eCommerceindustry is set to grow by 84% to $111 billion by 2024.
- India’s spends of Q2 2021 across 5 popular eCommerce apps stood at $60+ Mn, more than the combined average spends across Indonesia, Malaysia, Thailand and Vietnam.
- Top 10 eCommerce apps averaged more than 7 million Daily Active Users (DAU) per app in Q2 2021, up 18 percent Y/Y.
- Average DAU in Vietnam and Indonesia climbed more than 20% Y/Y in Q2 2021.
- Southeast Asia is projected to grow at an annual growth rate of 22%, reaching $146 billion by 2025.
Talking about the robust eCommerce adoption and growth in the Asian markets, Viraj Sinh, Co-founder, Managing Partner - International (MAAS) said, “India and Southeast Asia are projected to be one of the fastest-growing eCommerce markets in the world, by 2025. With its unique demographic and fast-changing consumer behavior trends, paradigm shift towards eCommerce is certain and it continues to happen at a rapid pace. New verticals, niche players continue to spring up across the region that further drive the adoption and penetration of eCommerce, which is still relatively low. The measurement of success has evolved and the approach to user growth has changed. Having the right partner to help one through this journey has become paramount and a crucial first checkpoint and often the difference between success and failure.”
The initial stage of the pandemic in March 2020 had a huge impact on the eCommerce industry causing a noticeable slowdown of activities. However, eCommerce apps registered peak in-app activities from the beginning of Q3 2020. The consistent upward growth resulted in a 18% Y/Y increase in average DAU for India and 20% Y/Y increase in Vietnam and Indonesia, for Q2 2021. India's shopping app installs surged in July 2021, surpassing 80 million that month, up more than 15 million M/M. Popular categories of shopping were groceries, grooming/beauty products, apparels, electronics, school and household items, furniture among others. Shopping behaviour also indicated an increased preference for mobile-based transactions.