Disclaimer

e-Conomy SEA is a multi-year research programme launched by Google and Temasek in 2016. Bain & Company joined the programme as lead research partner in 2019. The research leverages primary research, Temasek insights, Bain analysis, Google Trends, expert interviews and industry sources to shed light on the internet economy in Southeast Asia. The information included in this report is sourced as “Google, Temasek and Bain, e-Conomy SEA [year of report publication]”, unless otherwise specified.

The information in each e-Conomy SEA report is provided on an “as is” basis. The report is produced by Google, Temasek, Bain and other third parties involved as of the date of writing and is subject to change. It has been prepared solely for information purposes over a limited period of time to provide a perspective on the market. It is not intended for investment purposes. Google internal data was not used in the development of this report. Google does not endorse any of the financial analysis in this report. Projected market and financial information, analyses, and conclusions contained herein should not be construed as definitive forecasts or guarantees of future performance or results.

Google, Temasek, Bain, or any of their affiliates or any third party involved makes no representation or warranty, either expressed or implied, as to the accuracy or completeness of the information in the report and shall not be liable for any loss arising from the use hereof.

All dollar amounts in the reports are in USD.

2021 Report Footnotes

For the 2021 report, Google commissioned Dynata to run a SEA-6 Digital Merchant Survey, and Kantar to run the e-Conomy SEA consumer survey. Both research studies were conducted in Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam. Fieldwork for the consumer research ran from 16/07/2021 - 16/08/2021 online via a 25-minute Computer Assisted Web Interview survey with a total of 9,402 respondents interviewed. Fieldwork for the merchant research ran from 04/08/2021 - 16/08/2021 online with a total of 3,036 respondents surveyed. The 2020 GMV numbers have also been updated with more up-to-date estimates.

1. Source: Statista; Google, Temasek and Bain, e-Conomy SEA 2020; Google-commissioned Kantar SEA e-Conomy Research 2021.

2. Source: Google-commissioned Kantar SEA e-Conomy Research 2021. S4. Which of the following online activities have you done before and when did you first start doing them? Base: SEA adult internet users n=17,839. Population source from Statista Note: A ‘digital consumer’ is defined as any internet user who has paid for an online service in any vertical before or after the pandemic.

3. Source: Statista; Google, Temasek and Bain, e-Conomy SEA 2020; Google-commissioned Kantar SEA e-Conomy Research 2021. Note: A ‘digital consumer’ is defined as any internet user who has paid for an online service in any vertical before or after the pandemic.

4. Source: Google-commissioned Kantar SEA e-Conomy Research 2021. S4. Which of the following online activities have you done before and when did you first start doing them? Base: SEA pre-pandemic users n=14,617.

5. Source: Google-commissioned Kantar SEA e-Conomy Research 2021. Qb1a. Compared to BEFORE the COVID-19 pandemic began (February 2020), how frequently do you NOW do the following online activities? QB2a. Compared to BEFORE the COVID-19 pandemic began (February 2020), how much money do you NOW spend on these online activities in an average transaction? Base: Pre-pandemic users SEA, varies by vertical from n=2,844 to n=4,539.

6. Source: Google-commissioned Kantar SEA e-Conomy Research 2021. SA2. How satisfied or dissatisfied were you with the following when [VERTICAL] online in 2021? Base: All SEA users; base varies by vertical from n=1,232 to n=8,954.

7. Source: Google-commissioned Kantar SEA e-Conomy Research 2021. Qb1b. Thinking about your current habits throughout 2021 so far, how often do you typically do the following activities? Base: SEA new users 2020, total base varies by vertical from n=1,610 to n=2,462.

8. Source: Google-commissioned Dynata SEA-6 Digital Merchant Survey 2021 (n=3,036). Note: 'Consumer services' refers to merchants in beauty & spa, home repair and maintenance, laundry, etc. 95% of SMEs surveyed have more than 20% of sales from online channels.

9. Source: Google-commissioned Dynata SEA-6 Digital Merchant Survey 2021 (n=3,036). Q11. What are the biggest benefits to your company from your experience using digital platforms? of which 35% selected “My company would not have survived the COVID-19 pandemic without selling on digital platforms”.

10. Source: Google-commissioned Dynata SEA-6 Digital Merchant Survey 2021 (n=3,036). Q18. What do you think can be improved about [digital platforms selected]?

11. Source: Google-commissioned Dynata SEA-6 Digital Merchant Survey 2021 (n=3,036).

12. Source: Google-commissioned Dynata SEA-6 Digital Merchant Survey 2021 (n=3,036). Q28. How do you think your company’s usage of digital financial services will change in the next 1-2 years (post COVID-19 pandemic)?

13. Source: Google-commissioned Dynata SEA-6 Digital Merchant Survey 2021 (n=3,036). Q21b: How do you think your company’s usage of digital tools will change in the next 5 years?

14. Source: Google-commissioned Dynata SEA-6 Digital Merchant Survey 2021 (n=3,036). Q14: What percentage of your company’s total sales do you think will come from online channels (from digital platforms) in the next 5 years?

15. Source: Bain analysis. Note: GMV = Gross Merchandise Value.

16. Source: Bain analysis. Note: CAGR = Compounded Annual Growth Rate.

17. Source: Bain analysis.

18. Source: Source: Bain analysis; App Annie (Monthly Active Users. Markets: MY, ID, TH, SG, VN, PH. Timeframe: Jan 2018 to Sep 2021). Apps included: GoBiz (merchant app for Gojek), GrabMerchant, Ovo Merchant, PayPal Business, SGQR Notification.

19. Source: Bain analysis.

20. Source: Industry reports; VC partners; Bain analysis. Note: Deals include investments by venture capital, private equity and strategic investors.

21. Source: Preqin; VC partners. Note: Non-exhaustive - only includes dry powder funds that are headquartered in SEA. Funds include both private equity and venture capital funds. 'Dry powder' refers to the amount of capital that has been committed to a fund minus the amount that has been called by the fund for investment.

22. Source: Industry reports, VC partners, Bain analysis. Note: Companies with business in more than one category are classified under ‘Others’, unless they have a main service in another category.

23. Source: Industry reports, VC partners, Bain analysis.

24. Source: Bain analysis.

25. Source: Bain analysis.

26. Source: Bain analysis.

27. Source: Bain analysis.

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