Globalization and the shift in consumer priorities have enhanced the needs and expectations of digitalization. It is forecasted that 60% to 70% of new values will be created on digitally-enabled platforms in the next decade, making the digital economy the next economic revolution (Malaysia economic Blueprint, 2020). Spurred on by Covid-19 lockdowns, the use of digital platforms accelerated the need for more real-world digital consumer services.
Innovation and knowledge are driving economic growth and competitiveness in the era of the Fourth Industrial Revolution (4IR). The world’s economic growth is increasingly driven by digitalization. Consumer behavior has evolved to prioritize quick and convenient experiences powered by the internet and mobile phones. The COVID-19 pandemic amplifies the importance of the digital economy to ensure continuity in economic activities. The internet and technological advancement contribute to the rapid growth of data, the future commodity.
The Google and Temasek Holdings Report (2020) predicted Southeast Asia’s internet sectors could witness strong growth and hit $100 billion in gross merchandise value (GMV) in 2020, with e-commerce registering a 63% growth (Google and Temasek Holdings Report).
Over the last five years, the Super App wave hit ASEAN countries. The recent improvements in infrastructure/logistics, mobile networks, and payments and the Covid-19 crisis forced people to stay at home and shop online. Many ASEAN nations are likely to see a significant inflection in digitalization over the next few years. The race to build the world’s next super-app is revving up, and many frontrunners are based in Southeast Asia. Today, Super apps have quickly become ingrained into users’ daily lives because of their versatility.
