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Southeast Asia’s Internet economy to hit US$100 billion this year
SINGAPORE:
Southeast Asia’s internet economy is forecast to reach US$300 billion by 2025 as millions of people in the region take up online shopping and embrace ride-share food delivery, an industry report.
To hit that target, the online industry is expected to grow by 200 per cent over the next five years from an estimated US$100 billion this year, according to the report by Google, Singapore state investor Temasek Holdings and global business consultants Bain & Company.
The annual report lifted its 2025 outlook from US$240 billion previously after a tripling in growth in the past four years alone as young internet users turn to their phones to do everything from banking and playing games to purchasing plane tickets.
“This pace of growth has exceeded all expectations,” the 64-page report said. “Internet access is now affordable for large segments of the population and consumer trust in digital services has improved significantly.”
More than US$37 billion has been invested in Southeast Asian online companies over the past four years with the majority going into e-Commerce firms like fashion retailer Zilingo and ride-hailing Unicorns such Grab and Gojek, the report found.
Ride-hailing alone was worth US$13 billion, quadrupling in value since 2015, and was expected to reach US$40 billion by 2025, when food delivery will be worth as much as transport.
Southeast Asia’s average growth rate of 5 per cent per year since 2014 puts it far ahead of the global average and makes it an attractive investment destination as the Chinese economy is hobbled by the Sino-United States trade war.
There are 360 million internet users across the countries covered in the report – Indonesia, Malaysia, Vietnam, Singapore and the Philippines – up from 260 million four years earlier.
That compares to around 4.4 billion internet users worldwide, up 9 per cent on a year ago, according to wearesocial.com, a digital monitoring service.
REGULATORY AND LABOUR CONCERNS
However, there are some significant headwinds to the rapid regional growth, most notably regulatory risks and a shortage of skilled labour.
Malaysia’s competition regulator on Thursday proposed a fine of more than 86 million ringgit (US$20.53 million) on Grab for violating the country’s competition law by preventing its drivers from promoting rival services. Grab has a month to appeal before a final decision.
Meanwhile, Singapore this week implemented a law requiring social media sites like Facebook and Twitter to carry corrections or remove content the government considers to be false. Rights groups have expressed concern the “fake news” law will curb internet freedoms.
The industry is also still struggling to fill labour gaps, with demand for skilled tech workers far outstripping supply.
Even Singapore, which has tight restrictions on foreign labour, has said it will pursue more talent from overseas as it ramps up efforts to grow the sector.
“Talent remains a pressing constraint despite all efforts by internet economy companies to ‘fill the gap’,” the report said.
Source: Reuters
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The above report provides some challenges in Singapore regarding traditional businesses and businesses in the new economy.
Pick a retail outlet of your choice.
You have been invited as a marketing consultant to advise the company in the following areas;
Analyse its competition & customers and provide appropriate marketing recommendation on how the company may approach its customers better (1500 words).
The report should include the following;
· Introduction
· Background of company
· SWOT analysis
· Competitor analysis
· Customer Analysis
· Recommended Marketing solutions
· Conclusion
· References
In the report, you are asked to refer to journal articles to support your recommended solutions.
Criteria for Assessment
Structure 10%
Content is organised and appropriate;
coherent; flow of information, arguments, concepts
Knowledge and Understanding 20%
Identifies, explains, draws on appropriate theories, models, literature to demonstrate depth and breadth of reading to address the question
Application 20%
Application of theory or practical examples given appropriate to context
Analysis and
Recommendations
40%
Evaluation and critical analysis of the topic, synthesis of ideas/concepts, appropriate conclusions, justified
Recommendations
Presentation 10%
Spelling, punctuation, grammar, layout,
accurate CU Harvard Referencing style, writing style academic/professional
SRM – 754G
by . Cheong Calvin
Submission date: 09-Jan-2020 12:00PM (UTC+0800)
Submission ID: 1240224938
File name: 11605_Cheong_Calvin_._SRM_-_754G_162549_92158668 x (188.91K)
Word count: 1825
Character count: 10328
Not necessary
Matrix?
So?
Explain more clearly
Incorrect
Incorrect
Incorrect
Perception
Map?
Who are they?
Incorrect
Did not address assignment
requirements
8%
SIMILARITY INDEX
4%
INTERNET SOURCES
1%
PUBLICATIONS
7%
STUDENT PAPERS
1 2%
2 1%
3 1%
4 1%
5 1%
6 1%
Exclude quotes Off
Exclude bibliography Off
Exclude matches Off
SRM – 754G
ORIGINALITY REPORT
PRIMARY SOURCES
Submitted to University of Nottingham
Student Paper
Submitted to University of Melbourne
Student Paper
Submitted to Management Development
Institute Of Singapore
Student Paper
Submitted to CSU, San Francisco State
University
Student Paper
scitepress.org
Internet Source
Submitted to PSB Academy (ACP eSolutions)
Student Paper
QM
QM
QM
QM
QM
QM
FINAL GRADE
10/25
SRM – 754G
GRADEMARK REPORT
GENERAL COMMENTS
Instructor
PAGE 1
PAGE 2
PAGE 3
Not necessary
Not necessary
Matrix?
Matrix?
PAGE 4
So?
So
Explain more clearly
Explain more clearly
Incorrect
Incorrect
Incorrect
Incorrect
QM
QM
QM
QM
QM
PAGE 5
Incorrect
Incorrect
Perception Map?
Perception map?
Who are they?
List the competition
PAGE 6
Incorrect
Incorrect
PAGE 7
PAGE 8
Did not address assignment requirements
Did not address assignment requirements
PAGE 9
SRM – 754G
by . Cheong Calvin
SRM – 754G
ORIGINALITY REPORT
PRIMARY SOURCES
SRM – 754G
GRADEMARK REPORT
FINAL GRADE
GENERAL COMMENTS
Instructor
