With its large market size, tech-savvy population and high mobile penetration, Asia has become a hub for e-commerce platforms
These forward-thinking founders and CEOs on Asia’s Most Influential list are leading the region’s e-commerce revolution. With their effective stewardship of digital shopping platforms and tech firms, they have empowered consumers, offering them convenient and easy access to a variety of goods and services, including those that were previously inaccessible or unaffordable. Moreover, their e-commerce shops are disrupting traditional retail models. Through digitalisation services such as the creation of branded shopping apps and the merging of offline and online retail experiences, they help independent business owners reach a wider market and push established brands toward new opportunities for growth. These shopping kings have transformed everyday life, giving more people the power of choice with just a click of a button.
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Forrest Li, co-founder and CEO, Sea (Singapore)
After facing challenges in 2022, tech company Sea Limited found its footing, recording profits of US$423 million in the fourth quarter of last year. To get there, billionaire founder Forrest Li directed the regional internet giant, which operates e-commerce platform Shopee, online gaming platform Garena and digital financial services firm SeaMoney, toward self-sufficiency. The CEO’s plan, which was detailed in a thousand-word memo for Shopee employees, entailed reining in company spending, from business travel expenses to meals and entertainment, as well as forgoing cash compensation for top executives. In March 2023, Sea stocks gained 22 per cent, adding US$8 billion to its market value.
Its retail arm Shopee recorded revenues of US$2.1 billion for the first quarter of 2023. The e-commerce platform, which operates in markets such as Malaysia, the Philippines, Taiwan, Indonesia, Thailand and Vietnam, has also recently announced a new program that will help brands safeguard their products and intellectual property (IP). Its Brand Protection Partnership initiative offers companies enhanced IP rights protection services, as well as assistance in offline investigations into major counterfeiting networks.
