Influencing On The Way Up!

1. Merchants are increasingly shifting their ad spend wallet to digital channels; influencer marketing is a fast-growing segment Traditional media is losing share to digital media on a global scale. Over the past year, internet advertising has grown at a robust rate of 26% beating offline ad spending, which only grew by 9%. Predictably, digital […]
Indonesia Manufacturing: Opportunities Galore For Digital-first Players

With a major chunk of the manufacturing activities happening in the low tech MSME space, the digital-first players are looking at a sizeable ~USD30 billion TAM
Agritech sowing Seeds of Success In Indonesia

Indonesia is the leading agriculture producer in SEA. Agriculture, including farming, fishery, aquaculture contributed around 14% of the country’s GDP.
Web 3.0 – A Decentralised Opportunity: Part 1

Web 3.0 applications are trending in Southeast Asia and a sizable portion of investors are willing to put their money in this space
ASEAN eCommerce and Logistics: Rising to Deliver – Part 5

Parcel volumes have witnessed growth in 2021, while the revenue per parcel has maintained a downtrend
Vietnam Consumer Internet – Firing On All Cylinders

The fund-raising activity in 2021 in Vietnam has broken all previous year deal making records. 2022 continues to show a similar trajectory
SEA Travel and Hospitality – Time For Takeoff

SEA travel market was ~USD80 Bn in size in FY20 and is expected to grow to 1.3 times by FY27
Philippines Consumer Internet – Imminent Surge Ahead

Strong fund flows in the consumer internet economy will propel the industry ahead and lay a groundwork for increased market opportunities, penetration and revenue growth in the future
Singapore WealthTech – Poised To Pay Off

Significant increase in investment AUM expected, led by growth in retail and institutional customers
Indonesia Online Beauty and Personal Care – Local Charms

Online search and social media have the highest influence in creating product awareness
WealthTech opportunity landscape – ID

Mutual Funds and Crypto currencies are the most preferred asset classes
Indonesia eB2B – On A Springboard

eB2B retail has seen strong growth and share of FMCG has increased in 2020
Vietnam eB2B – 10x growth waiting to be unlocked

Vietnam’s Tier I locations account for ~40% of retail market. FMCG and Fashion dominates the sector
The Emergence of Direct-to-Consumers (D2C) Opportunity

Players have access to a mix of 3PL and captive logistics to meet their specific growth targets
PH Fintech: Seizing Distant Market

Lending and payment players have witnessed strong traction in Philippines’ digital space
Vietnam Fintech: Closing the Unbanked Gap

Digital banks can help to achieve the government’s target to reach 80% banked population by 2025
ID HealthTech: Long Run Growth

With a large smoking population, Indonesians are prone to chronic diseases. Healthcare is a key focus area for the government.
Vietnam Logistics: Big Parcels of Opportunity

Vietnam logistics market sees a promising growth with CAGR ~20% to 2023, with international players also eyeing to tap into this sector.
Quick Commerce: Day One in Indonesia

Funding has strengthened QCommerce’s capabilities amid signs of encouraging growth
What’s Brewing In Indonesia’s Coffee Chains? – Part 2

Investors are supporting the new-age players’ ambition to expand their footprint and sustain their growth momentum
Vietnam eCommerce: Formal Platforms Gaining An Edge?

eCommerce sector has delivered a robust ( >37%+) CAGR growth during the last three years.
The Rise Of Cryptocurrencies

Blockchain technology is also seeing a rise with several startups gaining fundraising in the past 3 years
Digital Media – The Road To Mainstream

Digital media engagement is rising as consumers due to greater variety and on-demand nature of online media
Digital Payments – The Power Of Buy Now Pay Later. Part 2

Limited access to credit in SEA coupled with COVID led acceleration in digital economy offers fertile ground for BNPL to grow in SEA
Southeast Asia eHealth – Shaping Up Well

SEA’s eHealth sector expected to see 10x growth by F2025
Indonesia Ecommerce: Traction builds in Livestream, Quick and Fresh Commerce

Ecommerce players have ramped up their fresh-food vertical by introducing new products and services.
Online Travel: On The Cusp Of Revival

Travel companies have been diversifying their revenue models and have wrapped up recent funding interest
eLogistics: Delivering Growth

In-house logistics is increasing steadily, but 3PLs expected to dominate the mix.
Online Groceries: The New Normal

Higher focus on fresh groceries and supporting infrastructure are key to ensuring higher margins and better bottom-line
Retail Transformation – The Omnichannel Way

Traditionally offline brands have been launching online stores while on the other hand platforms that began as pure-play online channels are opening brick-and-mortar stores.
Southeast Asia Food Delivery – Piping Hot Again

Cloud Kitchens have emerged as the new gateway to food service industry
Retail Transformation – Vertical Play

Consumers have evolved over the years and Digital has become a strong contributor to retail sales.
Indonesia Edtech : Reading Between The Lines

The EdTech market got a boost thanks to COVID to reach >USD 200 Mn in size in 2020
Takeaways from “GZ5: Internet Economy on the cusp of wave 2”

The SEA Digital Economy is expected to multiply more than 3x in 5 years, reaching $ 365 Bn by 2025
Vietnam Edtech : Cracking The K-12 Puzzle

Edtech players need to re-think their value proposition and focus around the gap areas in order to capitalise on the massive edtech opportunity
eCommerce Roll-Ups: On A Roll

E-Commerce has been flourishing as an important channel for retail of consumer products across the globe and has paved way for retailers, merchants, and independent private labels to scale.
Philippines Edtech: Rewriting The Education Landscape

Philippines witnessed a plethora of online education platforms emerging in the last few years with differentiated offerings
Vietnam E-Commerce: Structurally Different!

3PL dependence has remained relatively high as players optimise their in-house logistics spend.
Indonesia eCommerce: Sea Change In Small Steps

Q1 succeeds the most popular, promotion-heavy quarter of the ID eCommerce Market, yet grew by 3% QoQ.
SaaS: Seizing Indonesia’s SME Digitisation Opportunity

Indonesia is home to over 65 Mn SMEs that have the highest contribution to GDP
Short Form Market Updates

Published on: Apr 2021 India’s shortform video apps has seen V-shaped recovery; bringing back the userbase to nearly 100% of TikTok user base levels, Published on: Dec 2020 We as indians are the biggest content consumers in the world
Baby boom to boost online baby care

Online players are better positioned to capture the emerging opportunity: > USD 1 Bn to be added to Online Mom & Baby care segment over next 5 years
Short Form Video: ‘Short’ Cut to Success

These platforms provide a shot at fame for small time content creators and are an effective channel for brands to reach the large young sub-urban/tier2+ consumer cohort
Lebaran 2021: Bright Spot For Online Sales

Lebaran 2021 is expected to contribute USD 5+ Bn to e-tail GMV
What’s Brewing In Indonesia’s Coffee Chains?

Domestic Consumption of Coffee has been growing fast in Indonesia – despite the recent fall in exports
Roll call on SEA IPO potentials

e-Commerce markets in ASEAN have seen strong growth in 2020
Online Fashion – What’s Trending Now?

Consumers are now looking at sustainable fashion and value purchases; the luxury segment consumption remained largely unaffected
Indonesia – Digital Bookkeeping 101

Indonesia is home to ~64 Mn MSMEs who employ 97% of the country’s workforce and account for ~61% of the GDP
Digital Payments – The power of Buy Now Pay Later

Direct discounts and cashback promotions are widely rolled out to beat the stiff competition amongst top players.
E-Commerce Enablers: Rising Behind The Scenes

eCommerce enablers becoming increasingly relevant and important over time
Indonesia e-Commerce: In A Sweet Spot

Massive onboarding of new users has happened in 2020 – next 1-2 years could be spent on consolidating & maximizing potential of existing users
Media: OTT Takes Centre Stage in SEA

Regional players are giving a tough fight to global players like Netflix, curated localized content could prove key differentiator
What’s cooking in FoodTech: Part 2 – Cloud Kitchen

Food Delivery platforms stepped up amidst this, offsetting some of the topline impact for restaurants
What’s cooking in FoodTech: Part 1 – Delivery

Grab & Gojek dominate the market across SEA and players looking to expand services towards grocery and other allied categories to increase use cases for customer & drive stickiness
Digital Payments – Emergence of New Growth Drivers

Being a key enabler for the internet economy allows E-wallets to have greater leverage and remain unaffected by slowdowns much like the one caused by Covid-19
SEA: Bytes On Digital Diet

Students are the key consumer cohort with the highest digital activity followed by salaried employees and self-employed professionals
VIETNAM eB2B: Sit Up & Take Notice

The eB2B market is quite nascent at < USD 150 Mn in 2020, and is effectively a duopoly with top 2 players commanding a majority of the market
ASEAN Used Cars: Digitized supply meets elevated demand

COVID has proven to be a catalyst for the segment – Southeast Asia’s ~USD50 Bn used-car market is all set to mirror the success of Carvana, Cazoo, Cars24
ASEAN E-Grocery: Basketful of Opportunities

eGrocery is set to grow into a USD 9 Bn+ market by 2020 with Indonesia accounting for the majority of this
Southeast Asia: Beefing Up Alternative Meats

Southeast Asia presents a USD 10-15 Bn dollar opportunity for the alternative meat producers assuming a conservative target user cohort of 11% of the population as of 2019. This TAM could expand further in the upcoming years once the production is scaled up and products become affordable and accessible to a larger consumer cohort.
ASEAN GAMING PART 2: Game On!

This market seems to have a lot of preconditions to achieve massive growth over the next 2-3 years. If the right supply side levers are pulled, this opportunity could multiply 2x by 2024E.
Indonesia E-Commerce 4Q20: Stellar Shopping In The Offing

eCommerce categories all show a massive jump in GMV in Q4 2020
ASEAN: Game On! – PART 1

Being a market that is still developing, only ~15% gamers were paying users in a Pre COVID world
Indonesia E-Commerce: Grocery Has Arrived

eGrocery market set to grow 5-6x in 2020
Indonesia e-Trucking: Licensed To Thrill

Road transportation accounts for close to half of the transportation market by value representing a USD 50 Bn+ opportunity in 2019
Indonesia eB2B – Maths Behind The Models

Brands are experimenting with offering direct discounts to retailers and also terms of payment (credit) to drive volumes, not focussing on margin realisation. This is being done through their existing distributors, which highlights the importance of the offline distributor in the scheme of things.
Indonesia Social Commerce: Turning A Corner

Social commerce has historically been dominated by Fashion category owing to the fragmented nature of supply leading to a wide array of offerings that different sellers try to bring online. Beauty was the 2nd major category that saw presence in the social commerce space.
E-Commerce: Is D2C the next leg of evolution?

Vertical players have faced multiple challenges in scaling up and finding the right segments to target in the face of strong competition from the much larger horizontals. The funding inflow also has been relatively low.
Indonesia E-commerce: Racing Ahead

At a macro level, GDP/Capita in Indonesia is close to 2x that of India and the retail spend is 2-2.5x that of India. The digital funnel is more evolved with highly digitally active consumer base complemented by sellers who are actively exploring the online channel for driving their business.
Indonesia Fintech – 4 P’s To Succeed In Payments

Vertical players have faced multiple challenges in scaling up and finding the right segments to target in the face of strong competition from the much larger horizontals. The funding inflow also has been relatively low.
SEA E-Commerce – Opportunity For Verticals To Emerge?

Vertical players have faced multiple challenges in scaling up and finding the right segments to target in the face of strong competition from the much larger horizontals. The funding inflow also has been relatively low.
Indonesia Education – Does EdTech Have The Answers?

Indonesia Education eco-system is among the largest globally, it is marred by inadequate public spending and a low teacher student ratio.
ASEAN eCommerce and Logistics: Rising to Deliver – Part 4

Consumers also expressed strong willingness to continue using online channels for purchases in future, in a post Pandemic era. This increased demand for e-commerce will continue driving up eLogistics parcel volumes rapidly over the next 2-3 years as well.
ASEAN eCommerce and Logistics: Rising to Deliver – Part 3

ASEAN eLogistics has seen massive growth, accounting for a multi-billion dollar industry in 2019 – we forecast 30-35% CAGR for the next 3-5 year horizon
ASEAN eCommerce and Logistics: Rising to Deliver – Part 2

Social commerce has seen an uptick in the recent months owing to Covid-19. Lockdown measures have resulted in decreased store time and extremely low footfall in offline stores. Many sellers have moved to the online channel to try and reach buyers and maintain their businesses.
ASEAN eCommerce and Logistics: Rising to Deliver – Part 1

The Seller & SME based in ASEAN countries are highly active on social media platforms. They have been quick to adapt to avenues like FB and Instagram to market and sell their products. This results in a high share of social commerce in most of these markets.
Vietnam Healthcare: New Lifeline in eHealth

Vietnam has very favourable digital enablers and there is a marked shift by the government towards digitizing the entire healthcare ecosystem which seems conducive for the growth of eHealth services.
Indonesia eB2B – Reviving the “Warungs” in a Post COVID World | Part 2

eB2B however witnessed a moderate growth of 10% in order volumes and 4-5% rise in Average Order Value. Frequency of orders/retailer increased due to lockdown measures – as Warungs are unable to visit their offline wholesalers to procure products.
Indonesia eB2B – Reviving the “Warungs” in a Post COVID World | Part 1

“Warungs” are local mom and pop stores. ~70% of the sales of warungs come from FMCG category (without fresh). Within FMCG, cigarettes account for >50% of the sales. Generally, warung sales are driven by low ATV impulse purchases of “on the go” items like RTD beverages, instant snacks and cigarettes.
Vietnam Education: Starting a New Chapter?

COVID has created a demand upsurge for online learning and EdTech players have adapted quickly to cater to this demand.
Indonesia Healthcare: COVID injects fresh impetus to eHealth

The Healthcare expenditure has steadily increased in the recent years driven by rising GDP per capita, urbanization and an increase of lifestyle-related diseases such as cancer and diabetes.
Tiki Sendo Merger – Implications for VN eCommerce

Tiki has a high share of captive logistics concentrated in HCM and Hanoi while Sendo fulfils supply though 3PL and has a wider geographic reach – Integrating these logistics capabilities to cross leverage efficiencies could prove challenging.
Vietnam eCommerce: Leashing COVID-19, Unleashing 10X Growth | Part 2

Hanoi and HCM are the supply and demand centres of Vietnam, accounting together for 18% of population and 35% of economic output.
Vietnam eCommerce: Leashing COVID-19, Unleashing 10X Growth | Part 1

Vietnam has been a case study on effective government response to COVID pandemic with aggressive contact tracing, testing, mass quarantining, timeliness, and the efficient mobilization of state agencies.
Indonesian eCommerce- Metamorphosis in a post COVID-19 world | Part 2

2019 saw strong growth in both eWallets and COD transactions, driven by a simultaneous focus on a frictionless experience amongst mature users and a need to onboard first time shoppers as well.
Indonesian eCommerce- Metamorphosis in a post COVID-19 world | Part 1

In a pre-COVID world, we forecasted Indonesian eCommerce to cross triple digits GMV by 2025
The Covid-19 Shock For SEA Internet And What’s Next

RedSeer primary data shows that many Internet sectors in Indonesia and Vietnam ended 2019 on a strong note, with high growth rates despite being multi-billion dollars in GMV
Vietnam etailing: Decoding growth and structure

Vietnam formal online retail is ready for 10x growth in 6 years Published on: Nov 2019 Growth will slowly taper down as we move into the later years as 1) the digitally mature customer base will be already be shopping online and 2) companies would need to drive growth through tier2+ regions/long tail categories + […]
Vietnam eLogistics: Dissecting Demand Drivers

1. Vietnam SMEs are still early into their online retail journey; social commerce is their typical starting point Published on: Oct 2019 A significant share of SMEs started selling online very recently, with HCMC SMEs are slightly more mature in their online journey Most SMEs make their online foray via social commerce, however formal marketplaces […]
Festive sales 2019 off to a strong start and other key internet trends

E-tailers have achieved $ 1.8 Bn sales in first 3 days of the sale, on track to have a highly successful sale event Published on: Oct 2019 First three days of festive sales see a strong start, with mobiles and other electronics driving growth A significant share of transactions from smaller city consumers lead to […]
Decoding eLogistics landscape in Indonesia

eLogistics in Indonesia expected to be ~800mn shipments (formal e-tailing sector) in 2019 Published on: Oct 2019 Driven by the growth of formal e-tail (55% y-o-y in 2019), logistics likely to expand rapidly as well In-house logistics will grow but a massive opportunity for 3PLs still present Scaling up in-house logistics including affiliate players (e.g. […]
Indonesia B2B Trucking: At crossroads?

Indonesia B2B trucking is ~$32 Bn in size currently and drives the majority of B2B transport market in the country Published On: Sep 2019 Supply of trucks is significantly fragmented with low utilization rates Fragmented B2B trucking market provides a clear opportunity for tech-driven aggregators Low utilization rates- with up to 80% empty backhauls- solvable […]
Assessing Shopee Indonesia readiness for 9.9 and how smaller e-tailers are taking on the giants

As Shopee gets ready for 9.9, how has it performed YTD on its key initiatives in Indonesia? Published on: Aug 2019 Shopee Indonesia has performed strongly in scaling up B2C retail and Cash on delivery initiatives in 2019, both of which will play a crucial role in driving growth in 9.9 and other events Shopee […]
Indonesia Fintech: Looking back into The Future

1. Fast-growing Indonesian eWallets and digital payments space seeing massive supply-side activity Published on: Aug 2019 Summary takeaways Continued rapid growth (70-80% CAGR) in Indonesia e-wallets space is attracting the attention of major global players even as local players expand into new segments Given the expected intense competition, the market may be heading for consolidation […]
What Moats Are Being Built By Tokopedia, Blibli and Bukalapak?

Tokopedia- Leadership in digital goods supported by a wide pool of fin-tech products Published on: Aug 2019 Blibli- Digitizing Indonesia’s USD 150+ bn grocery retail space via BlibliMart Bukalapak’s Mitra program- First mover advantage in a USD 14 Bn 2025 opportunity
Massive Opportunity In Digitizing B2B Procurement In Indonesia

Indo B2B eCom- USD 1.5 Bn space with multiple consumer segments and business models Published on: Aug 2019 B2B E-commerce market is dominated by reseller target group – this is the easiest segment to operate in owing to the nature of goods. Resellers at multiple levels of the value chain buy products – for e.g. […]
What Makes Indonesia’s Online Travel And Payments Space So Exciting

Traveloka – Flying high in USD 21 bn Indonesian online travel opportunity Published on: Jul 2019 Online travel in Indonesia to grow at 25% CAGR over the next few years, with both incumbents (traveloka) and insurgents (tiket.com) spending heavily to grow the market All major e-tailers including Tokopedia, Bukalapak and others have also entered the […]
Of MAUs And Subscribers In India And The Story Of Indonesia

Hotstar has been leading the Indian content sector followed by Dailyhunt Published on: Jul 2019 Our latest research brings out focuses on the pecking order in the Indian content space, as shown below. An additional observation is that MAUs for the largest players are an order of magnitude larger than the smaller ones. Subscribers of […]
Decoding The Indonesian Online Seller

Sellers prefer an online retail platform majorly for their consumer reach followed by their UX/UI experience and word of mouth Published on: Jul 2019 Our research shows that Top 4 platforms are especially preferred for their reach, while sellers sell on social media primarily due to its zero commissions and easy to use UX/UI (and […]
What’s Showing At (Amazon) Prime Time?

The story of Amazon Prime in India- as told through three charts Published on: Jul 2019 On the occasion of the Prime Day sale event, we conducted research around the scale of Amazon Prime in India, key messages from which are shown below. What do users of long-form video platforms consume? Our research on consumers […]