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Reachingnewheights:
Navigatingthepathtoprofitablegrowth
Reference
e-ConomySEAisamulti-yearresearch
programmelaunchedbyGoogleandTemasekin2016.Bain&Companyjoinedtheprogrammeasleadresearchpartnerin2019.Theresearch
leveragesTemasekinsights,Bainanalysis,GoogleTrends,primaryresearch,expertinterviews,andindustrysourcestoshedlightonthedigital
economyinSoutheastAsia(SEA).The
informationincludedinthisreportissourcedas‘Google,Temasek,andBain,e-ConomySEA
2023’,unlessotherwisespecified.
2
Disclaimer
Theinformationinthisreportisprovidedonan‘asis’basis.ThisdocumentwasproducedbyGoogle,Temasek,Bain,
andotherthirdpartiesinvolvedasofthedateofwritingandissubjecttochange.Ithasbeenpreparedsolelyforinformationpurposesoveralimitedperiodoftimeto
provideaperspectiveonthemarket.Itisnotintendedforinvestmentpurposes.Allfinancialanalysisisderivedor
estimatedbyBainanalysisusingbothnon-Google
proprietaryandpubliclyavailableinformation.Googlehasnotsuppliedanyadditionaldataforfinancialanalysis,nordoesGoogleendorseanyfinancialanalysismadeinthe
report.Whereinformationhasbeenobtainedfrom
third-partysourcesandproprietaryresearch,thisisclearlyreferencedinthefootnotes.Projectedmarketand
financialinformation,analyses,andconclusionscontained
inthisreportshouldnotbeconstruedasdefinitive
forecastsorguaranteesoffutureperformanceorresults.Google,Temasek,Bain,theirrespectiveaffiliates,orany
otherthirdpartyinvolvedmakenorepresentationor
warranty,eitherexpressorimplied,astotheaccuracyor
completenessoftheinformationinthereportandshallnotbeliableforanylossarisingfromtheuseofthisreport.
2016
2017
2020
2019
2018
Unlockingthe
$200BopportunityinSEA
2023
2030
2022
3
8theditionofe-ConomySEAbyGoogle,Temasek,Bain:
SoutheastAsia’sdigitaleconomyresearchprogramme
UnprecedentedgrowthforSEA’s$50Binternet
economy
Swipeupandtotheright:SEA’s$100B
interneteconomy
SEA’sinternet
economyhitsaninflectionpoint
Atfullvelocity:Resilientand
racingahead
SEA’sDigitalDecade
2021
Towardsa sustainabledigitaleconomy
Reachingnewheights:Navigatingthepathtoprofitablegrowth
Throughthewaves,towardsaseaof
opportunity
Roaring‘20s:
TheSEA
DigitalDecade
4
e-ConomySEAresearchmethodology
Temasekinsights
Bainanalysis
GoogleTrends
Primaryresearch¹
Expertinterviews2
&industrysources
Withcontributionsfrom
500GGVCAPITAL
Notes:AlldollaramountsareinUSD.Unlessotherwisestated,allmentionsof“SoutheastAsia”or“SEA”inthisreportrefertothesesixmarkets:Indonesia,Malaysia,
Philippines,Singapore,Thailand,andVietnam.(1)GooglecommissionedKantartorunthee-ConomySEAconsumersurvey.Theresearchwasconductedinmetro
andnon-metrocitiesacrossIndonesia,Malaysia,Philippines,Singapore,Thailand,andVietnam.Datacollectionranfrom10/08/2023to01/09/2023viaa25-minute
onlinesurvey.Thesurveywasconductedamongatotalofn=7,881respondentsaged18-64whohadmadeatransactioninatleastoneoftheverticalscovered
withinaspecifiedperiodoftime.Eachrespondentwasallocatedtoamaximumoftwoverticals,outofeightverticalscovered,basedonleastfillquota.
(2)BainandTemasekconductedinterviewsandaquantitativesurveywithSEA-focusedventurecapitalinvestorsfrom06/2023to08/2023.
MALAYSIA
34M
PHILIPPINES
117M
INDONESIA
278M
THAILAND
72M
VIETNAM
99M
SINGAPORE
6M
605M
totalpopulation
acrossthecountries
5
e-ConomySEA
covers6countriesin
SoutheastAsia…
Source:WorldBank
6
…and5leadingsectorsinthedigitaleconomy
E-commerce
Transport&food
Onlinetravel
Onlinemedia
Financialservices
Marketplaces
Transport
Flights
Advertising
Payments
Direct-to-consumer
Fooddelivery
Hotels
Gaming
Lending
Groceries
Vacationrentals
Video-on-demand
Music-on-demand
Insurance
Investments
Notes:E-commercedoesnotincludeinformalcommerceduetothelackofreliabledata.Financialservicesareexcluded
frommarketsizingestimatesduetodifferencesinunitsofmeasurementcomparedtootherleadingsectors.
02
03
01
05
06
7
Content
04
Monetisationontherise
Growingagainstglobalheadwinds
Investorsresetexpectations
Financialservicesat
aninflectionpoint
07
Engaging
highvalueusers
Bridgingthedigitaleconomicdivide
Thepathforward:
profitablegrowth
Executivesummary
01
02
03
04
05
06
07
Growingagainst
globalheadwinds
Investorsreset
expectations
Monetisation
ontherise
Financialservices
ataninflectionpoint
Engaging
highvalueusers
Bridgingthedigital
economicdivide
Thepathforward:
profitablegrowth
8
SEAhasweatheredglobalmacroeconomicheadwindswithmoreresiliencecomparedtootherregionsaroundtheworld.Grossdomesticproduct(GDP)growthremainsabove4%,whileinflationhascomedownto3%.Consumerconfidenceisstartingto
reboundinH22023afterfallingtolowerlevelsinH12023.
PrivatefundinginSEAhasdeclinedtoitslowestlevelinsixyears,whichisinlinewithglobalshiftstowardshighercostsofcapitalandissuesacrossthefundinglifecycle.ExitsremaintopofmindasSEAfundshavereturnedlesscapitaltoinvestorsthanfunds
focusedonotherregions.Toleavethefundingwinterbehind,SEAwillneedtoproveitsdigitalcompanieshaveaclearpathwaytoprofitability,andinvestorshavedependableexitpathways.
Digitalbusinesseshaveshiftedtheirfocustomonetisationinabidtoachieveprofitabilitytargets.In2023,theSEAdigital
economyissettodeliver$100Binrevenue,growingat27%CAGRsince2021–1.7Xtherateofgrossmerchandisevalue(GMV)growth.E-commerce,travel,transport,andmediacontributed$70Binrevenue.Remarkably,thefocusonmonetisationhasnotcomeattheexpenseofconsumerengagementandGMVgrowth.GMVisstillexpectedtogrowat11%to$218Bin2023.Travelandtransportareontracktoexceedpre-pandemicheightsin2024,whilee-commerceisshowingresilience.
Consumersareadoptingdigitalfinancialservices(DFS)atarapidpace.Cashisnolongerking,asdigitalpaymentsnowmakeupmorethan50%oftheregion’stransactions.Highinterestratesaretailwindstodepositsandwealthmanagementbutpose
challengestolending.Non-performingloansremainundercontrol.Sustainablebusinessmodelsareemergingamongpure-playfintechs,whiletraditionalfinancialcompaniesareacceleratingtheprocessofdigitalisationtoretainusers.
Asbusinessespursueanacceleratedpathtoprofitability,engaginghighvalueusershasbecomecriticaltoachievesustainableuniteconomics.Thetop30%ofSEAspendersaccountformorethan70%ofdigitaleconomyspend–andtheycanbefound
everywhere.Thisisaccentuatedingaming,travel,andtransport.Inthelongerterm,companieswillneedtoembraceabroadersetofcustomerstocontinuegrowinginasustainablewayandunlocktheregion’sfullmonetisationpotential.
Digitalinclusionhasmadeinroadsintheregionoverthepastyears.Connectivityhasincreasedbyasmuchas3Xsince2015in
someruralareas.Yet,asplayersfocusonmonetisation,consumersoutsideofmetrocitiesarefacingawideningdigitaleconomicdivide.Ecosysteminvestmentsarerequiredtobridgethegap,whichwillinturnsupportlong-termdigitaleconomicgrowth.
ThereremainssignificantheadroominSEA:favourabledemographics,growingwealth,andanincreasinglyurbanisedpopulation
setthestageforfuturedigitaleconomicgrowth.Competitionisalsoexpectedtobecomemorerationalinthepursuitof
sustainedprofitability.SEA’sdigitaleconomycanreachitsfullpotentialgivenbroadeneddigitaleconomyparticipation,theemergenceofnascentsectors,physicalinfrastructureinvestments,andpolicyandregulationattheregionallevel.
9
Growingagainst
globalheadwinds
10
SEAhasweathered
globalmacroeconomicheadwindswithmore
resiliencecomparedtootherregionsaroundtheworld.
SEAGDP(YoY%)
USfedfundsrateincrease
5.7%
4.5%4.7%
4.0%
3.1
3.0
4.2%
3.6%
3.2%
3.1%
1.8
2.0%
1.3
202020212022202320242025
1.1.%
0.5
-3.7%
11
SEAhasstoodfirmagainstglobalmacroeconomicheadwinds
Inflationcalmsfrom
post-pandemicpeaks
GDPgrowthhasstayedrelativelystable
Interestrateincreases
havebeenrelativelymoderate
SEAinflation(YoY%)
Changeininterestrates¹(%points,Jan‘22-Jul‘23)
4.7%
4.3
202020212022202320242025
Notes:DataisasofJuly2023.(1)SORAusedasaproxyforSingaporeinterestrates.
Sources:UnitedNationsPopulationDivision;S&PGlobalMarketIntelligence;relevantcentralbanksandmonetaryauthorities;Bainanalysis
12
SEA’seconomyseesencouragingupswings,especiallyintravel
+36%
increaseinregional
FDIinflow¹
+32%
increasein
regionalexports¹
80%
recoveryinoutbound
passengervolume¹
+40%
increaseintravel
demand¹
Notes:FDI=foreigndirectinvestment.(1)Comparedto2019.
Sources:UnitedNationsConferenceonTradeandDevelopment;Euromonitor;InternationalAirTransportAssociation;
DestinationInsightswithGoogle;Bainanalysis
fastest-growing
economies
8.5
9.2
5.9
5.7
3.5
0.5
5.7
5.0
4.74.5
4.64.6
4.2
4.0
3.0
2.3
2.1
1.7
1.5
1.3
0.7
13
RealGDPgrowthrate(YoY%)
SEA’sGDPgrowthis
forecasttokeepup
withtheworld’s
20212022202320242025
7.3
6.6
6.26.1
IndiaChinaSEAEUUSA
Note:DataisasofOctober2023,andincludesfull-yearestimatesfor2023andforecastsfor2024and2025.
Sources:S&PGlobalMarketIntelligence;Bainanalysis
2.0
0.5
14
Inflationremains
undercontrolInflationrate(YoY%)
comparedtoother
202120222023
regions
6.7
6.0
5.1
0.9
4.7
3.6
2.0
8.9
6.1
2.7
8.0
4.7
4.1
IndiaChinaSEAEUUSA
Note:DataisasofOctober2023,andincludesfull-yearestimatesfor2023.
Sources:S&PGlobalMarketIntelligence;Bainanalysis
ConsumerConfidenceBarometer
Weusedsearchinterestdatatomeasureconsumerconfidenceintheeconomy.
Factorsinclude:
●Economicuncertaintysearches
(e.g.inflation,recession)
●Commoditypricesearches
(e.g.gasprices)
●Jobopportunitysearches
(e.g.newjobopenings)
●Jobconcernsearches
(e.g.unemployment)
●Financeandinvestmentsearches
(e.g.investingstrategies,mutualfundreturns)
Ahigherscoreindicatesthatconsumersaremore
confidentandhaveamorepositiveoutlookontheeconomy.Alowerscoreindicatesthat
consumersaremoreworriedandhaveamorenegativeoutlookontheeconomy.
15
Consumerconfidenceintheeconomyhasbegun
torecoverinQ32023acrossmostoftheregion
Q1'20
Q1'21
Q3'21
Q1'22
Q3'22
Q1'23
Q3'23
Q3'20
Q3'20
Q3'23
Q3'22
Q1'20
Q1'23
Q1'22
Q3'21
Q1'21
Q3'20
Q3'23
Q3'22
Q1'20
Q1'23
Q1'22
Q3'21
Q1'21
Q3'20
Q3'23
Q3'22
Q1'20
Q1'23
Q3'21
Q1'22
Q1'21
Q1'20Q3'20Q1'21Q3'21Q1'22Q3'22Q1'23Q3'23
Q1'20
Q1'21
Q3'21
Q1'22
Q3'22
Q1'23
Q3'23
Q3'20
Note:DataisasofAugust2023.Databasedonathree-monthrollingwindow.
Sources:TheConsumerConfidenceBarometercombinessearchinterestdatabasedonmultipleeconomicindication
searches,bothpositiveandnegative,toestimateconsumers’confidenceinacountry’seconomicoutlook
16
Investorsresetexpectations
17
PrivatefundinginSEAhas
declinedtoitslowestlevelinsixyears,whichisinlinewithglobalshiftstowardshighercostsofcapitalandissues
acrossthefundinglifecycle.
ExitsremaintopofmindasSEAfundshavereturned
lesscapitalthanfunds
focusedonotherregions.
3.0%
27
13
12
1.4%
12
22
9
8
1.2%
5
4
1546
858
1853
811
1427
2697
845
Privatefundingrevertsto2017levels
Privatefundingvalue($B)
Average10-yearUSTreasuryRate
Dealcount
3.6%
3.5%
2.4%
2.3%
14
2019
2017
2018
2016
2021
2022
2020
H1’22
1233
H1’23
564
H2’22
2080
Note:Privatefundingvaluecoversdigitaleconomy-relatedsectors,andexcludespublicfinancingdealse.g.PIPE,IPO,ICO.
Source:Bainanalysis
18
Fundingtakesadipafter
recordhighsin2021
Thepaceoffundinginrecentyearshas
beenextraordinary:in2016,weexpected$40B–$50Bofinvestmentsthatwould
takeGMVto$200Bin2025.By2022,theregionhadraiseddoublethatamount–
$101B–asithitthe$200BGMVmilestonethreeyearsaheadofschedule.
Shifttowardsself-sufficiency
Comparedtopasthighs,thepaceof
fundinghasslowedtoasix-yearlow–alsoduetohighercostsofcapital.Asinvestorsrecalibratetheirexpectations,digital
playersarelookingtoextendtheirrunwaysbyspendingmoreefficiently,infavourof
healthierlong-termgrowth.
Dealenvironmentremains
competitive
Ashigh-qualityinvestmentsarerareinthis
environment,thecompetitionfor
high-qualitydealsremainsrobust.
CAGR
-76%
4.5
3.6
3.6
3.2
4.3
-77%
2.1
1.7
1.2
0.8
1.1
0.4
495
19
Fundingdeclinescutacrossallstages;
late-stagedealflowslowedthemost
Privatefundingvalue($B)
Dealcount
Latestage:SeriesD&E+
Growthstage:SeriesB&C
Earlystage:Seed&SeriesA
-68%
1.4
H2’21
1084
H1’22
914
H1’23
358
H2’21
101
H1’22
100
H2’22
46
H1’23
51
H2’21
17
H1’22
18
H2’22
11
H1’23
H2’22
4
Note:Privatefundingvalueexcludespublicfinancingdealse.g.PIPE,IPO,ICO,andundisclosed,growth,secondaryorprivateequitydeals.
Source:Bainanalysis
1.1
1.0
9.1
0.9
-52%
-87%
0.8
5.1
0.6
4.4
0.9
0.5
0.5
3.3
3.2
0.4
0.4
0.3
0.2
1.8
0.2
0.4
1.3
12
12
-63%
1.0
-24%
7
7
2.6
5
5
0.9
0.9
0.6
0.7
0.7
0.5
0.1
0.2
3
0.6
0.2
20
Declinesfrom2021–2022peakshavebeencommonacrossSEA
Privatefundingvalue($B)CAGR
-79%
0.2
’19
’20
’21
’22H1’22H2’22H1’23
’19’20’21’22H1’22H2’22H1’23
’19’20’21’22H1’22H2’22H1’23
-66%
0.3
’19’20’21’22H1’22H2’22H1’23
’19’20’21’22H1’22H2’22H1’23
’19’20’21’22H1’22H2’22H1’23
Source:Bainanalysis
21
42%
33%
13
12
12
41%
25%
34%
8
4
45%
56%
1233
845
564
1853
21
Agrowingportionofdealactivityisfunneledintonascentsectors,signallingthatinvestorsarediversifying
Privatefundingvalue($B)
27
Nascentsectors¹
Travel
Digitalmedia
Food&transport
E-commerce
DFS
H12022
H12023
H22022
2019
1546
2021
2697
2022
2080
2020
Dealcount
Note:(1)NascentsectorsincludecategoriesthatarestillrelativelynascentinSEAsuchasenterprise,healthtech,edtech,deeptech/AI,
Web3/crypto,property,automotive,etc.
Source:Bainanalysis
22
Investorsarefacingdifficultiesacrossallstagesoftheinvestment
lifecycle,withexitsanddistributionsbeingtopofmind
Investorshavebeengrapplingwith
dimprospectsoverthepast12months
hasbecomemorechallenging
87%ofinvestorsfindthatfundraising
ofinvestorshaveseenadropin
diligenceandtop-of-funnelactivity
64%
ofinvestorsfeeltheyarefacingamore
difficultexitenvironment
88%
Investorshavebeenincreasinglyurgedto
realiseexits,deliverreturns,anddistributecapital
Fundsthatstartedinthemid-2010sarenowinthelatestagesofharvesting,
puttingpressureondeliveringreturns
50%ofinvestorspartiallymetordidnotmeettheirdivestmenttargets
Realisingreturnsanddistributions
areakeyfundraisingchallenge
Sources:BainSEAVentureCapitalInvestorsSurvey,Q32023;Bainanalysis
Fundage
Fundvintage
1.0X
0.7X
0.6X
0.5X
0.4X
0.4X
0.2X
0.1X
0.04X
Fundsfacechallengesinreturning
capitaltoinvestors
Mediandistributiontopaid-incapital(Xofpaid-incapital)1
5-7years
2016-2018
8-10years
2013-2015
1.3X
USEuropeIndiaChinaSEAUSEuropeIndiaChinaSEA
Note:(1)IncludesVCandgrowthfundsonly.
Source:Bainanalysis
23
SEAhaslaggedotherregionsin
investorreturns
SEA-focusedfundshaveseensignificantlylowerdistributionstopaid-incapital
comparedtofundsthatarefocusedon
otherregions,suggestingdifficultyin
realisingreturnsforinvestors.
DistributionslimitedbyscarceIPOs
Distributionshavebeenconcentratedonafewbig-namelistings,primarilyonUS
exchanges.ButthishasbeenaffectedbyinterestratehikesthathavesubsequentlyreducedIPOappetiteandthenumberoflistingsonregionalexchanges.
Secondarieshaveseen
valuationimpact
Whilevaluationdiscountsforsecondary
saleshavewidened,thevaluationsof
qualitycompanies’secondarieshavebeencomparativelymoreresilient.
14.1
12.4
10.2
8.5
7.1
24
Drypowderisstill
ontherisedespiteDrypowderatyear-end($B)
investorsbecomingincreasinglycautiousamidstlimited
opportunities
15.7
201720182019202020212022
Notes:(1)FundsincludebothPEandVCfunds.Drypowderreferstotheamountofcapital
thathasbeencommittedminustheamountthathasbeencalledforinvestment.
Source:Preqin
Toexitthisfundingwinter,
digitalbusinessesinSEA
needtoprovethatquality
dealswithdependable
exitpathwaysarereadily
available
Realisticentry
valuations
Digitalcompaniesshouldprove
rationalvaluationmultiplesthat
arebuiltonbusinessandindustryfundamentals,andthatreflect
thecurrentmacroenvironment
25
Provenmonetisation
model
Realisablemonetisation
pathwaysandsustainableunit
economicshavebecomekey
requisitesforSEA’sdigital
businesses
Clearpath
toprofitability
Everybusinessneedsto
layoutaclear,realisticpathtoprofitabilityandlong-termfinancialsustainability
Dependable
exitpathways
Assurancethatthereareclear
andfeasibleexitpathwaysfor
digitalbusinesses,whichcouldbeintheformofamoreconducive
capitalmarketenvironmentandsupportiveregulations
Source:BainSEAVentureCapitalInvestorsSurvey,Q32023
26
Monetisationontherise
27
Digitalbusinesseshave
shiftedtheirfocusto
monetisationinabidto
achieveprofitability
targets,andarestarting
toseesuccess.
Atthesametime,GMV
continuesitsupward
trajectory.
70%–80%
SEAinternetconsumers(%)¹SEAdigitaleconomyGMV($)SEAdigitaleconomyrevenue($)SEAdigitaleconomyprofit($)
2023
GMV:
Resilientdespite
headwinds
Thepandemicspurredincredibleadoptionoverthepastfewyears,especiallyinkeysectorslike
e-commerce.Despiteglobal
headwinds,growthremainsstrong,thoughattentionisshiftingtowardsmonetisationandprofitability.
2023
Revenue:
Monetisation
continuesatfullspeed
DigitalbusinesseshavesuccessfullymonetisedtheSEAdigitaleconomy,whetherthroughtheircorebusinessmodeloradjacencies.Revenue
growthshouldcontinueoutpacingGMVgrowthasbusinessesexpandtheirtop-line.
50%–60%
100B
2023
2023
28
Thedigitaleconomyhasflourishedontopofwidespreadadoption;monetisationisnowaccelerating,withvisibleprogress
SEAinternetusers(%)¹
2023
Users:
Widespreadinternet
penetrationacrossSEA
Asinternetcoverageexpanded,
thenumberofinternetusersgrewcommensurately.Engagingthese
usersandturningthemintoactiveconsumersofdigitalproductsandservicesarekeytodigitaleconomicexpansion.
218B
Profit:
Businessesinchclosertoprofitability
Thefocusonprofitabilityis
intensifyingacrossalldigitaleconomysectors.Businessesaretakingstepstoimprovetheirefficiency,exploringnewproductivitydrivers(suchasAI)toachievesustainableandprofitablelong-termgrowth.
Consumers:
Highactivation,
increasingparticipation
ConsumersacrossSEAhavereadily
adopteddigitalproductsandservices
asinternetcoverageexpanded,but
thereisstillheadroomtogrowand
expanddepthofparticipationinthe
digitaleconomy,beyondmetrocities
andhighvalueusers.
Note:(1)Referstopercentageoftotaladultpopulation.
Sources:Google,Temasek,andBain,e-ConomySEA2016-2022;Bainanalysis
Asthefocusshifts
fromgrowthatallcost
toprofitablegrowth,
newprioritiesareatplay
Businessobjectives
Sustainablebalanceofuser
acquisitionwithmonetising
interactions
29
Coremetrics
RevenueandEBITDAinaddition
toacquisition-focusedmetrics
(e.g.monthlyactiveusers)
Costoptimisation
Improveduniteconomicsthroughoptimisedspending,insteadof
purerevenuegrowth
Competitivefocus
Morerationalcompetition,
insteadofa‘winusersatany
cost’mindset
Note:EBITDA=earningsbeforeinterest,taxes,depreciation,andamortisation.
59
57
44
Coredigital
economysectors
~12
30
Theregionhasreachedakeymilestone:$100Binrevenue
acrossalldigitaleconomysectors–or8Xoverthepast8years
SEAdigitaleconomytotalrevenue($B)
8X
100
81
Digitalfinancialservices1
70
2021
2016
2022
2023
Note:(1)Includesrevenuefrompayments(averagemerchantdiscountrates),lending(grossinterestrates),insurance(annualisedpremiumequivalent,
APE,forlifeandgrosswrittenpremiums,andGWP,fornon-lifeinsurance),andwealth(mutualfundsmanagementfeesandplatformfees).
Source:Bainanalysis
31
Digitalbusinessesderiverevenuethroughdirectsales,
orbyfunctioningasanintermediaryplatform
Digitalfinancialservices
Food
Onlinemedia
E-commerce
Travel
Transport
Twokeyrevenuemodels
inthedigitaleconomy
delivery
Directrevenuemodel
SellerConsumer
Fchannels
Airline/hotels’ownchannels
Online/gamepublishers
Bchannels
Insurance,etc.
Revenueisthepriceofthegoodsorservicessold,
ortheunderlyinginstrument
Thirdpartyplatformmodel
SellerPlatformConsumer
Media
platforms
OTAplatforms
Fooddeliveryplatforms
E-commercemarketplaces
Payments,etc.
Transportplatforms
Revenuetothesethirdparty(3P)intermediary
platformsisaportionofthepriceofgoods
orservicessold,ortheunderlyinginstrument
Note:OTA=onlinetravel
agency.
GMV($B)
Onlinemedia
Food&transport
Travel
E-commerce
11%
23%
218
70
20%
26
26
30%
195
24
57
24
186
161
23
22
44
18
24
19
139
2
14
8
112
22
1
28
9
1
3
23
18
SEAconsistentlydeliversonbothGMVgrowthandrevenuegrowth–aremarkablefeat
Revenue($B)
16%
27%
16%
CAGR
295
34
31
43
30
130
2021
2022
2023
2021
2022
2023
2025
Notes:GMV=grossmerchandisevalue;CAGR=compoundannualgrowthrate.
Source:Bainanalysis
32
Double-digitGMVand
revenuegrowth
BothGMVandrevenuehavegrown
atimpressivedouble-digitratesforthe
pasttwoyears,suggestingthat
monetisationandoverallmarketgrowtharenotatodds.
Revenuegrowthoutpaced
GMVgrowth
Asmonetisationacceleratedaroundtheregionoverthepasttwoyears,revenueissettogrowat1.7XtherateofGMV.
Thisfocusonmonetisationhasbeen
drivenbythepursuitoffinancial
sustainabilityandbetteruniteconomicsacrosssectors.
GMV1($B)
CAGR
16%
24%
186
24
6%
162
16%
139
130
18
17
112
120
113
15
23
97
18
E-commerceTravelFooddeliveryTransportOnlinemedia
Thereisatrade-offbetweengrowthandprofitabilityasnewentrantsgainground
Revenue2($B)
Grocery
Non-grocery
22%
28
2021
2022
2023
2021
2022
2023
2025
Notes:(1)Grossmerchandisevalue:totalvalueofphysicalgoodssoldtoconsumersthroughorganisede-commerceplatforms,includingthevalueofgoodssoldbymerchantsfromtheirowninventories(first-party)orgoodssoldthroughtheplatformbyindependentsellers(third-party);(2)Revenuespansfirst-partyandthird-partysales.
33
Monetisationhasincreased
withfurtherheadroom
RevenuehasgrownfasterthanGMVasplayersincreasetakeratesandexpandtoadjacent
revenuestreams(e.g.logistics,advertising,
etc.).Thistrendisexpectedtocontinueinto
themediumterm.
Despitethefocusonmonetisation,
GMVcontinuestogrow
GMVcontinuestogrowevenasplayersreducediscountsandpromotionstoincreasenettakerates.Marketleadershaveexpressed
willingnesstobeginre-investingprofitsto
defendtheirmarketshare.Thisisexpectedto
drivehighGMVgrowthinthemediumterm.
NewentrantsdrivingsomeGMVgrowth
Newentrantshavegrownrapidly,gaining
marketshareatanincrediblerate.Theyhave
alsodrivensomeoverallmarketgrowth
throughshiftinginformalandunorganised
formsofe-commercetowardsorganised
e-commerceplatforms.
Grocerye-commercehaspotentialupside
Thegrocerycategoryshowspotentialfor
growthgiventhesizableheadroomandthe
effortsputintoovercominglogisticaland
economicchallenges.
100%
E-commerceTravelFooddeliveryTransportOnlinemedia
Marketplacerevenueshaveacceleratedthroughhighercommissions,adsales,andlogisticsfees
E-commercemarketplaceplatform1revenuegrowthdrivers(%ofgrowth)
43%
28%
29%
GMVimpact
Commissionsimpact
2021–2023
revenuegrowth
Adjacentrevenue
impact
Notes:AI=artificialintelligence.(1)Alsoreferredtoasthird-partyplatforms,or
onlineplatformswheresellerscansetupstorestosellgoodstobuyers.
Sources:WeAreSocial;Bainanalysis
34
CommissionrateshavereachedChina’s
high-watermarks
Marketleadershavespearheaded~3.0%to
~4.5%commissionhikesinrecentyears,almostreachingChina’shighbenchmarks.Given
regionalpurchasingpower,commissionsare
unlikelytoincreasefurther.
Adjacentrevenuestreamsserveasa
long-termgrowthengine
Sellingadditionalservices(e.g.advertising,
deliveryservices,insurance,etc.)hasbecome
anincreasinglycommonwaytobumpup
revenueperorderandoverallrevenuegrowth.
Advertising,specificallyseller-fundedin-app
adstoraisebrandawarenessanddriveorders,
hasprovensuccessfulandisexpectedtobe
coretofuturemonetisation.
Expandingwidthanddepthofuserbaseis
keytocontinuedgrowth
Playersneedtolookbeyondthehighvalue
segmentandincreasebot
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