In a new online retail forecast for Southeast Asia, Forrester predicts that ecommerce in the region (Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam) will grow at a CAGR of 23% to reach $53 billion in 2023, up from $19 billion in 2018.
Other findings from the report:
- Indonesia is the largest market, accounting for 41% of online retail in Southeast Asia.
- Indonesia's online retail market will grow at a CAGR of 19.6% from 2018 to 2023, reaching $19 billion in 2023.
- The Philippines, the second-largest country by population, is the fastest-growing market. It's set to grow at a CAGR of 30.4% from 2018 to 2023.
- Fashion and cosmetics will lead category growth.
- Fashion (including apparel, accessories, and footwear) accounts for 22.3% of total retail sales in Southeast Asia.
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