Cube Asia: SE Asia E-commerce Shifts to Existing Shoppers, Credit
Cube Asia forecasts regional online spending on physical goods to hit US$400 billion by 2031, driven by faster delivery and easier financing.
Regional E-commerce Expansion
Data analytics firm Cube Asia reports that Southeast Asia's e-commerce expansion now depends on current digital shoppers increasing their online expenditure, rather than attracting new buyers. The market has moved beyond its initial user-acquisition phase, according to Cube Asia co-founder Simon Torring at a Kuala Lumpur briefing on Tuesday.
This shift from traditional retail to online purchases has exceeded Cube Asia's earlier growth forecasts for this year. Faster delivery options, including same-day services, and readily available credit through buy now, pay later (BNPL) schemes are key catalysts, Torring noted, with online financing often more accessible than offline. Cube Asia projects annual online spending on physical goods in Southeast Asia to reach US$400 billion by 2031.
Savvy Shopper Behaviour
The 2026 eCommerce Savvy Shopper Report: South-east Asia, co-authored by Cube Asia and Lazada, defines "savvy shoppers" as those exceeding the regional median in verification, value optimisation, purchase protection, and digital fluency. These consumers spend 31 per cent more monthly than average shoppers, contributing an estimated US$11.5 billion to annual marketplace spending.
Regionally, one in four respondents met this benchmark. The Philippines leads in savvy shopper penetration at 36 per cent, followed by Indonesia (28 per cent) and Vietnam (25 per cent). Singapore recorded the lowest at 9 per cent, trailing Thailand (22 per cent) and Malaysia (20 per cent).
Regional Differences in Savvy Spending
The disparity in spending between savvy and average shoppers varies significantly across Southeast Asia. The Philippines reported the largest difference, with savvy consumers spending 47 per cent more monthly. Vietnam followed at 44 per cent, Malaysia at 36 per cent, Thailand at 27 per cent, Indonesia at 19 per cent, and Singapore at 13 per cent.
Singapore's lower engagement is linked to only 48 per cent of its respondents shopping on marketplaces weekly, compared to a 66 per cent regional average, Cube Asia noted.
The firm also identified specific challenges: confidence and purchase protection are key hurdles for shoppers in Singapore, Indonesia, and the Philippines, while verification processes need improvement in Malaysia and Vietnam.
Lazada Malaysia CEO Kaya Qin stated these findings reinforce the company's strategy of building trust and authenticity, alongside a smoother shopping experience. Central to this is LazMall, which aggregates official brands with authenticity guarantees and purchase safeguards.
During Lazada Malaysia's 9.9 campaign, 46 per cent of shoppers purchased from LazMall, representing 40 per cent of all orders. The platform also saw its average order value increase 22.4 per cent year-on-year, and spending per purchasing shopper rose 7 per cent during the campaign. These figures reflect specific platform behaviour rather than broader regional demand shifts.
For e-commerce operators, success now hinges on investing in advanced logistics, accessible credit solutions, and robust trust mechanisms to convert traditional retail spending.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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