More work needs to be done if Myanmar is going to harness the potential of e-commerce industries, says Colliers International Myanmar.

Research released through Google, in collaboration with Singapore-based Temasek, revealed Southeast Asia's internet economy will be worth $72 billion by the end of the year.

The e-Conomy SEA 2018 report also predicted it is on track be worth $240 billion by 2025, $40 billion more than what was previously expected.

A spokesman for Colliers International Myanmar called on the government to provide greater support to online industries in Myanmar.

Google-Temasek e-Conomy SEA 2018 report - at a glance

• The Southeast Asian internet economy is expected to be worth $73 billion by the end of 2018.
• It is expected to hit $240 billion by 2025, $40 billion more than previously estimated.
• A total $24 billion has been raised through 2,400 internet economy deals since 2015.

"While the country’s e-commerce future looks bright, a considerable amount of work remains for the government, particularly in improving and updating the legislative and regulatory framework (addressing consumer protection, privacy, security of transactions, cybercrime, and other concerns in an online environment), ICT and payment infrastructure," he said.

According to the e-Conomy data, the major economic generators of Southeast Asia's internet economy were e-commerce ($23 billion); online flights, hotels and vacation rentals ($30 billion); online advertising, gaming, and music video on demand; and online food delivery and transport ($8 billion).

The spokesman for Colliers International Myanmar said the rise of online consumerism was not just restricted to larger centres in Southeast Asia.

"Business accelerators, venture capitalists and the ever-increasing number of tech start-ups are clear evidence that Myanmar’s e-commerce scene is booming, albeit from a low level" he said.

"Myanmar is no longer considered a frontier market when it comes to digital innovation."

Sources: e-Conomy SEA 2018 report, Colliers International Myanmar, 

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