Known to the world for its diversity in culture, government regulation and various landscape, Southeast Asia is not an easy place for global brands to find a one-size-fits-all solution. Valued at $238 billion for its potential market, it has also been stated that by 2025 the number is going to hike even higher. There are also several additional payment channels, such as cash channel to improve the customers’ accessibility to online shopping.
One company that has been dominating Southeast Asia for quite some time now is Lazada Group. Almost every country in Southeast Asia is conquered though its domination was not an easy one since introduced in 2012 by Samwer Brother’s Rocket Industry. However because of its consistency of growth and achievements led to Jack Ma’s decision of ordering Alibaba to buy Lazada prior to securing Southeast Asia ecommerce market.
Only Indonesian’s local market that still giving fights and challenge although it is only a decent one. MatahariMall and BliBli to name a few, that backed by big enterprise and conglomerates to keep competing with Lazada. Nonetheless, big money does not guarantee any success when it comes to this kind of matter. These company has the upper hand and advantages due to their researches and knowledge of the market.
Even though the potential market is huge, to utilize it is a bit of a challenge. Southeast Asia is known for its payment crisis as one of the biggest setbacks in the region. Simply said, Southeast Asia is home to those who prefer paying in cash. It still happened despite of the financial revolution for Southeast Asia that has led to numerous fintech startups; creating a range of online payment methods. Sadly, they did not take into account about the unbanked population as a fundamental payment issue.
Throughout the region, we could see companies trying to address the financial issues and only came out with decent results. However, with the presence of a company that has introduced cash channel, namely Amazon Cash and MOLPay Cash, they have laid a solution for unbanked population who are eager to shop online by enabling cash payment for online purchases, by only going to a convenience store. No credit card and bank account needed!