Business Insider Singapore Ranks iBuy Group as the Largest E-Commerce Service in Southeast Asia by Revenue

The growing culture of online shopping throughout the Southeast Asian region has made the capitalization of e-commerce services soaring rapidly. Business Insider Singapore made ranking of e-commerce services in the region based on the revenue it earned throughout 2013 and Malaysia-based iBuy Group topped the list.

The iBuy Group, which has a variety of e-commerce services, especially those related to daily deals, is the winner on this list with revenues of S$153 million (Rp 1,47 trillion) in 2013. iBuy Group recently acquired the LivingSocial group in Asia. Southeast Asia, including Indonesia, which is part of the Ensogo group, after the United States-based LivingSocial decide to leave from Asia. In addition to ex-LivingSocial, iBuy Group's business properties are located in Singapore, Malaysia and Hong Kong.

Of the top five e-commerce services in Southeast Asia, what is surprising is Reebonz's entry in the third position. Reebonz, based in Singapore and targeting the premium market for lifestyle products, is estimated to have earned S$125 million (Rp 1,2 trillion) in revenue at a valuation of more than S$250 million (Rp 2,4 trillion). For an e-commerce service targeting a niche market, its success in generating large revenues provides a stamp of approval that the Southeast Asia region is a potential market for premium goods.

Three other services that complete this list are Groupon, Lazada, and Zalora. All three are familiar to our ears because they have giant businesses in every Southeast Asian country. Groupon in the region is estimated to have earned S$145 million (Rp 1,4 trillion) in revenue, while Zalora and Lazada's revenues throughout 2013 had not yet reached S$ 100 million (Rp 960 billion), namely $ 51 million (Rp 490 billion) and S$91 million (Rp 874 billion). Even with a large income, Zalora is still at a loss, but they are on-track to start reaping profits in the year 2015 coming.

iBuy Group Co-Founder and CEO Patrick Linden in press release, responding to the ranking compiled by Business Insider Singapore, said, "Being a favorite shopping site in the region is a significant gain for us. We will continue to work hard to provide online shopping options that best suit the tastes of consumers in the six ASEAN countries. "

The Singapore Business Insider list shows that e-commerce companies in the region have to span across Southeast Asia to generate that revenue. We need to wait whether there will be an e-commerce service based in Indonesia and able to expand its wings so that it can compete peersits in the region.

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