Southeast Asia E-Commerce Market Set to Reach $289.8 Billion by 2029

Southeast Asia E-Commerce Market Set to Reach $289.8 Billion by 2029

An IDC report reveals that the Southeast Asian e-commerce market is projected to hit $289.8 billion by 2029, with a five-year compound annual growth rate of 13.2%, ranking second globally. Digital payment adoption will surge to 97%, driven by local payments, mobile wallets, and buy-now-pay-later services. Small and medium enterprises account for over half of the market, with more than 60% operating online and 75% planning to expand cross-border. This full-scale regional push is expected to further boost e-commerce revenue, presenting significant opportunities for cross-border sellers.

Flipkart Revamps Budget App Shopsy to Compete in India's Tier-2 Market

Walmart-owned Flipkart has upgraded its budget-friendly app Shopsy to compete with Meesho and Amazon’s low-cost segment. Initially launched as a social reselling platform in 2021, Shopsy has now transformed into a direct-sales budget marketplace, covering over 20,000 pincodes in India with cumulative downloads exceeding 450 million. Rival Meesho recorded over 250 million transacting users and 2.6 billion orders last fiscal year, intensifying competition in India’s price-sensitive e-commerce market.

Singapore's Q1 GDP Grows 6% Year-on-Year

Singapore’s GDP grew 6% year-on-year in the first quarter, with a 1% quarterly increase, though the pace slowed from the previous quarter. Wholesale trade, manufacturing, and finance and insurance led growth, with AI demand boosting electronics-related industries. However, rising oil prices from Iranian tensions have caused contraction in some chemical sectors, while global supply chain disruptions are fueling inflation. The government had raised its full-year growth forecast to 2%-4%, but rising external uncertainties may prompt a revision.

Singapore to Ban Non-Compliant Appliances from July

Starting July 1, 2026, Singapore will enforce mandatory energy efficiency regulations for imported appliances, including air conditioners, refrigerators, dryers, televisions, and lighting. Products must be registered, meet minimum efficiency standards, and display mandatory energy labels for sale. Non-compliant items will be banned by platforms until repairs are made. Platforms have warned cross-border sellers to verify compliance and update labels promptly to avoid disruptions, making it critical for sellers to act now.