谷歌：2023年東南亞地區(qū)電子商務(wù)報告

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‘a(chǎn)sis’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