BNPL" (38%), mobile wallets (18.9%), and domestic payments (16.9%) and credit cards (14.4%).
The local e-commerce market is also expected to double in five years. According to another report, the GMV size of the Southeast Asian e-commerce market will be approximately US$131 billion in 22 years.
