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As the hottest emerging blue ocean in recent years, the Southeast Asian e-commerce market has become a "feng shui treasure land" favored by those going overseas. The young population structure, the rapidly growing digital economy and the huge market gap make this region very attractive. Not only are small and medium-sized sellers flocking to the market, but domestic giants are also frequently engaged in fierce battles in Southeast Asia: Alibaba Lazada and Shopee are entrenched in the front, while emerging platforms such as TikTok Shop and SHEIN are eyeing them from behind... Not long ago, TikTok Shop announced that it will officially launch its mall function in Thailand, the Philippines and other Southeast Asian regions, playing the first song of its full entry into the Southeast Asian market in 2023, which once again caused heated discussions in the cross-border circle. It can be seen that, to a large extent, Southeast Asia is still a "hot land" waiting to be cultivated. Among this hot land, the Indonesian market ranks first in popularity and has become the first choice for those who go overseas to cultivate the Southeast Asian market. Indonesia should not be underestimated It is learned that according to the forecasts of Google, Temasek and Bain & Company, by 2025, Southeast Asia's e-commerce revenue will reach US$234 billion, almost doubling from 2021 (US$120 billion). Among them, the Indonesian market will rank first in Southeast Asia with a revenue of US$146 billion , and still has immeasurable growth potential. The consumer demographic dividend is considerable Indonesia is the most populous country in Southeast Asia . As of January 2023, Indonesia's total population is 276.4 million, of which the number of Internet users has reached 212.9 million, and the Internet penetration rate has reached 77%. It is estimated that by 2025, Indonesia's Internet penetration rate will reach 89.3%, with huge development potential. In terms of age, Indonesia's population structure is also younger , with a large number of high-quality users. As of January 2023, the proportion of young people under the age of 35 reached 56.3%, and the consumer population dividend is quite considerable. On January 2, 2023, China's Regional Comprehensive Economic Partnership (RCEP) officially came into effect for Indonesia. The implementation of this agreement is expected to promote the development of regional supply chains, reduce or eliminate trade barriers, and will undoubtedly benefit China's foreign trade and cross-border enterprises exporting to Indonesia. At present, China's goods exported to Indonesia can apply for RCEP agreement tariffs that are lower than the most-favored-nation rate through RCEP certificates of origin or declarations of origin. To sum up, with the demographic dividend and the accelerated catalysis of RCEP policies, Indonesia's e-commerce market has unlimited potential. Based on this, TikTok, which recently announced its full entry into Southeast Asia, will launch its mall function in Thailand, the Philippines and other Southeast Asian regions. In fact, it was launched in Indonesia as early as October last year and has achieved very outstanding results. It is worth noting that the Indonesian TikTok Shop mall that was previously launched could only accommodate local sellers. After the mall functions are fully launched, cross-border sellers will also be eligible to settle in. There is no doubt that the Southeast Asian e-commerce market, represented by Indonesia, is currently experiencing a new growth trend. If Chinese companies want to seize the opportunity and tap into new growth points, entering the Indonesian market is undoubtedly a good strategy. However, we also learned that the road for cross-border sellers to enter the Indonesian market is not smooth sailing. The pain of going global to Indonesia: cross-border payments In July 2022, Bank Indonesia noted that there are many obstacles in implementing cross-border payment transactions in Indonesia, especially in terms of cost. As the "last mile" of cross-border e-commerce transactions, the importance of cross-border payment is self-evident. However, up to now, the cross-border market has not yet formed a reliable global payment system, nor can it support all forms of payment, which has made cross-border payment the most difficult problem in the cross-border market. For cross-border sellers, the biggest pain point of going to Indonesia is the difficulty in obtaining the most direct and effective solution to the "local payment needs in cross-border payment issues." For a long time, Chinese companies engaged in B2C and B2B businesses in Indonesia have been faced with complex collection processes, long cycles and high costs . They have to adapt to the local banking network and collect payments quickly, and they have to be able to efficiently exchange currencies and quickly transfer funds to suppliers and businesses. It is difficult for companies to find solutions to smooth the funding chain. With the strengthening of industry supervision and the development of digital payments, safe, efficient and low-cost cross-border payment solutions have become an urgent need for Indonesian companies going overseas. Based on the above pain points of sellers, Airwallex has cooperated with local banks in Indonesia to launch a local collection account in Indonesian rupiah , allowing companies to collect payments from B2B customers and e-commerce platforms at a lower cost and more efficiently, and make payments conveniently according to business needs. Accept IDR (Indonesian Rupiah) payments directly from customers and e-commerce platforms without exchanging currency. The fastest possible time for funds to arrive is T+0. E-commerce platform order synchronization You can bind to mainstream e-commerce platforms such as Shopee and Lazada to automatically synchronize orders and conduct RMB entry. Highly competitive exchange rate We provide highly competitive RMB offshore and onshore exchange rates. We also provide exchange rate products such as lock-in and forward, which can help you flexibly avoid exchange losses. Efficient payment network Payment capabilities cover 44 currencies and 150 countries. We have high-efficiency, low-cost local payment capabilities in Southeast Asian countries, allowing you to easily conduct business in Indonesia and Southeast Asia. If you are already an Airwallex user, you can go directly to the client and create your first Indonesian Rupiah global payment account in "Global Payment Account" . Airlink Global Account provides customers with a one-stop global payment solution that integrates collection, management and payment . It supports local collection of 12 major currencies, seamless currency exchange and low-cost, high-efficiency global payments. Other products such as Airlink Visa Card can help enterprises to expand their global business more efficiently. ↓ Register now to seize the opportunities in the Indonesian market!
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