Women could drive more than $280 billion to Southeast Asia's eCommerce market between 2025 and 2030, according to a new report released on Friday (May 28) by the International Finance Corporation (IFC).
According to the IFC report, which includes data from eCommerce company Lazada as well as vendor surveys in Indonesia and the Philippines, increasing the number of women selling online, as well as providing increased training and financial support, could lead to an increase in sales volume. According to the report, large eCommerce websites should do more to attract female entrepreneurs.
Digital connectivity is one of many important steps toward assisting women in realising their full economic potential.
“E-commerce in Southeast Asia is thriving. Since 2015, the market has tripled in size, and it is expected to triple again. In this research, IFC shows that this growth could be even higher if we invest in women entrepreneurs on e-commerce platforms,” IFC Vice President for Asia and Pacific Alfonso Garcia Mora said in a press release.
Women make up half of Southeast Asia's eCommerce operators, but on a smaller scale. According to the report, women own roughly one-third of businesses on the Lazada platform in Indonesia and two-thirds in the Philippines.
“In Southeast Asia, eCommerce became a lifeline for individuals’ daily essentials as well as a natural business strategy pivot for vendors and brands when offline operations were affected by Covid-19 safety measures,” said Chun Li, chief executive officer of Lazada Group and Lazada Indonesia.
Li went on to say that the company is dedicated to providing female entrepreneurs with the tools and information they need to "embrace and benefit from the digital economy."
When India closed down in June due to the COVID-19 pandemic, over 120 million people were laid off, with women outnumbering men. “Empowerment of Women Entrepreneurship,” an Indian startup, worked to change that by assisting over 200 women in finding jobs and training 550 women in eCommerce tech jargon so they could sell fashion and apparel products.
The International Finance Corporation (IFC) is the world's largest development organisation focused on the private sector in developing countries.
It is a member of the World Bank Group that promotes economic development and improves people's lives by encouraging the growth of the private sector in developing countries.
