Increasing internet penetration, growing middle-class population, and the improving logistics infrastructure are some of the triggers for the growth of the market.
September 10, 2018: The Cross-border E-Commerce Market in Southeast Asia is expected to reach over USD 12 billion by 2023, as per a new report published by Mordor Intelligence LLP. The market is expected to grow, due to factors, such as increasing penetration of the internet in the region leading to the growth in digital buyers, the growing middle-class population, rising disposable income of people, government support for developing digitization, and building a digital economy, etc. These factors present enormous potential for the growth of cross-border e-commerce in the future. As a result, more number of start-ups are entering the e-commerce landscape in the ASEAN region.
There exist some challenges for cross-border online sales, such as language barriers between different countries, currency conversions and exchange rates, less number of credit card holders, different frameworks for each country, etc. The sturdy brick and mortar retail sector in the region is one of the threats to online sales in the area. In 2017, only 4% of the total retail sales in the region were online sales. The lack of a proper regulatory environment is also a hurdle for cross-border e-commerce sales. By improving the regulations and conducting some training programs on selling products abroad, governments can help the small and medium enterprises (SMEs) in the region in increasing their business activity, boosting cross-border sales
To know more about the coverage of the Southeast Asia Cross-border E-commerce Market report, click the below link:
The business-to-consumer (B2C) business is the leading segment of the cross-border market. The total B2C e-commerce market was valued at more than USD 6 billion in 2017. With the presence of a larger young population, fashion and electronic accessories remain the most purchased cross-border products. The lack of availability of products domestically, greater flexibility with more options, and higher quality are some of the reasons for consumers to purchase products overseas. The sales of some indigenous products can also be promoted through cross-border e-commerce.
Use of technology and different channels, for selling and marketing products, is vital in increasing cross-border e-commerce sales. For instance, the use of the social media for notifying about new products and collecting opinions about new products can help the businesses reach their customers. Also, the development of efficient and faster logistics solutions can propel the market further. With high competition in the market, players are adopting the merger and acquisition strategies, besides the business models, to survive and to gain dominance in the market.
Key Insights from the Report:
Southeast Asia Cross-Border E-Commerce Market segmentation is based on the Type of Business, Product and Regional Coverage:
Southeast Asia Cross-Border E-Commerce Market – by Business
Southeast Asia Cross-Border E-Commerce Market – by Product type
Southeast Asia Cross-Border E-Commerce Market – by Region
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