Ecommerce
Ecommerce News: Shopee Reached $1.8 billion in Annualized GMV
The rate of digital adoption in Southeast Asia is unmatched. The Philippines sends more texts than any other country, and Jakarta is the world’s No. 1 city for tweets.
Before you wind down from your day, here are the ecommerce headlines you should know.
1. Shopee marks rapid growth in Southeast Asia
Southeast Asian pure-play m-Commerce operator Shopee says it has reached $1.8 billion in annualised GMV just a year after its launch.
App-based Shopee operates in Singapore, the Philippines, Malaysia, Indonesia, Thailand, Vietnam and and Taiwan.
The Garena-backed company says it has achieved a month-on-month growth of 43 %, with 25 million downloads of its mobile app to date and 65 million product listings.
Read the rest of the story here.
2. Retail ecommerce small but growing in Vietnam
However, despite all the optimism and the strong growth forecasted, retail ecommerce would still account for just 5% of total retail sales by 2020, if the target were to be reached, which puts Vietnam well behind Western countries.
Read the rest of the story here.
3. Recommended Reading: Southeast Asia’s ecommerce future
The rate of digital adoption in Southeast Asia is unmatched. The Philippines sends more texts than any other country, and Jakarta is the world’s No. 1 city for tweets. There are more than 250 million smartphone users in the region.
Read the rest of the story here.
– After falling significantly in 2020, oil prices have returned to pre-pandemic levels
– The rise has been driven by OPEC+ production cuts and an improving economic climate
– Higher prices are likely to support a rebound in oil-producing emerging markets
– Further virus outbreaks or increased production would pose challenges to price stability
A combination of continued production cuts and an increase in economic activity has prompted oil prices to return to pre-pandemic levels – a factor that will be crucial to the recovery of major oil-producing countries in the Middle East and Africa.
Brent crude prices rose above $60 a barrel in early February, the first time they had exceeded pre-Covid-19 values. They have since continued to rise, going above $66 a barrel on February 24.
The ongoing increase in oil prices, which have soared by 75% since November and around 26% since the beginning of the year, marks a dramatic change from last year.
Following the closure of many national borders and the implementation of travel-related restrictions to stop the spread of the virus, demand for oil slumped globally.
In the wake of the Saudi-Russia price war in early 2020, Brent crude prices fell from around $60 a barrel in February that year to two-decade lows of $20 a barrel in late April, as supply increased and demand plummeted. The value of WTI crude – the main benchmark for oil in the US – fell to record lows of around $40 a barrel last year on the back of a lack of storage space.
While global demand for oil remains low, one factor credited with reversing the trend is the decision to make significant cuts to oil production, which subsequently tightened global supplies.
Tech
How the Rural-Urban Divide Plays Out on Digital Platforms
It is one thing for entrepreneurs, whether urban or rural, to create and operate an online store, as some digital platforms have made it relatively easy to manage an e-store – even by using just a smartphone.
In the West, villages are emptying out due to the lack of economic opportunities. Consider Italy where, in a bid to attract newcomers, a handful of municipalities have turned to selling houses for €1.
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