Dhaka, Bangladesh (CU)_ Globally, digital transformation is already transforming how businesses create and deliver their solutions, as well as how they connect with their consumers. However, the COVID-19 pandemic has heightened awareness of this, with technology becoming a vital tool for resolving public health issues and facilitating the new online consumer scenario. This increased digitization has upturned the global economy, transforming it into one of the primary engines of prosperity for many emerging economies.
We are already witnessing the restructuring of Asia as a result of digitalisation. South and Southeast Asia’s digital transition is creating a slew of opportunities for its residents, particularly the younger generations. Numerous Asian countries are even world leaders in particular areas of digitization. For example, the Philippines and Malaysia have emerged as the fastest growing e-commerce retail markets, growing at a rate of 25% and 23% per year, respectively.
Additionally, with the fast use of digital technology, Asian nations such as India, Bangladesh, Pakistan, and the Philippines are capitalizing on new opportunities by exporting online labor to the West. In Bangladesh, for example, the digital economy is creating jobs for formerly excluded segments of the population. Asia currently accounts for roughly 60% of global e-commerce sales. Euromonitor International forecasts that Asian-Pacific e-commerce would nearly double to $2 trillion by 2025. From online retail to ride-sharing services to online labor exports, this digital revolution is altering nearly every facet of economic and social life in this region.
During the COVID-19 pandemic, digital networks in Asia had a major role in fighting the traditional trade barriers. According to the Observer Research Foundation, the digital economy was a critical enabler of Asia’s resurgence. According to Nikkei Asia, the pandemic had a profound effect on Southeast Asia’s digital economy, with 60 million individuals becoming internet shoppers during this time period. Due to this rapid adoption of technology, practically all forms of e-commerce grew during the pandemic, with particularly strong progress in sports equipment and grocery products.
