Google: e-Conomy SEA 2020 Report

(Image Source: Google)

The 5th edition of Google’s annual e-Conomy SEA report with Temasek and Bain & Company is out! e-Conomy SEA is a multi-year research program launched in 2016 by Google and Temasek to uncover the opportunities in Southeast Asia’s internet economy. 

2020 has been a rollercoaster ride for many; countries went into lockdowns, businesses were forced to shut down, and many saw their daily lives disrupted. Amid this uncertainty, we also saw a major shift online which pushed online sectors like e-commerce to boom and surpass industry projections. 

There were 40 million new internet users in 2020; an 11.11% increase from 2019.

(Image Source: Google)

COVID-19 accelerated digitization with many users trying out digital services for the very first time, bringing new opportunities for the digital sector.  Interestingly, Indonesia, Malaysia, and the Philippines recorded many new users from non-metropolitan areas (areas that are not urbanized). This ties in with our previous study where we found that e-commerce in non-metropolitan areas had grown 12-15% faster than metropolitan areas during the pandemic. 

Long-term outlook for Southeast Asia’s internet economy more robust than ever 

(Image Source: Google)

Whilst 2020 has been a year of many uncertainties, the long-term outlook for the Southeast Asia region is still a positive one. Even in face of the current economic downturn, it appears that the Southeast Asia internet economy will still be surpassing $100 billion GMV (Gross Merchandise Value) this year. The digital economies of countries like Indonesia and Vietnam are still experiencing double-digit growth. With all these factors in place, it seems like Southeast Asia as a region will emerge out of 2020 stronger than ever. 

Source: e-Conomy SEA 2020 Report

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